With the latest results just published, we can report on 2019 Paris real estate prices.
We give an overview of the last quarter, and how the property market fared throughout the year.
The bottom line: it’s positive news for current and prospective investors.
Results for the fourth quarter last year
The official body handling property sales in France is the Chambre des Notaires de Paris (Paris Chamber of Notaries).
They have the first and last word on the current state of the real estate market in the French capital.
Firstly, their reports for the fourth quarter of 2019 reveal a new record. This is due to the average price for property in Paris now exceeding 10,210€/m². That’s an increase of 6.6% over the same quarter the previous year. And 28.3% in 5 years.
These results build on the sustained growth seen in the previous quarter last year. A topic we previously discussed in this blog.
Overall 2019 Paris real estate prices
Looking at the year as a whole, 2019 reveals more impressive figures.
Total transaction volume in the capital shows sales of 35,200 individual properties. Although that’s a 3% decrease compared to 2018, it is important to note it’s a 9% increase over the average of the last 10 years.
Paris notaries point to strong demand from buyers taking advantage of ever-lower interest rates. But inventory remains low, making the challenge finding the best properties.
The notaries state, “many factors are still on the right track” with the suggestion that “sustained sales will continue in 2020.” Very positive news.
Current property prices around Paris
Around Paris, the average property prices do show huge differences throughout the city.
Prices now vary from 8,580€/m² in the 19th arrondissement (district) to 13,700€/m² in the 6th.
This is hotly followed by the 7th. While the average there now reaches 13,550€/m², there are variations among its quarters. In the St. Thomas d’Aquin quarter, home to 56Paris Real Estate, average properties now sell at 14 980€/m².
But who wants average? For an example of an exceptional property, look at this turnkey two-bedroom with terrace. Set on a quiet street in the charming antique dealers’ area, it sits in a beautiful 19th-century building.
A real find, this Lille-Bac property makes an excellent pied-à-terre, primary residence or rental investment.
Of all the arrondissements, it’s the 18th which shows the most growth over the past five years. This area of Paris has seen property prices increase by 31% since 2014, more than 6% every year.
It’s a surprise leap for the charming Montmartre district, which just three years ago sat among the three cheapest areas of the capital.
In total, 13 arrondissements out of the 20 now demand average prices over 10,000€/m².
A new ceiling of 10,500€/m² expected
Based on reservation contracts, the Paris notaries are also predicting a new overall property average of 10,500€/m² by April. This points to an impressive annual increase of 8.2% coming in 2020. Further great news for all owners and investors.
Despite the continual growth of real estate prices, the market remains healthy. Thierry Delesalle, a Paris Notary says, “There is no real estate bubble in Paris. For there to be a bubble, there has to be speculation. Today, that is not the case, it remains a market of residents…“
He adds, “The upcoming 2024 Olympic Games, and the arrival of the Grand Paris Metro are also set to boost the market.”
Make sure you stay up to date with this blog, where we will bring you the next set of results as soon as they are published.
Here to help with your investment
Are you excited by the 2019 Paris real estate prices, and the expected growth for 2020?
If you’re thinking of investing in property here, our experts should be your first port of call. Don’t hesitate to contact the friendly team at 56Paris and see how we can help with your plans.