New reports just published reveal record Paris real estate prices this year.
It’s the latest from the Chamber of Notaries, the official body handling property sales throughout France.
Prices now exceeding 10,080€/m2
Every quarter, the notaries reveal details of the latest prices and trends in the real estate market. The new figures are out, and show that growth continued in earnest this year.
This follows the encouraging results from the second quarter of 2019, as reported in this blog back in September.
The average price for property in Paris now exceeds 10,080€/m². An all-time high, with further growth expected.
A closer look at the figures
Examining the figures from July to September 2019, we see the threshold of 10,000 euros per square meter is now exceeded in more than half of the arrondissements (districts).
This is growth of 6.1% compared to prices at this time in 2018. And it represents a 60% increase in 10 years.
In detail, prices vary between 7.950€/m² at Goutte-d’or in the 18th arrondissement, and reach a ceiling of 16,010€/m² at the Odéon, located in the 6th. The latter represents an increase of 8.2% over last year.
In total, 13 out of 20 arrondissements now exceed the threshold of 10,000 euros per square meter. A year ago, there were only 10. Only 2 arrondissements rest below 9,000€/m² The 6th arrondissement stands out particularly, with average prices now exceeding 14,000€/m².
Homes in the St. Thomas d’Aquin quarter of the 7th district average 14,230€/m². Expect to pay more for above average properties in the area. Such as this charming one bedroom.
Exceptional properties in prime locations command far higher prices. This 3 bedroom in the 8th district sits close to the Elysées Palace.
Overall, transaction volume is stable. The main factors for the continued increase seem to be the micro-economic context seen in Paris, but also low interest rates. These allow buyers, especially younger buyers, to borrow more and open up opportunities to purchase property.
Predictions for further record Paris real estate prices
The notary reports also make predictions for the upcoming quarter, based on pre-contracts for property sales.
If correct, January 2020 will achieve average prices of 10,300€/m². This means more record Paris real estate prices.
They also suggest an average growth of 7% year-on-year. Again, another hugely encouraging result for all property owners in the capital.
Your own Paris property investment
With such a dynamic property market in evidence, these figures mean it’s the perfect time to invest in Paris real estate.
Don’t know where to start? We’re here to help.
Experts on all aspects of the Paris property market, make sure you contact the team at 56Paris for free, friendly, no-obligation advice.