Paris real estate prices have stabilized, according to official reports.
This is the opposite of the downward trend seen elsewhere in France, and much of Europe.
We take a closer look at the unique property market of Paris at this time, and look ahead to 2023.
Prices in the third quarter of 2022
The Chamber of Notaries is the official source for property prices in France.
Every quarter they publish the results of transactions and prices, detailing the previous three months. These results are eagerly awaited by property owners and investors, offering an insight into the real estate market.
The latest reports show what is happening in Paris and across France for the period July to September 2022. And that is a stabilization of prices. They also help predict what 2023 may hold.
Overall, it’s positive news for Parisian owners and investors, as the markets return to a new normal in the post-pandemic world.
Paris, a unique market
First things first, the reports indicate that Paris is the only part of France where the number of overall sales has increased.
With nearly 41,000 apartments sold in the third quarter of 2022, transaction volume is up 2% compared to the same quarter last year.
This high volume of sales is also 23% higher than the ten-year average of 33,200 apartments sold. That’s a record.
Paris real estate prices have stabilized in this quarter, with an increase of just 0.6%. This is helping to increase the transaction volume, according to the reports, as it makes trading more attractive.
With volume decreasing in all other areas of France, it’s proof again of Paris’ unique micro-market – supply is limited in period properties, and there is minimal construction of new buildings.
The districts where Paris real estate prices have stabilized
Paris has 20 separate arrondissements (districts).
Taking them all into account, in the third quarter of 2022, the average price for a Parisian apartment stands at 10,660€/m². That is up 0.6% from the previous quarter – a clear stabilization of prices.
It’s down very slightly 1.2% year on year, but still up 19.2% looking at the previous five years. A very attractive market for investors.
At 14,390€/m², it’s the 6th district that remains the most expensive, followed by the 7th at 14,080€/m².
In terms of individual neighborhoods, the two highest are again in the 7th arrondissement. These are Invalides at 18,110€/m² and Saint-Thomas-d'Aquin at 17,010€/m², the location of the 56Paris offices.
In total, ten of the city’s arrondissements now average above 10,000€/m².
A look ahead to 2023
This is the third quarter in a row that Paris prices have remained stable.
This is despite some speculation that real estate prices may drop because of the Covid-19 recovery and the conflict in Ukraine.
Looking ahead to 2023, even with some very small variations, prices in the capital are still expected to sit above the 10,000€/m² mark, according to the notary reports.
We will continue to report on the latest prices at the time of publication.
Special districts and properties
Of course, for every rule, there’s an exception.
Paris is a city well known for its spectacular array of properties. And some very special apartments can reach astronomical sums.
Breaking the record for the most expensive sale of 2022 goes to Paloma Picasso, daughter of the esteemed Spanish artist.
She has purchased a pied-à-terre Ile de la Cité apartment for 21.5 million euros – that’s 74,138€/m² – or seven times the city average.
While in other areas of Paris, so few properties change hands, the notaries are unable to generate average figures. These buyers like to stay put!
Examples of these highly sought-after areas are two out of the four quarters in the 1st, and the Golden Triangle quarter in the 8th.
However, we do currently have a turnkey property for sale in the Golden Triangle.
This two-bedroom apartment sits on the tree-lined avenue George V, between the Champs-Elysées and the Seine.
Fully renovated in a luxurious modern aesthetic, the property offers high-end custom details, a balcony with views of the top of the Eiffel Tower, a media room, and master bedroom with en-suite bath.
Your own real estate investment
With the news that Paris real estate prices have stabilized, now could be the perfect time to invest in a property, or for current owners to sell their apartment. And the 56Paris team is here to help.
We are experts on all aspects of the Paris property market, so get in touch for free, no-obligation advice.
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