It is well known that schools affect Paris real estate prices. This can be hugely beneficial when the property's location is close to a prestigious school.
But what is not so widely known, is that schools can make prices fluctuate as much as 25%. This variation can be both up and down, depending on the quality of the school.
We take a look at this property phenomenon in the French capital.
The Paris education system
The public educational system in Paris follows the European model. Children spend five years in primary school (age six to 10), four years in collège or ‘middle school’ (age 11 to 14), and three years in lycée or ‘high school’ (age 15 to 17).
But parents cannot seek public schools out of their local area. They can only send their children to the schools closest to their home. This is what affects real estate prices.
The other option is private education. This includes one of the international schools in Paris, or one offering the same curriculum as the US or the UK. Often, private schools in France are not as expensive compared to other countries, as they still receive an amount of public funding. This can make a private education in Paris far more affordable than say, London.
It doesn’t matter whether you have children of school age or not. Such substantial variations on real estate prices mean all buyers and sellers should take local schools into consideration.
How schools affect Paris real estate prices by up to 25%
A recent study from a real estate statistics company looked at properties of comparable characteristics, located in the same arrondissement (district) but individually closer to a different school.
The results are quite surprising.
For middle schools, real estate shows a price difference of 6%. This can be modestly positive if the local middle schools are good. But if a school demonstrates a lower pass rate, it can cause a negative price drop of 7% below the average price. Although in certain zones the price differences reach 20%.
Greater increases are in evidence around high schools, where the price differences stand at an average of 10% but reach as much as 25% in some areas.
Affecting up to a quarter of your property’s value, all buyers and sellers should look at the local schools as a matter of course.
Other influences on your real estate
It is not just property prices. The same study also highlights other influences by neighborhood schools.
This includes the status of the residents. As many would predict, there is a greater concentration of executives in neighborhoods with the most reputable schools.
In fact, executives represent a quarter of the population in these desirable neighborhoods. Other areas with less reputable schools show only 17%.
In this way, properties near the best schools often hold their value and tend to sell faster, simply because there will always be parents able to pay a premium for their children’s education. It is also a good indicator that your property price is likely to remain stable.
Finally, the study shows that schools have a positive influence on the life and spirit of a neighborhood.
Not only do more desirable zones have more private services such as banks, food stores, and salons. They also, more surprisingly, show an increased number of public services too, such as town halls, gymnasiums, and libraries.
This shows that the quality of schools has a wide-reaching influence, one that is wise to consider when buying or selling in Paris.
Our experts are here to advise you
One big advantage of using the services of 56Paris, is the local knowledge you will have at your disposal.
Our experts know that schools affect Paris real estate prices, and can advise you accordingly, even if children are not part of your situation.
Just one example of a property for sale is this quiet Bois de Boulogne area two-bedroom apartment, which is very close to a private bilingual Montessori school.
Whatever you are looking for, please contact the team at 56Paris to see how we can assist you.