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Money Matters and Legal / Your Money

Co-ownership fees drop again in Paris

co-ownership fees drop 2015

Charges associated to condominiums in the capital enjoyed a further decline, falling by an extra 2.5% on average in 2015 after a 7.4% drop in 2014.

The latest edition of the FNAIM Grand Paris’ Observatory of co-ownership fees in Greater Paris revealed further savings for owners of Parisian property in copropriétés — co-owned buildings — for the second consecutive year.

The report analyzed fees associated from over 3,000 buildings (out of a total of 87,836), which comprise 92,623 co-ownership units (out of a total of 661,592) in Paris and its inner suburbs, a 14% sample of the city’s condominiums.

The FNAIM Grand Paris noted as a result of this study that co-ownership fees dropped by a further 2.5% last year, for the second consecutive year. This follows the 7.4% decrease in property charges condominium owners enjoyed in 2014.

Previously, charges had been increasing. In 2015, fees came to 36€/m2 on average, against 37.05€/m2 in 2014 and 40.02/m2 in 2013. This equates to or 2,022€/unit last year, against 2,075€/unit in 2014. This decline is far more significant for buildings with collective heating (-5.5%), while buildings lacking collecting heating actually experienced an increase in fees of 2.2%.

While the decline in 2014 were mainly due to savings in heating costs — mainly because “2014 was the warmest year of the century,” according to the FNAIM — in 2015, on top of lower heating costs for collectively heated buildings (thanks to a particularly mild winter), the drop in fees mainly attributable to co-ownership unions’ actions, the Observatory notes.

After collective heating prices (which dropped by 23.8% to 283,26€/unit on average) fees associated with elevators and insurance mainly contributed to the overall decline in charges. Elevator fees fell by 19% to 101.57€/unit, mainly because of renegotiation contracts undertaken by condominium trustees as part of the upgrading plan over 10 years. Insurance costs fell by 10.8% to an average of 139.62€/unit.

Meanwhile, taxes increased by 47.3% to 76.72€/unit on average, as did the salaries of condominium employees (an 8% increase to 424.69€/unit) and trustees fees (an 11% increase to 194.76€/unit). These price hikes are mainly due to new and multiple obligations regarding co-owned buildings, such as the new trustee contract, mandatory separate bank account and extra information to gather for sales agreements.

Photo credit: syndic experts

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