Latest figures for Paris property prices show an “astonishing resistance”
In recent decades, the resilient Paris real estate market has defied predictions of large falls in price. And, in its latest quarterly roundup of prices, the Chambre de Notaires de Paris/Ile-de-France describes the “astonishing resistance” of prices per square meter for old apartments.
In the first quarter of 2014, Paris prices increased slightly by 0.2% over the previous quarter. This brings the median price of a Paris property to €8,160/m2. It’s worth noting that there is considerable variation in prices both among and within arrondissements (districts).
Despite a correction during 2013 from very high price levels, the most expensive arrondissement remains the 6th, with a median price of €11,820/m2. The 7th arrondissement is the next most expensive overall with a median price of €11,410/m², followed by the 4th (€10,740m²) and the 5th (€10,320/m²).
According to the notaires, the most expensive neighborhood was Saint-Thomas d’Aquin in the 7th arrondissement (€13,540 /m²). Next came Odéon (€12,400 euros/m²) and Monnaie (€12,270/m²), both in the 6th arrondissement.
However, you can pay much more than this for properties of exceptional quality in a prime location. An apartment in a 17th century block by the river in the 6th arrondissement was sold recently for €46,200/m2.
The notaires report that the number of sales of old apartments in the city (as opposed to new construction) increased by 11% (6,900 total transactions) compared to the first quarter of 2013.
The notaires suggest that a slight correction in prices may occur over the coming months. However, there is a continuing gap between supply and demand. Paris luxury property offers better value than other global centers and is seen as a good bet by financial advisors.
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