Paris Left Bank: Property prices rising slowly
From the Champs de Mars to the Jardin des Plantes, south of the Seine remains attractive. Parisian property prices have been rising slightly overall.
Property prices in Paris have risen by 1.6% over a year, announcing the start of a concrete real estate recovery in the French capital. Record low mortgage rates and the renewed confidence of buyers since the spring have both played an important part in fuelling this recovery.
Growth has been especially visible in the southern half of Paris, on the capital’s left bank, which contains both historic districts such as the one around the Sorbonne — bordered by the famous Luxembourg Gardens to the west and the Jardin des Plantes to the East — but also more popular, family-friendly neighborhoods near Montparnasse.
Chic areas are increasingly popular, such as the 5th arrondissement where prices have grown by 5% since the start of the year. This growth follows a decrease of 2 to 3% in 2015, according to Century 21’s Hervé Rempenault.
A traditionally student-popular area, the neighborhood around the Sorbonne has seen significant price growth. “Parents are willing to pay 15-20% more for select areas near the prestigious Lycée Henri IV highschool” says Rempenault. Meanwhile, the north of the arrondissement is slightly less expensive, with several affordable buildings available.
A new real estate development in the district is sure to result in a further price hike. Currently under construction opposite the Île de la cité on rue Cardinal Lemoine, the new residence — aptly named “33 Cardinal Lemoine” — will contain studios to 5-bedroom apartments, ranging from 400,000 to 1 million euros.
In the 7th arrondissement, demand seems to focus primarily on high-end family apartments. As one example, a 98m2 typically Parisian apartment from the 1930s, complete with wooden flooring, moldings and a fireplace and located on a square on the rue de Grenelle recently sold for 1,225,000€.
After slow activity through April 2016 in the 15th arrondissement, prices are on the rise again since May. There, a 94m2 ground-floor apartment with a garden on rue Leriche sold for 770,000€ – in just 3 days. Generally, quicker selling times have been observed in the capital of late, with properties selling on average in 50 days, according to Meilleursagents.com.
The arrondissements where prices have increased the most over a year are the 5th (+4.4% to 10,757€/m2), the 13th (+4% to 7,586€/m2), the 7th (+2.7% to 12,097€/m2) and the 14th (+1.5% to 8,314€/m2).
Photo credit: Pixabay / bogitw