Paris Notaires Release First Quarter Property Figures
The Paris Notaires have released the official statistics on the Paris property market in the first quarter of 2017. They show accelerated growth and transactions, confirming preliminary figures from market observatories.
The latest figures from Paris’ Notaires show a market defying expectations from one sliding quarter to the next. In Ile-de-France as a whole, the first quarter of 2017 saw 38% more transactions than the same period last year. A total of 44,220 properties were bought and sold, which is also 19% higher than the average first quarter figures from 1999 to 2007, often called the golden years of French property.
About a quarter – 10,440 – of the 44,220 sales were in Paris, which is the capital’s highest figure in a first quarter since 1991 and 70% higher than last year’s. The feeling that interest rates would rise and an eagerness to buy – with sellers reluctant to make a decision – before election time combined to give these awesome figures.
By March 31 average property prices for existing apartments reached €8,540/m2 in Paris and €5,490/m2 in Ile-de-France, 5.5% and 4.5% yearly growth respectively. The Notaires are predicting that the next quarter stats will show annual growth of 7%, meaning an average price/m2 in the capital of €8,800/m2.
Paris (and the wider Ile-de-France region) real estate market activity in Q1 2017 is summarized in the table below.
|Properties||Paris||Petite Couronne||Grande Couronne||Ile-de-France|
|Transactions in Q1 2017||10,440||15,800||17,970||44,220|
|Compared with last 10 years||46%||35%||40%||39%|
|Compared with 1999-2007 average||13%||18%||23%||19%|
|Apartments only||Paris||Petite Couronne||Grande Couronne||Ile-de-France|
|Transactions in Q1 2017||10,380||12,500||8,330||31,220|
|Compared with last 10 years||46%||34%||32%||37%|
|Compared with 1999-2007 average||13%||19%||18%||17%|
|Houses Only||Paris||Petite Couronne||Grande Couronne||Ile-de-France|
|Transactions in Q1 2017||n/a||3,300||9,640||13,000|
|Compared with last 10 years||n/a||35%||48%||45%|
|Compared with 1999-2007 average||n/a||15%||28%||24%|
The 1st and 8th have the highest price growth over the last 12 months with 11.8% and 9.6%, respectively. Thirteen out of 20 have growth figures of over 5%, with the 7th the only one to see falls. It still remains one of the most expensive arrondissements with an average price/m2 of €11,480, eclipsed only by the 1st and 6th.
Only four arrondissements now remain below €8,000/m2, and four are now higher than €11,000/m2. The number of €11,000+ arrondissements has doubled since 2016, the 1st and 4th having only joined the 6th and 7th this year.