The Price of Living Near Paris’ Top Attractions
A recent survey by real estate statistics site MeilleursAgents.com calculated the average price per square meter in the 500m radius around Paris’ top 10 tourist attractions, then compared the figures with arrondissement averages. The results are surprising.
The Eiffel Tower, Notre Dame, the Sacre Coeur: the iconic attractions that are a must-see for Paris visitors. But what, if any, effect do those sites give to property prices nearby?
Not surprisingly, proximity to a major site is a boost to prices for nearby apartments. The highest difference is around the Musée d’Orsay: the train-station-turned-art-museum is the 5th most popular tourist attraction in the city. Real estate near its coveted location on the banks of the Seine averages 13,440 Euros/m2. That figure is 10% above the average for the 7th arrondissement where it is located; and an impressive 69% above the average for Paris as a whole.
With its central location on Paris’ Ile de la Cité, the Notre-Dame Cathedral is the number one visited site in Paris. According to the pricing survey, real estate in a 500m radius of the cathedral averages 11,931 Euros/m2 – 50% higher than the Paris average but only 4% higher than the 4th arrondissement overall. Not surprising, given that much of the property in that radius is either on that island or the nearby (and top dollar) Ile Saint Louis, or facing onto the Seine.
The monument which has the most marked effect on housing prices nearby is the Sacre Coeur, or Sacred Heart Basilica. The gleaming white church in Montmartre sits at the highest point in Paris, in a neighborhood that affords beautiful views overlooking the city, quaint buildings, and cobbled, sloping side streets. Property in its 500-meter radius will set you back a full 17% more than the average for its 18th arrondissement.
The Pompidou Centre in the 4th arrondissement bucks the higher-price trend. Containing libraries, exhibitions, and creative spaces, the building is renowned for its unique high-tech exterior architecture; but the museum itself and its nearby streets are not to everyone’s taste. Property there costs 14% less than elsewhere in the 4th arrondissement, although 24% higher than the rest of Paris.
The full table of monuments and prices are in the table below.
Image © WikiCommons
Image © MeilleursAgents.com