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Inside the Market / Market Stats

Real estate prices in Paris: An overview by arrondissement

Champs-Elysées Real Estate Paris

Sales volume – meaning the number of real estate transactions – are down 20% in 2012 as compared with 2011. Although the best properties still sell quickly and at or near asking price, it has meant that Paris real estate buyers are getting some breathing room to separate the wheat from the chafe. “The market is moving at two speeds: prices for perfect well-located apartments remain stable, while those with undesirable features have lost 5 to 10%,” explains Jean-François of Milin Orpi of Felix Faure.  Here is a closer look, arrondissement by arrondissement, at real estate prices in Paris France.

The Paris-based monthly Capital surveyed a handful of agents in each arrondissement to get their view of the current market and the movement they expect in the coming months. Whether in the historic center, upscale arrondissements or outlying, popular neighborhoods, their prevailing feeling was that buyers are regaining some bargaining power when it comes to the less desirable properties and neighborhoods. The agents interviewed – primarily from franchise offices like Century 21 or Orpi – agree that top properties priced right continue to sell quickly but that, market-wide, properties are listed for longer now than a year ago.

Following is a more detailed look at how they evaluate the trend in Paris real estate prices in each of the 20 arrondissements. All price points indicated are net vendeur, or net-to-seller.

1st and 2nd arrondissements: prices holding strong for the best locations

Prices are somewhat retreating in the city center, with about 30% less transactions than a year ago.

In the 1st arrondissement, the most beautiful buildings and best locations – around the Place Vendôme, the Tuileries or the Palais Royal – still attract a solid number of buyers and can fetch well over  13,000/m2. Apartments on major thruways (rue de Rivoli, rue du Louvre) or with serious flaws are capping out  10,000/m2.

In the 2nd arrondissement, buyers compete to own a property on the pedestrian streets in the hip Montorgueil neighborhood, with properties listed comfortably over  11,000/m2. Small apartments can beat all records, like a 16m2 niche on the rue Léopold-Bellan that sold for  250,000, or  15,625/m2. In contrast, average-quality buildings that really lack the charm can easily fall under  8500/m2. On the big boulevards Poissonnière and Bonne Nouvelle north of the rue de Clery, prices hover at a cool  7500/m2.

3rd and 4th arrondissements: room to negotiate for an apartment needing renovation

Although sellers are starting to back off on their high listing prices, property sellers in these neighborhoods are still cashing out ahead. In the 3rd arrondissement, sale prices of small Marais apartments even without an elevator have reached new heights. On the rue Vieille-du-Temple, 45 square meters went for  664,000, or  14,750/m2. From Rambuteau to Arts et Metiers, the square meter price ranges between  10,500 and  11,500. The only way to get in for  8500 or less is to set your sights between Temple and the Place de la Republique, or behind the Centre Pompidou.

In the heart of the 4th arrondissement, prices are no less exorbitant. From the Hotel de Ville to Sant Paul, any apartment with character is  10,800- 12,000/m2, and up from there. One piece of good news for buyers: apartments needing renovation are easier to negotiate, with discounts of 5-8%.

5th and 6th arrondissements: property prices stable since summer 2011, but the fabulous still commands top dollar

After a 25% increase in two years, prices haven’t moved much since the summer of 2011 in these chic left bank arrondissements.  In the 5th, the square meter average is  11,130, and far higher around the Sorbonne, the Pantheon and the Lycée Henri-IV. On the  Rue Lhomond, 149 m2 sold for  2,300,000 euros, or  15,435/m2.

Beautiful buildings in the Quartier Latin, are  10 500/m2, and up from there. To find something (a little) cheaper, look closer to the Val-de-Grâce or, better yet, the Gare d’Austerlitz.

Similar story in the 6th. There is precious little outside the neighborhood south of the rue d’Assas that sells for  9000/m2. From Saint-Germain-des-Prés to Odeon, the base price hovers between  10,500 and  13,500/m2, no matter the building. The price explodes for views and desirable amenities. Example: 95m2 for  2 million with views overlooking the Saint-Sulpice church – over  21,000/m2. As for 238m2 on the Rue Guynemer facing the park Luxembourg? Sold for  7.96 million –  33,445 per square meter.

7th and 8th arrondissements: the trend of softening prices for larger apartments is starting to spread to smaller sized properties

Prices are stabilizing after a meteoric rise, particularly for the 200+m2 apartments in the 7th. Large apartments overlooking the Champ-de-Mars or the Invalides that sold for over  20,000/m2 in recent years are more likely to go for 10-20% less today.

Around Ecole Militaire or La Tour-Maubourg, the best apartments will still find buyers at  13,000+ per square meter; the more average quality closer to  11,000. To pay less than  10,500/m2, be ready to move in to the neighborhood between rue Cler (noisy to some, charming to others) and the church of Saint-Pierre-du-Gros-Caillou.

Prices aren’t giving in the 8th arrondissement on the other side of the Seine:  10,300/m2 on average, and up from there between metro station George V, Ternes and Miromesnil. Prices are about 10% lower towards Villiers and Europe; the neighborhood north of the Gare Saint-Lazare is still the best deal in the 8th. Near the tracks, the square meter price is below  6500/m2. Paris’ Triangle d’Or (the area between Avenues Montaigne, George V, and the Champs Elysees) remains the most coveted and most expensive here.

9th and 10th arrondissements: the number of transactions fell by nearly 70% since the summer of 2011

A big slowdown in volume – the number of transactions down nearly 70% since a year earlier – has started to impact prices, which have lost 3-5% since the spring.

In the 9th arrondissement, prices remain high in the coveted neighborhood between metros Trinity, Blanche and Saint-Georges, where the average square meter price reached  9,500. Cross the Rue La Fayette toward metros Le Peletier or Cadet, and well-appointed apartments can now be negotiated down to  8,500/m2. Between the Rue de Rochechouart and Rue du Faubourg Poissonnière, apartments are selling for  7400- 7800/m2.

In the 10th arrondissement properties are selling for  7000/m2 between the main stations Gare du Nord and Gare de l’Est, but  8000/m2 minimum between metros Chateau-Landon and Jacques Bonsergent, even in buildings without an elevator.  9000+/m2 along the Canal Saint-Martin;  11,000 and up if you are keen on a view of the water.

11th and 12th arrondissements: Prices stabilize, with good deals at  6500/m2 at the outskirts of the city

In the 11th, the average square meter price is  8080. But in the trendy streets around the Place de la République and the Bastille, prices are  9000/m2, even  9500 for smaller apartments. Demand for apartments in 1980s buildings with a balcony and parking around the Père-Lachaise cemetery prices these at a surprising  10,000+/m2.

In the 12th, boulevards Reuilly and Picpus separate two distinct price zones. North of these arteries, between the Gare de Lyon and metro Nation, square meter prices start at  8200, upwards to  9600. To the south prices are significantly less: only  7000/m2 for a 1970s or 1980s condo near the metro Michel-Bizot and Bel-Air. Head to the gates of the city, Porte de Charenton and Porte Dorée for the best deals around. An example: 70m2 on the Rue Millers recently sold for  460,000, or 6570/m2.

13th and 14th arrondissements: prices for the best properties are holding strong

The average square meter price remains at a high  8400 in the 13th. That price cannot be found in the exclusive Butte-aux-Cailles neighborhood, which is holding firmly between  9800 and  11,000/m2. Lower the bill by crossing over the Rue Bobillot to Tolbiac, where 1960s/1970s apartments with parking go for under  8500/m2. Still too expensive? Then head to the outskirst of the city, to Porte d’Italy, Porte d’Ivry or Porte de Choisy with square meter prices ranging from  5,000 to  7,500.

Similar price ranges in the 14th arrondissement. Buyers who won’t pay more than  8,500/m2 will have to stay south of the rue d’Alesia, between the Portes Vanves and Orleans. By contrast, in Montparnasse and Denfert-Rochereau and near the Parc Monsouris, the square meter price quickly exceeds  10,000.

15th arrondissement: Perfect properties still find buyers at asking price

Prices in this family-friendly arrondissement – boasting the highest population in Paris –  may be rounding the bend. Demand remains significantly higher than supply. With little stock, Paris apartments go within a month or less as long as they are not absurdly overpriced.

But gone are the days where the square meter price consistently exceeded  10,000 for the most fashionable addresses. On the Square of La Motte-Picquet, a fine five-bedroom, fifth floor in a 1910 building recently sold for  1 million, just  9,800 per square meter.

South of the avenue Emile Zola, more listings means better deals for buyers. At metros Charles-Michel, Commerce or Boucicaut, a square meter is still worth  8500, but it falls below  8,000 for 1960s condominiums near metro Lourmel. For an even lower price point, head toward les Maréchaux. Boulevard Victor: 49m2 sold for  300,000, or just over  6,000/m2. A price unseen in quite a while.

16th arrondissement: sales cycle is twice as long, but prices stay solid

Prices – which had soared more than 20% in two years – have finally stabilized. Time from listing to sale has almost doubled in the last year from five weeks to two months.

Only turn-of-the-century buildings at the Porte de Saint-Cloud can accommodate budgets of less than  8000 per square meter. Cross the boulevard Exelmans into  8500, even in 1950s condominiums without an elevator. Between Place Victor Hugo and Rue de Passy, anything under  10 000/m2 is a rare find – up to  14,000 for a great view. On the Rue Raynouard, 92 square meters with a view of the Eiffel Tower sold for  1.4 million, more than  15,200/m2.

17th arrondissement: A slight decline and some good deals in the neighborhoods to the northwest.

Prices down a slight 3% between October 2011 and March 2012, and transaction times are slightly longer than last year. But luxury goods and flawless properties still go at asking price.

Near the Place des Ternes and metro Malesherbes, prices are still averaging between  10,500 and  11,000/m2. Prices drop slightly on the other side of the Avenue Niel, at about  9,500 per square meter around the place du Maréchal-June For a better deal head north of the rue de Rome to the Batignolles, where apartments in Haussmann buildings go for  8,500 to  9,000 per square meter. The best deals are beyond the Avenue de Clichy: between metros Brochant and La Fourche ( 7,000/m2); or Epinettes, where buyers can scoop up apartments in 1920s buildings without an elevator for under  6,500/m2.

18th arrondissement: Beautiful apartments on the hill still reaching new heights

After soaring more than 20% in the last two years, prices have stabilized overall; but the most beautiful apartments are still spared. That’s meant a wider range in the hipper neighborhoods like around Abbesses, where the price may easily vary from  8,000 to  10,000 per square meter.

An apartment on the hill in Montmartre are still that the most desirable, upwards of  12,000 per square meter for a panoramic view of Paris. Head for the hip, young neighborhood of Lamarck-Caulaincourt to price in at  9,000 to  9,800 per square meter, or  7,500 to  8,600 around the Mairie of the 18th arrondissement. Beyond the Boulevard Ornano and Rue Ordener, prices have fallen to  7,000/m2 on average, and  6,000 for charmless 1960s buildings near the metro Simplon. The lowest prices can be found around the tracks of the Gare du Nord: on Cité de la Chapelle, a 28 square meter apartment went for  120,000 euros, or  4285/m2.

19th and 20th arrondissements: prices down as much as 10% for the least desirable apartments

These two “popular” (read: immigrant) arrondissements have followed different trajectories over the last year. In the 19th, prices jumped 10% in 2011, while they dropped overall in the 20th. They do share one thing: the number of buyers has fallen 30 to 40% in the last year.

In the 19th, the average square meter price is now  6100, with the lowest prices in the north. Between the Rue d’Aubervilliers and Rue Archereau, you can still find apartments starting at  4,000/m2. The price goes up beyond the Avenue de Flandre, and higher still near the Canal de l’Ourq. For a direct view on the water there, count on  8,000 euros per square meter.

In the 20th, the euphoria of the last years has all but disappeared. Around the Place Gambetta, the square meter price maxes out at  8,800/m2 even for apartments in buildings built in the lsat decade; and  7,300 for a pre-war building with no elevator. Head to the Porte de Montreuil for a  good deal below  6,000 per square meter.

Other recent articles about Paris real estate prices:

Paris real estate prices: Paris notaires market update 2Q 2012

European real estate prices not inflated according to study.

 

 

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