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Inside the Market / Market Trends

Is property in France the most expensive in Europe?

France real estate prices versus Europe UK Germany Italy Spain

In most European cities, real estate prices are considerably cheaper than in France’s urban areas. A look at France as compared with four of it’s prestigious European neighbors. 

Parisian property prices are famously high — averaging out at over 8,000€/m2 and easily exceeding 10,000€/m2 in upscale areas. France generally, once noted for being one of the less-expensive urban property markets in Europe, has shedded that identity and is now at the top end of reale state on the continent. Bordeaux is reportedly more expensive than Rome; Strasbourg is pricier than Edinburgh. And property in Lille costs more than the same apartment in Madrid. Whether in Germany, Italy, Spain and even the United Kingdom, prices per square meter in major regional cities are mostly lower than those in France. Crédit Foncier published results of surveys in April and July that compare the French property market to that of four other major countries in Western Europe.

France vs. the United Kingdom

While London property prices are higher than in Paris — property in the British capital averages  10,500€/m2 — real estate costs dip significantly elsewhere across the United Kingdom. The average for the whole of the UK is 2,623€/m2, against 3,194€/m2 in France.

France vs. Germany

In Germany, property prices are highest in Munich, where a square meter costs 4,930 euros on average. That price is far behind Parisian prices, yet costlier than prices in Bordeaux or Lyon. Beyond Munich, French cities consistently outprice their German counterparts. French prices have also risen by 50% between 2003 and 2015, which is almost twice as fast as in Germany — +27% over the same period.

France vs. Italy

Italy presents the most striking contrast with France. On the other side of the Alps, only a handful of large cities can even come close to competing with French cities in terms of price. Milan (3,043€/m2), Rome (2,993€/m2) and Florence (2,403€/m2) are much more affordable than Lyon (3,869€/m2) or Bordeaux (3,450€/m2) – let alone Paris. Even popular tourist-destination Venice enjoys a property price average of just 3,200€/m2.

France vs. Spain

After the Spanish housing boom the country enjoyed in the early 2000s, the bubble badly burst with the subprime crisis. Despite a slight price recovery over the past two years, levels are still far from their high records. Between 2003 and 2015, prices in Spain increased by just 13% (compared with a 50% increase in France). An apartment in Valencia is half the price of a similar-sized property in Lille where prices are an average of 2,834€ per square meter. In Barcelona, a square meter costs 3,392 euros on average, 1.7% less than in Bordeaux and 12% less than in Lyon.

Photo credit: propertyinvestmentnews

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