Property prices start to rise in Paris
While real estate prices have been falling in Paris for 4 years, the market’s overall recovery could boost prices. Experts believe the decline is over and prices in the capital are rising once again.
“After a continuous decline over 4 years, the price curve has reversed,” says Laurent Vimont, CEO of real estate network Century 21. According to the agency, prices in Paris have grown by 2.5% in one year, with average transactions standing at 424,305 euros.
Century 21 reports that sales volumes in the capital have swelled by 11.7% over a year, with properties selling in 68 days on average, against 78 days in the first quarter of 2015.
More recent price statistics from the last months reveal that Parisian property prices increased by 0.2% in March and by 0.9% since January, according to MeilleursAgents’ latest price barometer. The report credits historically low interest rates for boosting home ownership and subsequently bringing about a slight upturn in prices.
The Guy Hoquet real estate network records a more significant rise of 1.2% in Parisian prices in the first three months of 2016. Nonetheless, all agree that sales volumes are steadily rising in the capital and the country as a whole. Guy Hoquet predicts overseeing up to 830,000 transactions in 2016 after 805,000 in 2015 and 692,000 in 2014.
Price increases have also been recorded in the rest of the country. According to Century 21, the average price per square meter for property in France increased by 0.5% over 2015. CEO Laurent Vimont specifies that while this rise may be slight, it signals major change for the French real estate market.
In the detail, MeilleursAgents reports price increases during the month of March in Nantes (+0.2%), Bordeaux (+0.6%) and Lyon (+0.3%). Prices have not increased all over the country however, with major cities Lille, Strasbourg, Toulouse, Nice and Marseille suffering price drops ranging from 0.1 to 0.9% during the month of March.
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