Record Number of Property Sales in Paris Region Between March and May
The Paris Notaires have recorded the highest number of property sales in Paris between from March to May for 20 years.
A total of 46,250 residential properties were bought and sold during March, April and May in Ile-de-France, the highest number recorded in that period since 1997. The Paris Notaires’ most recent press release details the three months before the presidential election was concluded, confirming preliminary figures from observatories showing a market in full bloom.
The total sales figure is 32% higher than last year’s, 45% higher than the last ten year’s average, and 23% higher than the average recorded during France’s ‘golden years’ for property (1999-2007). Of the 46,250 properties sold, 9,990 were in Paris proper, a figure 23% higher than March to May last year.
Prices at the end of May for existing apartments in Paris were €9,580 per m2, representing yearly growth of 5.9%. Ile-de-France as a whole’s prices reached €5,510 per m2, a growth figure of €4.1%. The table below summarises the market activity during the period, stats courtesy of the Paris Notaires.
Property sales in Paris in March-April-May 2017
|Properties||Paris||Petite Couronne||Grande Couronne||Ile-de-France|
|Apartments only||Paris||Petite Couronne||Grande Couronne||Ile-de-France|
|Houses Only||Paris||Petite Couronne||Grande Couronne||Ile-de-France|
An interesting trend emerges when comparing these figures to the Q1 2017 report from a few months ago. While the total number of sales is higher (although year-on-year growth is lower as the period is historically busier), there were fewer sales in Paris and more in the suburbs. The astonishing price growth in the capital is pushing buyers out to the peripheries.
The Notaires also found that in the last 20 years, the average size of apartments sold on the market – 56 m2 – has barely changed, while houses bought and sold have grown by 6%, from 96 m2 in 1996 to 102 m2 today. Apartments in Paris average 46 m2, while the houses there – few in number – are larger than the Ile-de-France average, standing at 130 m2. Important to note is that the figures are only for properties bought and sold on the market, and thus exclude some atypical properties that haven’t changed hands in that time.
image © Pixabay