Strong demand for apartments in Paris
The average square meter price of old and unoccupied apartments increased by 8,3 % p.a. and stood at € 5 970/ US$ 7,0545 during the 2nd quarter 2007 in Paris "intramuros" which includes the City’s twenty districts ("arrondissements"). These were the key figures that the "Paris Notary Chamber" released on its press conference on 3rd October 2007.
As it accounts for about 50% of the transactions, the market of "unoccupied old apartments" is the most important single segment. During the first half of the year the notaries registered an increase of 1.6% p.a. and 18 823 sold units in Paris. During the same period only 237 newly built apartments were sold. Each year since 2001, about 7% of the buyers have been foreigners.
It is interesting to analyze the developments in the most popular districts. For many years the 6th arrondissement around "Saint Germain-des- Prés" with its cosmopolitan flair and countless fashion boutiques and cafes has been the most expensive. Surprisingly, this has now changed by a very narrow margin. The Notaries reported that the average price in the 7th arrondissement which stretches along the southern bank of the Seine between the "Musée d’Orsay" and the "Eiffel tower" and which is known for its aristocratic population ("old money") has surpassed all other districts. During the second quarter of 2007, the average square meter here cost € 8,829/ US$ 12,459 and € 8,818/ US$ 12,442 in the 6th arrondissement.
In contrast, there is no change at the bottom of the table. The most affordable districts are still found in the City’s northeast. The average price in the 19th district ( "la Villette") was € 4,705/ US$ 6,638 ( + 9.2% p.a.) and in the adjacent 20th district € 4,990 / US$ 7,040 (+ 6.8% p.a.).
Real estate prices rose strongly in the fashionable "Marais" which is one of the favourite neighbourhoods of the younger generations: average prices reached € 7,010 / US $ 9,889 (+12,9% p.a.) in the 3rd district and € 8,348/ US$ 11.776 (+ 13% p.a.) in the 4th district which includes the area around the famous "place des Vosges". Please find all district average prices on the KHS website: http://www.khs.fr/
Apart from the Notary’s numbers, it is important to notice that prices for properties in good shape are well above those released by the Chamber. For instance, a nice apartment in fairly good condition costs at least € 10,000/ US$ 14.108, per square meter in "Saint Germain- des- Prés", Paris 6th.
Furthermore it should be emphasized that this Notary report concerns the months of April, Mai and June 2007 and does not include the "credit crunch period".
Find more information on the "KHS Paris Real Estate Blog": http://www.khs.fr/BlogEN.cfm
It is interesting to analyze the developments in the most popular districts. For many years the 6th arrondissement around "Saint Germain-des- Prés" with its cosmopolitan flair and countless fashion boutiques and cafes has been the most expensive. Surprisingly, this has now changed by a very narrow margin. The Notaries reported that the average price in the 7th arrondissement which stretches along the southern bank of the Seine between the "Musée d’Orsay" and the "Eiffel tower" and which is known for its aristocratic population ("old money") has surpassed all other districts. During the second quarter of 2007, the average square meter here cost € 8,829/ US$ 12,459 and € 8,818/ US$ 12,442 in the 6th arrondissement.
In contrast, there is no change at the bottom of the table. The most affordable districts are still found in the City’s northeast. The average price in the 19th district ( "la Villette") was € 4,705/ US$ 6,638 ( + 9.2% p.a.) and in the adjacent 20th district € 4,990 / US$ 7,040 (+ 6.8% p.a.).
Real estate prices rose strongly in the fashionable "Marais" which is one of the favourite neighbourhoods of the younger generations: average prices reached € 7,010 / US $ 9,889 (+12,9% p.a.) in the 3rd district and € 8,348/ US$ 11.776 (+ 13% p.a.) in the 4th district which includes the area around the famous "place des Vosges". Please find all district average prices on the KHS website: http://www.khs.fr/
Apart from the Notary’s numbers, it is important to notice that prices for properties in good shape are well above those released by the Chamber. For instance, a nice apartment in fairly good condition costs at least € 10,000/ US$ 14.108, per square meter in "Saint Germain- des- Prés", Paris 6th.
Furthermore it should be emphasized that this Notary report concerns the months of April, Mai and June 2007 and does not include the "credit crunch period".
Find more information on the "KHS Paris Real Estate Blog": http://www.khs.fr/BlogEN.cfm
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