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Apartment prices rocket in Paris

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Apartment prices rocket in Paris
Christophe Libert
11:01 CEST+02:00

Figures published on Thursday showed apartment prices in the capital up by 5 percent in the second quarter and a full 22.5 percent over the last year, the highest annual rise for 20 years.

The figures, announced by the national statistics agency Insee, also showed that the volume of transactions was back to the level seen at the end of 2007.

Taken as a whole, prices in France moved up by a more sedate 1 percent, a slight slowdown on the 1.8 percent increase recorded in the first quarter. Year-on-year, prices are up overall by 7.7 percent.

After a summer of economic gloom, there are signs that the increase may not continue much longer.

"The economic context has seriously worsened this summer and today the market is holding its breath," said Christian Lefebvre, president of the chamber of notaries, to newspaper 20 Minutes.

Website MeilleursAgents.com, which collects data on house sales, announced earlier this week that it had seen Paris prices fall in the last two months by 3 percent accompanied by a drop in the number of transactions.

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