'Earn €4,500' to buy a property in France
Sophie Inge · 4 Nov 2013, 10:55
Published: 04 Nov 2013 10:55 GMT+01:00
- Even Paris has its price, but what is it? (16 Oct 13)
- Homeowners hit by jump in French property taxes (08 Oct 13)
- Paris property bolstered by Middle East strife (15 Sep 13)
While it’s no news that snapping up a property in France can be an expensive business – particularly in the capital – a new study published by the price comparison website Empruntis.com paints an overwhelmingly bleak picture of the French property market.
The fact is that owning a property is fast becoming a luxury for most people in France.
With the average French property priced at €220,387, buyers earn on average €4,500 a month, €800 more than nine years ago, the study revealed.
This is in spite of the fact that less than 20 percent of French households earn over €4,467 a month, according to a study conducted by Insee in 2010.
Demand for property, meanwhile, remains high.
“We still love bricks and mortar,” Maël Bernier from Empruntis.com told Le Parisien. “Owning a roof over our head is still our favourite investment.”
Moreover, the study showed that the average buyer was aged 37, showing an age increase of three years compared with nine years ago, an suggesting millions of younger would-be buyers are being pushed out.
Unsurprisingly, property is at its priciest in Paris, with the average home costing €8,331 per metre squared. There, €220,387 would typically get you an apartment measuring just 26 metres squared.
In the southern city of Nice, meanwhile, the same sum would get you an apartment twice the size, approximately 56 metres squared.
And in Rennes, north-western France, that money would buy you a property measuring 94 metres squared.
Are you struggling to get your foot on the French property ladder? Share your experiences in the comments section below.