• France's news in English

'It costs 20 years wages to buy a flat in Paris'

Joshua Melvin · 4 Apr 2014, 10:30

Published: 04 Apr 2014 10:30 GMT+02:00

Facebook Twitter Google+ reddit

Oui, buying an apartment in Paris is that expensive.

Even with the one to five percent drop in real estate prices brought on by the stagnant economy, a fairly small 56-square-metre flat in Paris’s 4th arrondissement will set you back a mere 20.5 years of pay.

That's according to a new study out this week from France's national union of real estate agents, FNAIM, that shows workers in the City of Light spend most of their cash on housing.

FNAIM's study shows that inhabitants in the capital have to spend three to four times more of their wages on a buying a home than those living in other parts ofthe country.

FNAIM's numbers reveal prices equivalently painful in the 1st, 2nd, 3rd and 5th arrondissements. It’s only once you get out of Paris itself that the prices really begin to drop.

In the working class suburb of St. Ouen, which is just north of Paris, buyers would have to shell 10.8 years worth of pay to snap up an apartment. The entrance price is about eight years of wages in the south-western Paris suburb of Plessis Robinson.

The report concluded that even if Parisians bring home more pay, they are spending three or four times what their confreres in the suburbs are paying. That probably explains why in 2009 a mere third of Parisians owned their primary residence, compared with the national average of 47 percent.

Story continues below…

Perhaps the only good news for Parisians who'd like a piece of Paris for their own is that prices have come down by one to five percent since January as France battles record high unemployment and a stubborn recession. But price tags have shrunk by three to eight percent in Val d'Oise and Essonne. 

Joshua Melvin (joshua.melvin@thelocal.com)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Millionaire Riviera hotel boss kidnapped in broad daylight
The city of Nice where the millionaire was bundled into a car infront of shocked onlookers. Photo: AFP

The millionaire head of a luxury hotel in the French Riviera resort of Cannes was kidnapped in front of shocked onlookers in the middle of the day on Monday.

Where exactly in France are Calais migrants being sent?
Photo: AFP

Here's where the 8,000 migrants in Calais are heading.

The annoying questions only a half French, half British person can answer
Photo: Beery/Flickr/AFP

Being half French, half British is means you get asked a lot of questions (and some of them can be a little annoying.)

Migrants bussed out of Calais Jungle to all corners of France
All photos: AFP

Hundreds of migrants are being bussed across France on Monday ahead of the demolition of the Jungle camp.

The must-see French films of the millennium - Part One
A Prophet. Photo: YouTube Screengrab

Looking for something to watch?

The must-see French films of the millennium - Part Two
Rust and Bone. Photo: YouTube Screengrab

The newest French films you need to see before you die (or alternatively when you get some spare time).

Election Watch
Presidential hopeful reckons a pain au chocolat is 10 cents

So France happily takes the pastry out of him.

French ministry of defence officials die in plane crash
Screengrab: eddydeg/Twitter

The French Ministry of Defence officials were killed on Monday when a light aircraft went down on the island of Malta.

Revealed: The ten most stolen cars in France
A Smart car in Paris. Photo: JR_Paris/Flickr

Thieves in France are getting a taste for luxury cars, it seems.

Analysis - France migrant crisis
Migrant crisis won't end with Calais 'Jungle' closure
All Photos: AFP

The Jungle camp may be being cleared but this won't be the end of the migrant crisis in France.

The annoying questions only a half French, half Brit can answer
Sponsored Article
Last chance to vote absentee in the US elections
Forget Brangelina's chateau - here are nine others you've got to see
The must-see French films of the millennium - Part One
How life for expats in France has changed over the years
Why Toulouse is THE place to be in France right now
Video: New homage to Paris shows the 'real side' of city
The 'most dangerous' animals you can find in France
Swap London fogs for Paris frogs: France woos the Brits
Anger after presenter kisses woman's breasts on live TV
Is France finally set for a cold winter this year?
IN PICS: The story of the 'ghost Metro stations' of Paris
How to make France's 'most-loved' dish: Magret de Canard
Welcome to the flipside: 'I'm not living the dream in France'
Do the French really still eat frogs' legs?
French 'delicacies' foreigners really find hard to stomach
French are the 'world's most pessimistic' about the future
Why the French should not be gloomy about the future
This is the most useful French lesson you will ever have. How to get angry
Why is there a giant clitoris in a field in southern France?
French pastry wars: Pain au chocolat versus chocolatine
Countdown: The ten dishes the French love the most
Expats or immigrants in France: Is there a difference?
How the French reinvented dozens of English words
jobs available