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Paris property prices continue to plunge

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Paris property prices continue to plunge
Good news for buyers, but worrying for sellers. House prices in Paris continue to fall. Photo: AFP
17:44 CEST+02:00
There was further good news this week for those people hoping to get on the property ladder in the French capital. It might soon be within reach.

According to a real estate report this week property prices in the French capital have fallen 3.5 percent since the start of summer.

After falling around 1.5 percent in July and August the trend has continued with a one percent drop in September, according to the report by MeilleursAgents.

Since March 2011, when the housing market peaked, prices in the capital have dropped by a whopping 9.1 percent. Good news for buyers, not so positive for homeowners.

The average price of a square metre in Paris now stands at €7,850.

However the drop in prices varies widely depending on the type of Paris flat that is on the market.

SEE ALSO: French property face-off: Paris vs Charente

The prices of apartments considered high quality have dropped by around three percent whereas those which had “negative aspects” – whether they are on the first or ground floor, dark, badly laid out, or just in a bad state, have seen their value plunge by between 10 and 25 percent.

Evidence perhaps that buyers are becoming fussier than in the past and are more willing to wait for the right deal.

“Perturbed by the continuing drop in prices and mortgage rates, buyers are afraid of missing out on an exceptional deal or paying too high a price,” said Sebastian de Lafond president of MeilleursAgents.

“Sellers are also concerned,” he said. “They have difficulty correctly determining the sale price of their property without any clear benchmarks in market prices.”

The analysts believe by the end of the year, prices will have fallen by around 5 percent compared to the start of 2014.

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