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HOUSING

Paris property prices gone mad? €50,000 for 3m² ‘loft’

A 3m2 "loft" in the prestigious Île Saint-Louis in the centre of the capital has been advertised on sale for €50,000. No, this is not a joke.

Paris property prices gone mad? €50,000 for 3m² 'loft'
Ile Saint Louis. Photo: AFP
The Ile Saint Louis is famously chic, expensive, and a huge hit with tourists. 

And now, you could call it home for just €50,000. But the catch – and it's a big one – is that the “loft”, or big box as should really be described, is just three metres squared.
 
So that's an unbelievable €16,600 per square metre. While you won't have to pay agency fees apparently potential buyers have been that it needs a makeover.
 
Although it's advertised as a loft, the property, if we can call it that, is actually on the ground floor.
 
The square metre cost puts the property among the crème de la crème of property on the island, where prices range from €12,389 and €16,505, according to the site Meilleurs Agents. 
 
 
The property overlooks the quaint courtyard of a seventeenth century building, however its one very small window may make that somewhat difficult to appreciate.
 
What it lacks in width and length, however, it makes up in height, with four-metre high giving it a total volume of 12 cubic metres. 
 
In theory it can't be bought to be rented out, given a law in France that states the minimum size for an apartment for rent must be nine square metres. However that has not stopped rogue landlords in the past.
 
In 2013 The Local covered the story  of a tenant who lived for 15 years in a 1.56-square-metre flat, for €330 a month. (see photo below)
 
'Scandalous' case of man living in 1.56m² Paris flat
 
The estate agency “District” told Le Monde newspaper that they do agree the price is “a little excessive”, but said they are not the only ones to offer this sort of property. 
 
The advert, published on the Immostreet site on Thursday, is no longer available. 
 
However, this is by no means the only example of a ridiculously small space selling for a ridiculous amount of money. 
 
Other “micro-rooms” on the market for extremely high prices are advertised on similar sites. 
 
A micro-room of five square metres in the 11th arrondissement is going for €35,000 on Explorimmo, whilst a very exact 4.21 square metres room situated on the fifth floor of a lift-less building in the 18th arrondissement costs €37,000. 
 
Another room measuring seven square metres with a skylight in the chic 17th arrondissement is selling for €49,000 and somehow manages to include both a toilet and kitchenette. 
 
According to Numbeo, the average price per square metre for an apartment in the city centre of Paris is €9,768.96 as of May 2016.
 
By Marianna Spring

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PROPERTY

Property taxes: How much will it cost to extend your French home?

Installing a swimming pool, building a garden shed, or adding a conservatory to your French home has become more expensive in 2023.

Property taxes: How much will it cost to extend your French home?

If you are planning a renovation project in 2023 you’re likely looking at rising cost for materials and labour due to inflation – but there is one other cost to consider; taxes. 

In France there is a one-off tax that has to be paid on certain building works, and the government has raised the rate for this.

The taxe d’aménagement, sometimes referred to as the garden shed tax, applies to all property development – construction, reconstruction and extension – of buildings that require planning permission or a building permit.

Garden sheds, swimming pools or extensions with a surface area of more than 5 square metres are subject to the development tax – although a 50 percent reduction is applied to the flat-rate values of certain buildings, particularly the first 100 square metres of main residences.

READ ALSO Everything you need to know about installing a swimming pool at your French property

The tax is collected by local councils, who set their own percentage rates for the tax, working off the base rate set by the government.

A decree published in the Journal Officiel set the base figures for 2023 at the following rates: 

  • €1,004 per square metre in Île-de-France (up from €929 per square metre in 2022);
  • €886 per square metre outside Île-de-France (€820 per square metre in 2022).

The flat-rate values per square metre of building space, which constitute the basis for the development tax, are revised on January 1st of each year according to the latest construction cost index published by national statistics body Insee. 

Additionally, specific rates are set for:

  • €250 per square metre  for a swimming pool (up from €200 in 2022);
  • €12 per square metre of ground-fixed solar panels (up from €10 in 2022);
  • €3,000 per wind turbine more than 12 metres high;
  • €3,000 per pitch for tents, caravans and mobile leisure homes;
  • €10,000 per pitch for a holiday chalet or bungalow.

The amount of the tax is calculated according to the following formula: 

(Taxable area multiplied by the government-set base figure) multiplied by the percentage tax rate set by the local authorities. This gives the total to be paid in cents. Bills are rounded down.

So, the tax for a 30 square metre extension in an area where the combined local and departmental tax rates total 6.25 percent would be calculated like this:

30 (the size of the development) x 886 (the base tax rate outside Ile-de-France) = 26,580

6.25 (local and departmental tax) x 26,580 = 166,125 cents, more usually expressed as €1,661. 

If the total payable is less than €1,500, you will receive a bill in the six months after planning permission was granted, with details of how to pay.

Otherwise, it is paid in two instalments, 12 months and 24 months after authorisation, with a 10 percent surcharge applied in cases of late payments.

READ ALSO The hidden costs of owning property in France

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