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Have Paris property prices smashed the €10k per square metre barrier?

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Have Paris property prices smashed the €10k per square metre barrier?
Paris property prices have risen eight per cent in just a year. Photo: AFP
13:34 CEST+02:00
Paris property prices have broken through the 'glass ceiling' to reach an average of €10,000 per square metre, according to one estate agency.

The cost of buying a property in the French capital has risen sharply in recent years, reaching a record high at the end of 2018.

But now prices have jumped again and leaped over the symbolic €10,000 per square metre barrier, according to estate agency chain Century 21.

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The average cost per square metre in Paris has now hit €10,000, claims one agency. Photo: AFP

The agency claims that the average price to buy a property in Paris is now €10,005 per square metre - an eight per cent increase on last year.

The official figures were slightly lower, with the Chamber of Notaries of Greater Paris putting the average figure for January at €9,610 and predicting that the €10k barrier is likely to be smashed in the summer.

Century 21 said that its figures were based on sale prices, whereas the Chamber of Notaries take their data from contracts signed.

Either way, it doesn't look like there will be many bargains to be snapped up on the Paris property market any time soon.

Over the previous 10 years, the price of buying in Paris has risen by 62.5 per cent.

The €10,000 average masks a huge variation in prices, with properties in the greater Ile-de-France region coming in at just over half the cost of central Paris properties.

According to official figures covering the year of 2018, the cheapest area to buy in Paris is La Chapelle in the 18th arrondissement at €7,460 per square metre, while the most expensive is Odeon in the 6th arrondissement at an incredible €17,410 per metre.

Perhaps unsurprisingly at those prices, there has been a fall in the number of people buying properties - 2.6 per cent fewer contracts were signed in the first quarter of 2019, compared to the same period in 2018. 

The shortage of new housing in Paris has been blamed for the rise, although some say that Brexit is also a factor as wealthy individuals seek an alternative base to London.

In February a Paris record was broken with the purchase of an apartment in the 7th arrondissement for €39 million.

The buyer of the 16-room, 1,000 square-metre flat was described as a wealthy individual who wanted to leave the UK because of the uncertainty caused by Brexit. 

Have you bought a property in Paris? Is it really that expensive or are there bargains to be found? Let us know your experiences in the comment box below.

 

 

 
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