Paris Property Sales Down…But Prices Still Creeping Up!
Volume XI, Issue 22
This past week, I spent a lot of time visiting Istanbul’s main sights, but had the fortune of also getting to know a bit of the ‘real’ Istanbul by visiting “Istanbul European” — the modern side of the city. The coast along the Bosphorus, the towns such as Ortaköy and Bebek, greatly resemble the French Riviera — just as lovely and just as trendy!
Living in an apartment with a view of the sea is just as desirable and prices are perhaps a bit lower. For example, a spacious 130 m2 two-bedroom apartment in Bebek is selling for €649,000 — that’s less than 5,000€ per square meter, less than if it were overlooking Nice or the port of Villefranche-sur-Mer.
During the Living and Investing in France Conference in Nice this coming September 27-29, 2013, we’ll be learning lots about France’s Blue Coast and how living there compares with Paris and other parts of the world…such as Istanbul’s Bosphorus coast! (We do hope you will be attending!)
Meanwhile, Paris is still the center of attention. According to the latest housing data of the Chambre de Notaires de Paris (May 28, 2013) on the property market in the capital, the slowdown in the number of sales continues as prices stabilize and even still on the rise!
In 2013, 6,300 resale apartments were sold in Paris during the first quarter compared to 8,600 during the same period in 2012 (a 26% decrease in the number of sales) and lower when compared to 2011 with 6,700 apartments sold.
To become a property owner in Paris at the end of March 2013, it took 8,260€ per square meter as of the fourth quarter 2012. Increases during the second and third quarters of 2012 and at the highest point during the summer of 2012 have been replaced with record highs.
The average price per district is more mixed, however, with half of the arrondissements showing annual declines, but remaining light. The most expensive districts are (still) the 6th (12,250€/m²), 1st (12,190€/m²) and 7th (12,160€/m²). The most affordable are the 19th (6,720 €/m²), 20th (7,210€/m²) and 18th (7,340€/m²).
The most expensive districts in Paris are Saint-Germain-des-Prés (14,650€/m²) and Monnaie (14,290€/m²) in the 6th arrondissement. The least expensive neighborhoods are Pont de Flandres (6180€/m²) in the 19th arrondissement and La Chapelle (6230€/m²) in the 18th.
If you are considering a purchase in central Paris for investment, then you can no longer use “10,000€/m²” as a ‘rule of thumb.’ It’s time to up the index! And if you want a view of the Seine…even more!…But you won’t be sorry you did!
Here is a link for pricing details neighborhood by neighborhood.
Here is a recent PDF of the report (in French).
Director of The Adrian Leeds Group, LLC
Respond to Adrian: [email protected]
P.S. Don’t miss the House Hunters International episode “Sizing Up the Parisian Suburbs” on June 1, at 7:30 p.m. E/P. As a job opportunity brings them to Paris, will Rich and Rachel find enough space for their soon to be family of four? Find out when House Hunters International peruses the villages surrounding Paris.