Paris Real Estate Dreams: What One Million Euros Really Buys You Today

By Jay Corless, edited by Adrian Leeds

If you’ve ever sat at a café terrace on the Boulevard Saint-Germain and daydreamed about owning a pied-à-terre a few blocks away, you’re not alone. Every week, our inboxes fill with questions from North Americans who have fallen in love with Paris and want to know: “If I have about a million euros to spend, what can I actually buy?” It’s a fair question, because Paris real estate is as beguiling—and as tricky—as the city itself.

Headlines about falling prices or rising mortgage rates often fail to tell the whole story. Nor do glossy property portals filled with impossibly perfect apartments. The truth sits somewhere between the two, and that’s where we, as informed expat buyers, have to position ourselves.

According to the latest figures from Particulier à Particulier, or “private individual to private individual” (PAP.fr), the average price per square meter in Paris now hovers around 9,611€. That’s the blended city-wide number, covering all property types. In some places, you can still find apartments at 8,200€ per square meter, while in the rarefied corners of the 6th, 7th, or even the 3rd arrondissement, you’ll pay 13,000€ to 15,000€ or much more.

Note: Before we go any further, one must understand how to read these figures. You will find properties on the market much more expensive than the figures reported by the Chambre de Notaires. That is for a list of reasons, which include: 1) agency commissions of approx. 5% or 6% are not included, 2) there is a three to six month time lag between the time the offer is made to closing and the figures are reported, 3) the figures reflect sales from properties in both the best and worst conditions and locations and 4) there are cash deals under the table which are illegal, but do happen. So, take these figures and add at least 10% to 15% to bring them to reality!

Over the past twelve months, the average has slipped by roughly 4.3%, and compared to five years ago, prices are off by more than 11%. Yet these declines are not evenly distributed. In neighborhoods with enduring cachet—Saint-Germain-des-Prés, the Marais, the golden triangle between Avenue Montaigne and the Champs-Élysées—sellers are regaining confidence. Limited supply means a well-located apartment can still attract multiple offers, especially from cash-rich buyers or those with strong mortgage approvals.

So what does your 1€ million buy? In purely mathematical terms, you could divide your budget by the average price per square meter and imagine a 104-m² apartment somewhere in Paris. But Paris is not a mathematical grid; it is a living mosaic of “quartiers.”

In the 6th arrondissement, where prices for apartments hover around 14,500€ per square meter, one million euros buys you closer to 70-75 m²—perhaps a classic two-bedroom with moldings, fireplaces, and a small balcony, but not a sprawling family flat. In the 7th, where prices average 13,800€ per square meter, you’ll see much the same: an elegant, well-located property but modest in size. Head to the 3rd and 4th Marais districts, and your square meters creep up slightly. Still, again, you’re looking at a chic two-bedroom rather than a “hôtel particulier” (private townhouse).

Move further afield and the picture changes. In the 15th, where prices have settled around 8,800€ per square meter, that same budget could buy you 110 m²—enough for a real family home with three bedrooms and maybe a terrace, albeit without the same cachet as Saint-Germain. In the 19th or 20th arrondissements, where average prices are closer to 7,400€ per square meter, one million euros stretches to 130–135 m², perhaps with panoramic views from a high floor or a garden in a modern co-owned property.

For buyers willing to explore beyond the postcard districts, Paris still offers space and light at a relatively bargain price. Just crossing the border of an arrondissement could make a world of difference in price.

Beyond square meters, there is the condition of the property. Two apartments of identical size on the same street can differ by half-a-million euros depending on which floor they’re on, whether there’s an elevator, how much natural light floods the rooms, and whether the building’s plumbing and wiring have been updated. These are the invisible variables that can make or break your purchase. Always budget at least 7.5 to 8% extra for notarial taxes and fees. Agency commissions are included in the price of the property, but our fees are not. Renovation can be as little as 5%, or as much as 40%…depending! This is especially important for non-residents unfamiliar with France’s tax regime or its co-ownership rules. Taxes such as “taxe foncière” and, for secondary homes, “taxe d’habitation,” can also add up, although you will find them 10% to 50% of comparable property taxes in the U.S.!

The financing environment has also shifted. After two years of painful increases, mortgage rates have stabilized around 3.5% to 4% for well-qualified buyers. This has lured back many first-time buyers and helped rebalance the market. Sellers, for their part, are no longer in panic mode; they are adjusting their expectations but still holding firm on premium properties.

For an expat buyer, this means that timing, flexibility, and preparation are crucial. Get your financing pre-approved, line up a Notaire who understands international clients (we provide these important resources), and be ready to act when the right apartment surfaces. The best properties—especially those in the 6th, 7th, and Marais districts—still sell quickly and often off-market.

So, what’s our advice if you’re arriving in Paris with a million-euro dream?

First, prioritize location over size. In this city, “where” almost always trumps “how big.” A smaller apartment on a pretty street in Saint-Germain will hold its value and be easier to resell or rent than a larger one in a peripheral district.

Second, be realistic about your metrics. Unless you’re prepared to renovate or compromise on features, a 120-m² family apartment in the 6th for one million euros is a fantasy (more like two million!). Third, pay attention to the bones of the property. Light, ceiling height, layout, and the overall condition of the co-ownership matter more than a shiny kitchen that can be easily replaced. We say it often, and it’s absolutely true: you buy what you cannot change.

(Photo copyright by Lisa Anselmo)

Fourth, take taxes and transaction costs seriously. France’s notarial system is protective but can be slow and expensive for newcomers; plan accordingly. And finally, work with local professionals who speak both your language and the language of French bureaucracy.

Paris will always be Paris: maddening, magical, and unlike any other market on earth. The recent price softening presents a window of opportunity, but it is not a clearance sale. With clear eyes and sound advice, you can still make your million euros go far—whether that means a jewel-box apartment under the eaves of Saint-Germain or a spacious family home in the leafy 15th. Either way, you’re buying more than square meters; you’re purchasing a way of life. And that, in our experience, is priceless.

A bientôt,