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Paris property prices soar to highest levels ever

Property prices in Paris reached record highs at the end of 2018. And the bad news for anyone hoping to find a pied a terre in Paris is that this price escalation is expected to continue this year.

2018 was another historic year in Paris property sales – great news for sellers, financially crippling news for buyers. This was according to results unveiled in the Chamber of Notaries of Greater Paris.

Purchase price per square metre continued to rise to record heights and the sales volume continues to grow (though it did dip slightly from 2017 peaks).

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There are obviously huge differences between prices for Paris and its suburbs. The average price per metre in the Île-de-France region is 5,970 euros (4.5 percent more than in 2017). But you need an average of 9,750 euros if you dream of living in the heart of Paris, up 5.7 percent in one year.

The cheapest area to buy in the city centre is La Chapelle in the 18th arrondissement at 7,460 euros per square metre, which is still an increase of 11.3 percent since last year.

If you’re feeling a little flush, the most expensive area in Paris now is Odeon in the 6th at an incredible 17,410 euros per metre, a whopping rise of 28.3 percent in just one year.

One of the key causes of this continuing rise is the shortage of new houses being built.

Notaries now estimate that the symbolic bar of 10,000 euros per metre squared on average in Paris (long presented as an impassable “glass ceiling”) will probably be reached as early as this summer.

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Source: thelocal.fr

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