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Posted on 30/09/2020

Real estate in Paris: why prices have stopped rising

LE FIGARO

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Real estate in Paris: why prices have stopped rising
After a post-covid price surge, higher than the increase experienced in Paris over the last 5 years, real estate prices have come to a halt. Demand is still higher than supply but prices are stagnating, and this is the father of the Paris region. After a rather calm summer, there are no more quick sales as before. Negotiations lengthen the selling time.

There are quite similar cases depending on the Parisian districts. In the 1st, 2nd, 3rd and 4th districts, the apartments are still popular and the districts keep the prices stable. However, buyers, after the fright caused by the confinement, take more time to think and no longer buy above the market price. There is also a loss of attractiveness for spacious properties in favour of smaller areas. Despite the impossibility of buying from foreigners, pied-à-terre remains popular.

In the 5th, 6th and 7th districts, supply is greater than demand, goods above market are difficult to sell but the price per square meter varies between 12,000 and 13,000 square meters. In the 6th as well as the 7th arrondissement, prices remain similar to post-covid values.

However, the absence of foreign fortunes weighs on some districts like the 8th, 16th and 17th, some quality goods are sold at price while others take more time and lead to negotiations. In the 16th, Paolo Fernandes, Managing Director of Paris Ouest Sotheby's International Realty, said, "For high-end properties on high floors, prices in this sector remain stable and fluctuate between 16,000 and 17,000 euros. However, in popular neighborhoods such as the Golden Triangle, sales are becoming rarer.

Also, in the 9th, 10th, 11th and 12th districts, sales are more complicated. The problem is the same as in other districts of Paris, i.e. difficulties in selling large surfaces and sales at more limited prices. In the 13th, 14th and 15th arrondissements, prices remain high, and as in other districts, properties posted above the market do not sell. In the 14th district, prices range from 9,000 to 14,000 euros, as in the 15th district around Montparnasse.

Finally, in the 18th, 19th and 20th arrondissements, prices remain unchanged, apartments with exceptional views sell for 13,000 euros per meter, while the absence of a view lowers the price per square meter by 1,000 euros. 

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