Real Estate

Real estate in Paris: apartments price – new record

According to a recent research by LPI-Se Loger, average cost of residential real estate in Paris in October 2017 was 9,170 Euro per square meter. At the same time, in other regions of France the price of a “square” in the apartments is only 3970 Euro. As for the metropolitan city, this level is a new record!

Average annual increase of the cost of apartments in Paris – not less than 8% per annum, and this applies to all 20 districts of the city. By the report, the 4th, 6th and 18th districts are leaders in the price growth on the market of residential real estate.

For comparison, only in April 2017 an apartment in Paris costs by 5.5% more than in April 2016. Why do we watch a permanent rise of prices? First of all, real estate in Paris is becoming more expensive due to very high demand (which, by the way, does not decrease even with the increase of construction of new facilities). According to analysts, a big influence on this was election of the capital as the venue for the Summer Olympic Games 2024.

Among other things, profile of the buyer who wants to buy an apartment in Paris has changed. Average cost of the apartment on the market is now almost 450 thousand Euro. Consequently, majority of buyers is celebrities, top managers and other high-ranking persons. Simple employees and workers can buy residential property in Paris very seldom. If in 2016 there were 13.9%, then already in 2017 – only 6.8%.

Predictions suggest that prices will continue to grow. And, perhaps, it is not too late to invest in residential real estate in Paris.

Want to buy apartment in Paris – contact the real estate agency Glamour Apartments!

Photo: pixabay.com