Real estate prices in Paris have increased again, after a temporary lull during the first quarter. Real estate increased ranging form 2% to 3% depending on the district.
Despite the economic conditions and stock exchange decline, real estate prices in Paris continued to increase, according to prelimanary figures published by the notaries of Paris.
Transactions increased by 10.1% in July and by 3.6% in August in the central Paris areas, and by 13.5% and 11% respectively in its suburbs. The main reason for the increase is the tremendous shortage on the rental market, which appears to be structural. Paris has become too expensive, according to the Chambres des Notaires.
Rental price increases per district vary greatly. For instance in the 10th and 20th district (Paris East) prices increased by 11.2% on an annual basis, in the 18th district by 9.8% and the 19th prices increased by 9.3%. In the suburbs Saint-Ouen prices have increased by 23.8% to an average of EUR 1,525 per m2 per annum.
The average price per sq.m. of old availible apartments in Central Paris has increased to EUR 3,279 p/m2 per annum. The most expensive district is still the 6th district with an average price of EUR 5,249 p/m2, the cheapest is the 19th district with EUR 2,320 p/m2.
(source: Chambre des Notaires-Insees)
