Paris residential real estate market: The upward trend continues

The market for residential real estate in France is flourishing. Prices for freehold apartments settled at a high level across the country in 2017. In the French capital, prices per square metre will rise further. “The market upturn of the last two years has continued in Paris in 2018,” said David Scheffler, CEO of Engel & Völkers in France. The main factors involved are the good economic conditions, the low level of interest rates, and the growing demand from international investors. In 2017, the number of property sales rose by 17 percent over the previous year. This and other findings are documented in the “Engel & Völkers Market Report for Paris 2018”.

Hondarribia-Irun - The sale price for this prestigious townhouse is 15.9 million euros. The residence spans approx. 680 square metres in total, set over three levels. A large roof terrace affords unique views of the Eiffel Tower.

Parisian flair attracts international clientele

The 4th, 6th, 7th and 16th Arrondissements rank among the most exclusive residential addresses in Paris. Both national and international buyers are active players at the premium end of the market. Search clients come from Europe, the USA and Asia, and often invest in city apartments as second homes or as a capital investment with rental income. The highest prices are reached here for properties in the prime locations of the historic city centre and directly on the River Seine. The highest priced district is the 6th Arrondissement. In the first half-year of 2018, freehold apartments close to the Odéon national theatre cost as much as 28,000 euros per square metre. Apartments and houses in this area of the city date from the second half of the 19th century. They are designed in the typical Haussmann style with light sandstone façades and Parisian balconies. In the legendary artist’s and literary quarter Saint-Germain-des-Près, there is frequent interest in small and medium-sized apartments, constituting the largest share of the market at 50 percent. In the first half of 2018, townhouses sold for as much as 25 million euros.

Premium properties with views of the city’s famous sights such as Notre-Dame dictate prices in the 4th Arrondissement. In the first half of 2018, entry prices for freehold apartments on Ile de la Cité rose to 15,000 euros per square metre (2017: 14,000 euros). Freehold apartments here reached top prices per square metre of as much as 18,000 euros. Clients with a particular interest in architecturally rare buildings will find a broad choice in this district: lofty ceilings, exposed beams and light-flooded rooftop levels combine historic charm with modern luxury, and give investors a high re-sale value for their property.

The 7th Arrondissement is impressive for its grand architecture, splendid avenues and boulevards. The French business and political elite, along with an international clientele, are drawn to buying a luxury property here for the views of the Eiffel Tower, the high quality of life, and the rich array of cultural offerings. Freehold apartments in a premium location in Saint-Thomas d’Aquin cost up to 24,000 euros per square metre in the first half of 2018. Large family apartments with at least three bedrooms are in particularly high demand. Houses and mansions fetched sale prices of up to 20 million euros.

The 16th Arrondissement faces the Eiffel Tower on the opposite side of the Seine. This is the greenest district in Paris. It is sought after among wealthy French families for its peaceful setting and many renowned schools. Buyer interest often centres around large apartments with three to four bedrooms. In the first half-year of 2018, prices per square metre for such freehold apartments were up to 14,000 euros. In the same period, mansions in the Auteuil district changed ownership for as much as 26 million euros.  

Hondarribia-Irun - This typically Parisian apartment is on sale for 1.3 million euros. The family property is located on the second floor of a building designed in the Haussmann style. The approx. 101 square metre interior consists of two bedrooms and a bathroom.

Outlook: Prices for residential properties set to rise further

“We expect demand to increase in Paris, particularly in the luxury segment, and prices to continue rising accordingly,” said David Scheffler. Apartments in premium locations in the 4th, 6th, 7th and 16th Arrondissements offer national and international buyers good investment prospects. Engel & Völkers anticipates that the hosting of the 2024 Summer Olympics and the French government’s large-scale infrastructure project “Grand Paris” will both have a promising impact on the Parisian real estate market. The aim of this project is to establish Paris and the surrounding region further as a “megacity” of international importance. According to Engel & Völkers, the 8th, 9th, 10th, 11th, 14th, 15th, 17th and 18th Arrondissements, and the nearby commune of Neuilly-sur-Seine are among those districts set to benefit most from future development work.

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