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What can 1000€ per month buy in the 10 largest cities in France?
A new study measuring property purchasing power in ten major French cities sees Marseille come out on top, while Paris unsurprisingly places last.
Meilleurtaux.com recently published a study quantifying purchasing power for real estate in ten cities in France. Using its own regularly published barometer of credit rates in different cities as well as sales prices per square meter recorded by Seloger.com, the real estate broker calculates what 1,000 euros per month with a fixed rate loan over 20 years can buy.
Published monthly, the credit rates used are the lowest rates negotiated in each of the ten cities for the month of September, rather than average credit rates.
Basing its study on these factors, Meilleurtaux.com finds that buying a house in the capital of the Provence-Alpes-Côte d’Azur region is much cheaper than in the capital. Average price per square meter is a major factor influencing results, with property in Marseille costing an average of 2,139 euros per square meter against 8,341 euros/m2 in Paris.
Lowest credit rates are virtually similar in most of the ten cities which form part of the study, averaging at about 2%. It is lowest in Strasbourg at a rate of 1.95% and highest in Lyon at 2.2%. Marseille and Paris, as well as the other cities in the study all present lowest rates hovering between 2.05 and 2.10%.
In Marseille, 1,000 euros per month over 20 years buys a 92m2 property. That’s 12m2 more than Montpellier where the same amount procures 80m2. Property surface obtainable for that sum in the other cities surveyed are as follows: 79m2 in Strasbourg and Toulouse, 74m2 in Nantes, 70m2 in Lille, 63m2 in Bordeaux, 54m2 in Lyon and 52m2 in Nice. Far behind its competitors, Paris brings up the rear with 23m2.
According to Meilleurtaux, the capital “compensates for a slight increase in credit rates through lower prices per square meter, thus retaining the real estate purchasing power of 23m2, as it did in May”.
Communications director Mael Bernier notes that “the relative stability of credit rates reflects a continued commitment to attract serious buyers. Indeed, the lowest negotiated rates have decreased slightly in five of the ten cities.”
Photo credit: Wikimedia Commons / Romanceor