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Latest Paris Property Figures from Notaires
Sales volumes are up, but prices have continued their gradual decline. Prices should stabilize in the near term due to the strong market typical in Paris during the summer months.
Figures provided by the Paris Notaires reveal that the Parisian real estate market has been slightly more active in recent months, especially in the Grand Couronne, which includes certain districts outside of Paris proper. Overall, the official figures show an increase in the number of homes sold, combined with marginally lower prices during the first quarter of 2015.
Between February and April of this year, 32,650 older houses were sold in Ile-de-France, constituting a 6% increase compared with the same period a year prior. Still, these figures mirror the average sales numbers over the first quarter of the year in each of the past 10 years, an average of 32,200 homes sold.
Sales volumes rose higher in the Grand Couronne, with a 10% increase compared to the same period of 2014. Positive trends were also seen in Hauts-de Seine and Val-de-Marne. La Seine-Saint-Denis, although they conversely had lower sales numbers.
In Paris intramuros, around 7,000 apartments were sold, constituting a 3% increase from 1st quarter 2014.
The Paris Notaires observed a gradual decline in housing prices in Ile-de-France. At the end of April 2015, prices had decreased by 2% generally, and 2.5% for apartments in particular. Houses saw the smallest price decrease at only 0.8%.
According to the notaires’ calculations, the average price per meter squared in Paris comes out to 7,920 euros as of April 2015, a decrease of 2.5% from last year and 0.1% from 3 months prior.
But the notaires estimate that even this small decrease will turn in the summer months. Based on advance indicators – most sales take 2-3 months from the initial purchase agreement to the final purchase – prices will stabilize in the capital in the next few months, progressing slowly in July and August to an expected 7,990 euros per meter squared. They caution that this slight increase is probably attributed to seasonal variations, and is not representative of the market in the medium term.
For more details on price variations by neighborhood and year, a price index is available on the Paris Notaires site for the first quarter of 2015. An up-to-date monthly price index is also available on the Meilleurs Agents website, the most recent published on July 1.