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What features affect the price of real estate in Paris?
It seems everyone wants a nice view, a high floor and a perfect turn-key apartment, but is there a way to quantify those elements and understand how each factor impacts the price of a property? This one-stop chart helps break down the various features that determine the cost of Parisian property, from an apartment’s location to the renovations that need to be done.
According to the latest update from Paris Notaires, the average price of an apartment in Paris has risen to €8,100 per square meter. The number, however, is a historical average based on the net amount received by the seller and does not include real estate commission, for example – it also does not take into account the disparities among property prices in the city. Indeed, there are various criteria that play into determining the property value in Paris. Most obvious among these is location, but characteristics such as floor level and the amount of renovations that need to be done are crucial to the assessment. When taking into account properties with similar characteristics, an apartment in a quiet neighborhood will almost always be worth more than one on a busy street. Proximity to public transportation, schools and parks will always increase the price, as well as the view: property overlooking the Seine or the Eiffel Tower will always be worth more. Real estate prices are also impacted by urban planning projects such as the extension of a metro line or construction of a tram. Pap.fr gives us the following table illustrating the impact that specific characteristics have on the price of a property:
Keeping these factors in mind will help buyers understand the wide variances between actual prices for property and those given as average benchmark prices for real estate in Paris. For assistance in buying or selling real estate in Paris, Contact@ParisPropertyGroup.com
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