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Paris’ 10th arrondissement attracts buyers with a long-term view
Thirty years ago the area surrounding the Canal Saint Martin was on no one’s radar. But an influx of young creatives priced out of the centre has seen the 10th arrondissement transformed into a hotly-discussed destination for buyers.
The arrondissement is dominated by the Canal Saint-Martin in its east, the Gare du Nord and Est stations in its northern portion and is buttressed by the Rue du Faubourg du Temple and the Boulevard Saint Martin from Belleville to Republique to just before Grands Boulevards.
A combination of classic Haussmannian architecture, affordable house prices, the attraction of the Canal and an abundance of hip restaurants, cafes and bars make it a one to watch for those with an eye on the long-term appreciation of their Paris property purchase. It was even mentioned in Knight Frank’s 2017 wealth report alongside areas like Mayfair in London and Hancock in LA as a notably attractive area for Ultra-High-Net-Worth individuals.
The fact those with cash to splash are interested does not come as a surprise to those who’ve been watching its price index. It has outperformed all its surrounding arrondissements over the last decade. The growth figures in the following table are from price observatory Meilleursagents. And as you can see it remains significantly lower than the city average, meaning there is plenty room to grow.
|District||Apartment price/m2 (excluding fees)||Price growth %(one year)||Price growth % (five years)||Price growth % (decade)|
|Paris (whole city)||8953||5||8.5||31|
You’re certain to find more affordable properties going outwards to the 18th and 19th which could have more growth potential, but these areas remain significantly rougher and less desirable for now.
The report says the 10th “brings together fantastic period architecture, reflecting Paris history and culture, with a vibrant and exciting atmosphere that brings in a young hip crowd: artists, fashion designers and those in the creative industries.”
It goes on to say its “large boulevards, pedestrian routes, bars and restaurants line the Canal Saint-Martin, and a car-free zone the weekends combines to create a congenial and welcoming neighborhood.”
The Rue du Chateau d’Eau exemplifies this process and was the focus of a recent Time Out Paris article. Each month, the writer states, a new gallery, record store, coffee shop or trendy restaurant appears, catering to a new bobo population seeking something a bit more edgy and affordable than can be found in the city centre. This is repeated by a local wine bar owner who ironically only moved in in 2016, “before everyone arrived at once,” he says. The Anticafe has also recently opened, a coworking space where users pay by the hour rather than for what they consume.