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Property sales in Ile-de-France grew 8% year over year in winter 2017 / 2018
November to January saw 8% more property sales in Ile-de-France than the previous year, as per the Notaires’ official stats for the period. The suburbs were the main driver for this growth, as activity within the peripherique slowed due to a lack of supply.
A total of 41,310 properties changed hands during the three-month period ending January 31. About a fifth of these – 8,960 – were in Paris proper, a figure 5% higher than November 2016 to January 2017.
The period last year was hailed as a record-breaking time for Paris, and so while these figures haven’t quite achieved the growth seen then, they are a testament to the rejuvenation of the market.
Activity in Petite and Grand Couronne, the inner and outer rings of the suburbs, was the driver for the region as a whole. Some 15,250 and 17,100 properties were bought and sold in each, respectively, growth of 7% and 9% year-on-year. Commentators are referring to these regions as ‘Grand Paris’, indicating the massive urban development and civil infrastructure construction project is already having an effect.
Apartment prices saw strong growth over the year – Paris reached €9,060 per m2 excluding agency fees by January’s end – yearly growth of 7.9%. Prices in Petite Couronne grew 4% to reach €4,480 per m2 and those in Grand Couronne grew 0.9% to reach €2,950 per m2. But from quarter to quarter minute falls were seen in the suburbs while Paris’ edged forward 0.5%.
House prices grew 3% year-on-year in the whole region (but similarly seeing slight falls quarter-on-quarter) while apartments appreciated 5.3%.
The Notaires are predicting that their next quarterly report covering February, March, April, will show apartment prices in Paris growing 8.6% to €9,330 per m2. They are also predicting a return to quarterly growth for the suburbs of the city: 1.8% for Petite Couronne and 1.2% for Grand Couronne, with 5.9% annual for the entire Ile-de-France region.
See the full report (in French) here.