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An in-depth look at prices in north-central Paris: the 9th and the 18th
It’s not news that property prices in Paris are on the rise, with the average price per square meter in more than half of Paris’s 20 arrondissements exceeding €10,000. It is interesting to note, however, that price disparities exist between the small boroughs located within each arrondissement. In this article, we head north to Paris’s 9th and 18th arrondissements, where the stability of the 9th seems to contrast the major changes taking place in the 18th. Although the average price per square meter can vary wildly in the 18th, from over €10,000 in Montmartre to below €6,000 near Porte de la Chapelle, prices in the 9th have increased by more than 15% in two years and are now well-established above €10,000/m2.
The 18th: narrowing price gaps from Montmartre to La Chapelle
Although the 18th is undergoing a major metamorphosis, it is still possible to buy for less than €6,000 per square meter in some boroughs. Up more than 10% in two years, the average price per square meter in the 18th should remain in the 9,000’s this year. Price gaps in this arrondissement are still some of Paris’s most remarkable, although they are starting to narrow. While prices can climb above €10,000 per square meter for properties offering a view of Sacré-Coeur, they can fall below €6,000 near Porte de la Chapelle.
Montmartre at the top
While tourists jostle each other on the winding cobblestoned streets of Montmartre, buyers seem to follow suit. In this western part of the 18th, the authenticity of postcard-perfect Paris raises the stakes. In 2018, prices between Place de Clichy and the surroundings of Sacré-Coeur rose by 6%, contributing to a current average price per square meter of €9,500. Although sales rarely exceed €12,000/m2, a two-room, 42 m2 apartment on rue Lepic was recently sold for €515,000 (€12,261/m2).
Limited real estate supply in this area is saturated by heavy demand that from foreigners buyers. As is the case throughout the 18th, many smaller apartments and studios still sell for less than €200,000. Near rue des Abbesses, a 20 m2 apartment was sold for €195,000 (€9,500/m2).
The central 18th turns trendy
Middle ground between the 18th’s upscale area near avenue Junot and its diverse working-class neighborhood around boulevard Barbès, the central part of the arrondissement has changed a lot over the years. Prices have risen by 15% over five years, with the price per square meter surpassing €9,000 in 2018. Micro markets have appeared around the Lamarck-Caulaincourt metro and rue Marcadet.
Three-room apartments are particularly sought after by young first-time buyers, who are now settling into the area. On rue Ramey, a 75 m2 apartment was sold for €750,000. The popularity of smaller apartments in the very lively northern Pigalle area have attracted investors, who can easily rent furnished apartments in this market. On rue Saint-Isaure, a 23 m2 studio was recently sold for €220,000, which is just over €9,500/m2.
Heading towards gentrification
A true dividing line, prices fall once you cross boulevard Barbès and boulevard Ornano. The sidewalks of the Goutte-d’Or and La Chapelle, with its crowds and street vendors, are still as busy as ever, but bold investors are lured in by an average price per square meter falling below €7,500.
Initiatives by the City of Paris, such as the redevelopment of the former Chapelle-Charbon railway station into a 6.5 hectare green space or the development of an urban walkway under the aerial metro between Barbès and Stalingrad, contribute to the ever-changing face of this diverse and often overlooked part of the 18th.
Singled out by Paris town hall and real estate analysts for its strong real estate development potential, this area is only at the beginning of its metamorphosis. Although prices have risen by more than 10% in two years, there are still properties below €7,000/m2, like the three-room, 67 m2, renovated apartment on rue Marc-Séguin that was recently sold for €450,000 (€6,716/m2).
It is still possible, however, to find even cheaper in the 18th. Around the Colette Besson tram station, towards boulevard Ney, properties go for less than €6,000 per square meter, and on rue de la Chapelle they can even reach €5,500.
Prices soaring in Paris’s 9th arrondissement
Despite its central location and wide variety of available apartments, the 9th arrondissement has remained stable for several years now, attracting people with its dynamic neighborhood feel and prices that are still affordable compared to more affluent neighboring areas. In this trendy market, prices have risen by more than 17% in two years (11% alone in 2018) according to MeilleurAgents, and it is now rare to find properties below €10,000/m2. Popular with young households, it is one of the few arrondissements to see its population increase.
South-Pi, a trendy name for the southern part of Pigalle below boulevard de Clichy and boulevard de Rochechouart, is a model of the gentrification taking place in Paris. What was once the former refuge of Parisian night owls has turned bobo, boasting by start-ups and trendy shops. Families settle here for the lively neighborhood atmosphere and availability of large apartments. The epicenter of this gentrified village, rue des Martyrs and its crowded terraces are the envy of first-time buyers. A 28 m² apartment was recently sold for €320,000, i.e. above the €10,000/m² average observed by MeilleursAgents.
Investors have taken advantage of the changes occurring here. Prices in Saint Georges and Rochechouart, which form part of South Pigalle, rose by more than 8% in one year. Buildings near the boulevards still boast affordable properties, though: near square d’Anvers, a 30 m² apartment was sold for €256,000, or below €9,000 per square meter.
Chaussée d’Antin, the most popular
Further north, the Chaussée d’Antin sector, historically more wealthy than its neighboring boroughs, is divided between bustling boulevards and the narrow streets that feed into them, with Paris’s grands magasins welcoming tens of thousands of pedestrians every day. Around Palais Garnier, apartments go for €11,000 per square meter, and can climb to €14,000. At this price, large apartments exceed one million euros, like a 6-room, 126 m² space that sold for €1.4 million or around €11,111/m².
The Faubourg Montmartre catches up
Prices in the Faubourg-Montmartre district, surrounded by boulevard Poissonière and rue La Fayette, are catching up. According to MeilleursAgents, the average price per square meter has just exceeded €10,000 after having increased by almost 8% in 2018. It is still possible, however, to invest in properties in need renovation before prices reach those levels already seen in the rest of the arrondissement. On rue de Paradis, for example, a 120 m² space sold just under one million, at €8,000/m².