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Fall 2021: Paris Real Estate Prices by Arrondissement
Paris Real Estate Prices by Arrondissement
In a market that is once again buoyant, supply has increased by the departure of Parisians in need of space. Buyers are in control and are more demanding than ever.
By Valérie Ferrer, Nicole Gex, Robert Kassous, Yves Le Grix, Agnès Morel and Louise Perrin
Paris center (1st, 2nd, 3rd, 4th arrondissements): No big changes
Older apartments: 10,400 – 17,500 € / m2
An overall drop of 1.4% in one year is what the fourth arrondissements of old Paris on the right bank have suffered, now united under the name of Central Paris. The renovation of La Samaritaine, the transformation of the large central post office at the Louvre, the opening of the Pinault Collection at the Bourse de Commerce and the future installation (in 2024) of the Fondation Cartier in place of the Louvre des Antiquaires will give more luster to these historic districts of the right bank, where apartments with a view of the gardens of the Palais-Royal and the Tuileries can already exceed 20,000 € / m2. “For the moment, this very small market varies from 12,000 to 15,000 € / m2,” observes Nathalie Naccache, at Keller Williams Fortis Immo. “At Les Halles, you have to count between 11,000 and 13,000 € / m2.” Very popular but less expensive, the Montorgueil-Sentier-Bourse sector (2nd arrondissement) has gained strong interest since the start of the school year on the part of investors, but also of all those looking for a very urban, typically Parisian way of life. This district remains one of the most sought after in the capital. Recently, a 43 m2 2-room apartment in the heart of the Sentier sold for € 516,000. “The trend is towards stagnating prices,” observes Mickael Abitbol, from Moriss Paris Center, however. The more popular areas around Place des Victoires, Galerie Vivienne and Place Gaillon, the golden triangle of the 2nd arrondissement, benefit from the proximity of Rue de la Paix and Place Vendôme. Prices often exceed € 15,000 / m2, and there are larger areas, which are rare in this arrondissement where 50% of apartments have an area of less than 40 m2. In the 3rd arrondissement, towards Arts-et-Métiers et République, rue de Turbigo and rue Notre-Dame-de-Nazareth, prices are between 12,000-13,000 € / m2.
The Marais as a whole remains popular with both French and international customers. “There are 18% of second homes, 30% which belong to foreigners,” observes Magali Benhaim, at Engel & Völkers. “International customers are looking for a chic pied-à-terre or an exceptional property such as a private mansion on Île Saint-Louis, with a view of the Seine or a monument.” ” The summer period has been very active,” remarks Numa Privat, at Junot Marais. “But prices, tend to stagnate.” Rue de Bretagne, a 101 m2 duplex in good condition with 3 bedrooms, on the top two floors with lift, exceeded 15,000 €/ m2. “Buyers have refocused on their comfort of life by expanding,” analyzes Martial Michaux, at Emile Garcin. “They offered themselves better light, a terrace, a balcony, a clear view … Others sold to reinvest in a smaller apartment in Paris while acquiring a second home.” Small spaces remain expensive. Rue du Pont-aux-Choux, in the upper Marais, a 45-m2 4th floor without elevator, to be completely redone, sold for 580,000 € to a Swiss who acquired it after a virtual visit by videoconference. Rue de Fourcy, a 56 m2 apartment on the 4th floor with no lift, sold for 789,000 €. Rue Michel-le-Comte, a 60 m2 apartment on the 2nd floor without an elevator was acquired for 950,000 € by Armenian buyers. But apartments with major flaws can no longer sell for off-market prices. “Some buyers are moving to the neighboring arrondissements, the 11th and 12th in particular, slowing down the market for the Marais”, also observes Emmanuel de Poulpiquet, at Daniel Féau, “boulevard Beaumarchais, a 76-m2 on the 3rd floor, with 2 bedrooms and a small balcony, sold for nearly 13,000 € / m2. Rue Oberkampf, near the Cirque d’Hiver, a 91-m2 5th floor with an elevator, in perfect condition, has exceeded 14,000 € / m2.”
In the 3rd arrondissement (JEAN-YVES LACOTE)
5th arrondissement: The less festive Latin quarter
Older apartments with less attractive aspects: 11,000 – 17,000 € / m2
“Usually, from June to October, families are active in their search for an apartment and parents are looking for studios for their children,” observes Patricia Cariou, at Monge Patrimoine Real estate group. “This year, that enthusiasm is not there. Prices are falling, buyers are scarce, even requests for estimates are rarer.” The apartments no longer sell for more than 14,000 / m2, except in exceptional cases like very high-end properties with a view of the Seine, the Panthéon or Luxembourg. Small spaces of 15 to 20 m2, previously reserved for seasonal rental, are not in demand because they are considered too expensive. Buyers are negotiating for them around 13,500 € / m2, like the 20.5 m2 studio on a high floor that sold for 280,000 €. Family apartments are traded from 12,800 to 13,500 € / m2. An apartment with a negative aspect to it (too dark, for example) is difficult to find a taker (between 10,500 and 11,500 € / m2). The district of the Lycée Henri-IV is still sought after, but mostly for 2-room rental investments.
6th arrondissement: Always the best
Old apartments: 12,500 – 19,300 € / m2
The 6th arr. is still the most expensive arrondissement in Paris, but its mad rush to the top has stopped (- 0.4% in one year), with an average of 14,135 € / m2, at the end of June, according to Notaries. No doubt temporarily, because the strengths of Saint-Germain-des-Prés and Saint-Sulpice will once again attract foreign buyers when they can return to the market. “There are more properties for sale and a little less frenzy among buyers,” says Sophie Henry, at Junot Rive gauche. “Prices are holding up, however, and the time to sell has lengthened.” The most popular areas are apartments between 70 and 90 m2 with 2 bedrooms, or between 100 and 150 m2 with 3 bedrooms. Most of the clientele is French and families, or from elsewhere in France for the pied-à-terres. Rue de Rennes, a 93 m2 5-room apartment in good condition, with 3 bedrooms, on the 1st floor with elevator and courtyard view, reached 15,000 € / m2. However, on the noisy Boulevard Raspail, a 140 m2 5-room apartment in perfect condition, on the 5th floor with elevator, sold for 3,000,000 € or 21,400 € / m2. Small spaces remain expensive, from 16,000 € / m2 for a small pied-à-terre on rue Guisarde (bought by a couple of Californians) to 20,000 € / m2 for a 24 m2 2-room apartment in good condition on the 5th floor with elevator on rue Jacob. “However, the 4th or 5th floor apartments without a lift are at a real discount and are rarely visited, as are the ground floor and dark apartments,” notes Romain Sarkissian, at Vaneau Luxembourg. But the exceptional sales still exist. “In the heart of Saint-Germain-des-Prés, a European buyer has acquired a 200 m2 house for a little over 6 million euros”, relates Bruno Valléry-Radot, at Daniel Féau.
In the 6th arrondissement. (JEAN-YVES LACOTE)
7th arrondissement: Officially attractive
Old apartments: 12,000 – 18,800 € / m2
Still firmly attached to second place for the most expensive district in Paris, the 7th fell slightly between June 2020 and June 2021, with an average of 13,640 € / m2. “But since the start of the school year, the frenzy has resumed,” notes Stéphanie Abib, from Grenelle Immobilier. From buyers of high-end properties with 3 million euros to investors looking for small properties, demand touches the entire market. “A 162 m2 renovation project, priced at 3.6 million euros, currently attracts two visits per day. The bulk of sales are between 14,000 and 20,000 € / m2. A classic 73 m2 3-room apartment on rue Saint-Dominique can sell for 1.3 million euros. “French families are still present and are looking primarily for quiet apartments between 100 and 150 m2, with a view or an outdoor space”, explains Linda Owens, at Junot. “But foreigners are slowly coming back … There is a Japanese man who bought a 100-m2 apartment on the top floor, in the Gros-Caillou district, with a view of the Eiffel Tower, at nearly 20,000 €/ m2. As for the Bon Marché district, it is one of the most sought after on the left bank,” notes Amandine Cruz, at Vaneau. “The return of international customers as well as expatriates from Asia and London confirms the attractiveness of the district,” notes Sophie Lerner, at Engel & Volkers.
8th arrondissement: Europe has a future
Old apartments: 10,800 – 17,300 € / m2
It’s the slump between the Champs-Elysées and Alma, where the golden triangle market around Montaigne and George-V avenues is down due to the absence of foreign buyers. But the rest of the 8th holds its place, stabilized at 11,850 € / m2 on average, from the Haussmannian districts of Saint-Augustin to those of Liège and Europe. On Rue de Miromesnil, a 61-m2, on the 3rd floor without a lift, sold for 11,000 € / m2. “This summer, the market was less dynamic than last year but more sustained than in the spring,” observes Elodie Lacarrière, at Junot Monceau. “We are seeing a drop in the price of family apartments with some defects in location, floor or vis-à-vis, and a significant increase in supply,” notes Philippe Joffre at Barnes. But the trend is on the rise in the districts of the Faubourg du Roule and Europe, especially around the Hotel de Ville of the 8th arr. These residential sectors increasingly attract families. The Europe district in particular is moving upmarket, with large family apartments and quality old buildings. “Schools, shops and transport make it a fashionable district, whereas a few years ago the buildings were not renovated and the proximity of the Saint-Lazare train station deterred some buyers. The neighborhood tends to gentrify, ”observes Arnaud-Pierre del Perugia, at Vaneau. However, the average surface area sought throughout the 8th has slightly decreased in favor of a now key criterion: an outdoor space. “Prestigious real estate holds a predominant place there: more than 20% of properties on the market are priced above 4 million euros,” adds Hafsa Saouli, at Engel & Völkers. Foreign customers are gradually returning and resuming their habits. “
9th district: Status quo
Old apartments: 9,800 – 14,700 € / m2
From Pigalle to Trinité and rue des Martyrs, supply and demand balance out, with prices stabilizing at 10,860 € / m2, according to Notaries. “For small spaces, demand is still strong because of the large number of buyers concerned: first-time buyers, investors and buyers of pied-à-terres”, remarks Guillaume Laporte, director of Junot 9e. Prices remain high and negotiations weak. On Rue Manuel, a small 3-room apartment of 43 m2 on the 3rd floor, nicely refurbished, fetched 13,800 € / m2. On Rue de Douai, a 21 m2 studio to renovate, on the 4th floor without an elevator, sold for 250,000 € for a rental investment. Apartments with vis-à-vis, on a high floor without a lift or located on busy roads have more difficulty finding a taker, or at suitable prices: On Rue Hippolyte-Lebas, near the Notre-Dame de Lorette church, a 137-m2 on the first floor, completely to renovate but with potential, was negotiated at 10,150 € / m2. The market is much more competitive for apartments with good amenities, an outdoor space or a view of a monument.
10th arrondissement: A timid recovery
Old apartments: 8,800 – 12,700 € / m2
After a long slowdown, and a price drop of 1.6% over one year, according to the notaries, the market could finally pick up again. “Since the end of the summer, buyers have been coming back,” notes Mélissa Kasparoglu, from the Century 21 Bonsergent agency: on Rue Lucien-Sampaix, she has just sold a 29 m2 2-room apartment under the roof for 314,000 € to parents wishing to house their student daughter there. While one or two bedroom apartments continue to hover around 11,000-11,500 € / m2, this is not the case for family apartments, which are negotiable. The discount also affects the area around the Canal Saint-Martin, as well as the northern and eastern districts, which are less sought after due to cleanliness or insecurity. Well heeled clients choose the “golden rectangle”, between the Poissonnière and Saint-Denis suburbs, the rue de Paradis and the rue de l’Echiquier, “where exceptional properties can reach 12,000 to 13,000 € / m2” , notes Christophe Ouvrieu, at Junot: a family has just bought a 89 m2 4-room apartment on rue de Lancry, in a Haussmannian building with balconies and elevator, for 1.1 million euros.
In the 10th arrondissement. (JEAN-YVES LACOTE)
11th arrondissement: There is plenty of choice
Old apartments: 9,300 – 13,100 € / m2
From the Cirque d’Hiver to Père-Lachaise and up to Nation, buyers no longer have to rush. Only unusual properties sell quickly, and what used to be the rule becomes the exception. While 2-room apartments of less than 30 m2, around 350,000€ are still sought after by a young clientele, the large apartment market is slipping away. This is not an urban legend: in the 11th arrondissement, families have indeed left Paris to go green. The prices are felt. “What was sold before confinement between 10,500 € / m2, for a property to renovate, and 13,000 € / m2, for a well-located favorite, is now valued between 9,500 and 12,000 € / m2,” notes Philippe Thomas, founder of the Guy Hoquet Oberkampf agency. But we knew we had reached the maximum. At the top of the range, we find the edge of the Marais, from Bastille to République, and the Ménilmontant-Goncourt sector, which are very lively. In Parmentier, a bright 90-m2 apartment sold for 935,000 €, to be renovated.
12th arrondissement: Buyers have an eye
Old apartments: 8,600 – 12,400 € / m2
With the return of buyers, the market seems to be picking up. “But they now have a choice and are more observant”, explains Marine Bachellerie, director of the Villaret agency. It takes 11,500 to 13,500 € / m2 on average, except in apartments with a down side: lack of light, lift, view, etc … On the other hand, apartments with balconies or terraces are snapped up in two weeks, like this beautiful 102 -m2 Haussmannian, on the 4th floor, with balcony and elevator, at the Ledru-Rollin metro station, signed at 1,330,000 million eros. After being shunned by families, “large apartments could return to favor, with the end of teleworking and departures in the regions”, continues Marine Bachellerie. On the other hand, small properties continue to sell quickly, especially in areas popular with young people and seniors: the Faubourg Saint-Antoine, Bastille with its shops, courtyards and lofts, the Aligre market. You can find less expensive places going down to Montgallet or Bercy, more modest. Families prefer the Picpus or Daumesnil neighborhoods, which are calm and airy.
13th arrondissement: Contrasts
Old apartments: 8,200 – 12,700 € / m2
There is an upward trend in the 13th, after a drop of 1.5% in one year. The recovery was dynamic after the summer vacation. The district is known for its diversity, the inhabitants being mostly young executives, but also families. Prices change from street to street. While the average in the 13th arr. is 9,240 € / m2, prices are more affordable in the south, from 6,200 € / m2 to be redone. On the other hand, the north, towards the Gare d’Austerlitz or the Gobelins, sells at much higher rates, up to 13,000 € / m2. Small properties are in great demand in this neighborhood populated by students. A 14-m2 near rue Albert, in the Olympiades sector, sold for 134,000 €. Near the popular district of Buttes-aux-Cailles, rue Daviel, a 45 m2 3-room apartment was bought quickly for 468,000 €.
In the 13th arrondissement. (JEAN-YVES LACOTE)
14th arrondissement: The time of wisdom
Old apartments: 9,000 – 13,100 € / m2
Stabilized at 10,480 € / m2 on average, according to notaries, the market for the 14th arr. is slowing down considerably. As elsewhere in Paris, the buyers are mainly entrepreneurs or in the liberal professions, but here wisdom is in order. Small spaces sell for between 10,000 and 11,000 € / m2, medium sizes, from 70 to 120 m2, are around 11,000 € / m2. The most expensive area remains Denfert, with its beautiful buildings, at € 14,000 / m2, but the supply is very low, as the owners feel happy there! Towards Daguerre and Boulard streets, the price can reach up to 12,500 € / m2. But the general trend for standard options is rather downward. “The outside appearance is less of a factor of increase than elsewhere. With or without a balcony, you buy anyway. The price difference is based on the condition of the properties,” explains Gilbert Chouchana, director of Laforêt Immobilier agencies. On Rue Louis-Morard, between Plaisance and Alésia, a 43-m2 apartment on the 3rd floor without elevator or balcony sold for € 480,000. On Boulevard Pasteur, a 37-m2 2-room apartment to renovate, on the top floor without an elevator, was negotiated at 410,000 €. As in the 5th arr., families are leaving Paris to go to the provinces.
15th arrondissement: A breath of fresh air
Old apartments: 9,100 – 13,800 € / m2
The market is doing well in the largest arrondissement of Paris. The Covid crisis has highlighted the strengths of its neighborhoods: its density of shops, its parks and its diversity of housing. Between the Porte de Versailles and the La Motte-Picquet-Grenelle, Emile-Zola and Convention metros, the 15th arr. combines Haussmannian buildings with those of the 1960s and 1970s, while new programs continue to emerge, such as the Villa Legendre (Bécarré) or the Ateliers Vaugirard (Emerige and Icade). “Hence the price disparity,” explains Hugues Seguinet, real estate expert at Hosman, which makes all buyers happy, and mainly first-time buyers who can still hope to find properties at 10,000 € / m2 on the side of the Georges-Brassens park or in the south of the borough. Another advantage of the 15th arr. are its properties with terraces or balconies. From Convention to Lourmel via the André-Citroën park, this is one of the neighborhoods with the most exterior spaces. “On average, the price must be weighted by 30 to 50% for this type of property. A 66-m2, on rue de la Convention, with a 19.5 m2 terrace with parking, sold for 720,000 €”, underlines Thomas Esclapez, expert at Hosman.
16th arrondissement: All is not lost
Old apartments: 9,800 – 15,400 € / m2
It is the neighborhood that has suffered the most from the crisis over the past twelve months, due to the drop in demand for large apartments. According to notaries, prices have fallen by 2.3% in one year, the strongest erosion in the capital, lowering the average price to 10,980 € / m2. In June and July, however, the Victor-Hugo district recorded a resurgence in demand for family apartments, between 100 and 250 m2, for prices ranging from 1,600,000 to 5,500,000 €. On Rue Picot, near Avenue Foch, a 260-m2 sold for 10,300 € / m2, but at the corner of rue de la Faisanderie and rue de Longchamp, a 180-m2 sold for 15,000 € / m2. “There is also a return of requests for small rental investments, such as for this 30-m2 on rue Copernic that sold for 13,000 € / m2,” explains Fabrice’Halloy, at Junot. “In the residence at 35 avenue Bugeaud, several small spaces sold for between 13,000 and 14,000 € / m2”, notes Bérénice Miliotis, at Guy Hoquet Paris 16. The surroundings of place Jean-Monnet, which are very lively, are a target for buyers. “As for the rue Pergolèse district, the market has been slowed down by the work on Porte Maillot. It is an up and coming area, with the quality of its housing stock rising, despite the absence of schools, puts it at around 11,000 € / m2 “, continues Bérénice Miliotis. In Passy as in Auteuil, “the market is showing the same dynamism, in a context of price stabilization”, notes Roger Abecassis, at Consultants Immobilier. “Auteuil, calm, green and well connected, is increasingly sought after”, notes Frédéric Grouvel, at Vaneau.
17th arrondissement: In Cardinet, now is the time to buy
Old apartments: 9,500 – 13,800 € / m2
From Plaine-de-Monceaux to Batignolles, prices for the 17th arrondissement stabilized at the end of June, at 10,870 € / m2 on average. Small, well-located properties can sell for a high price, such as this 19 m2 service studio on the 6th floor with elevator, in a very grand building facing Parc Monceau, boulevard de Courcelles, which sold for 305,000 €. Buyers are more careful with supermarkets. “A 151 m2 Haussmannian apartment to renovate, with 4 bedrooms, at the corner of Wagram and Courcelles, on the 3rd floor, sold for 1,840,000 €,” says Philippe Joffre, at Barnes International Realty. A price in relation to the market in Villiers, a 112 m2 4-room apartment with 3 bedrooms, on the 1st floor, near rue de Lévis, sold for 1,375,000 € or 12,300 € / m2. Further north, the Batignolles district, with its village and trendy spirit, is particularly sought after. “Especially by young couples with children,” says Yoan Klaus, at Engel & Völkers. But also by young lawyers, eager to get closer to judicial institutions. “Here, there are few Haussmann apartments and more small condominiums on narrow streets; rare, unobstructed views are therefore highly appreciated. The most popular are atypical spaces, lofts, 2-room apartments and 3-room apartments of 90 m2. “The area around Rue Cardinet should be watched: the imminent arrival of line 14 in Pont-Cardinet will support prices. Now is the time to buy in this area, “said Yoan Klaus.
In the 17th arrondissement. (JEAN-YVES LACOTE)
18th arrondissement: In full swing
Old apartments: 8,200 – 13,300 € / m2
In the 18th, supply and demand tend to rebalance. The market remained at the same level as at the start of the year, at 10,220 € / m2 on average, but with still large differences between the Butte Montmartre and the working-class districts, between 7,000 and 15,000 € / m2 for apartments. “It is a two-speed market, on the one hand, spaces with rare characteristics, on high floors, meticulous decoration, outdoor spaces and sought-after locations, and on the other hand, standard options for which the sales times are longer and prices are slightly lower,” summarizes Guillaume Blin-Davost, at Junot Montmartre. “But there has been a real excitement since the start of the school year”, assures Brice Moyse, at Immopolis. At Abbesses, the market varies from 11,000 to 15,000 € / m2. But the sellers are more reasonable. Rue Cauchois, a buyer bought a workshop-type house of 183 m2, with a living room with glass roof, 3 bedrooms, a garden and a terrace of 50 m2, for 1,950,000 €. A pied-à-terre such as this 35 m2 2-room apartment on rue Durantin that sold for 13,700 € / m2 are also highly sought after. The Jules-Joffrin district attracts young couples and families seduced by the village atmosphere, the many food shops, etc… and prices around 12,000 € / m2. “To find more accessible prices or larger apartments, first-time buyers and families with children can turn to the boulevards of Clichy and Rochechouart, between 9,500 and 12,500 € / m2”, advises Régis Besse, at Engel & Völkers. In the east, prices are dropping: at the Marx-Dormoy metro station, rue Marc-Séguin, in a 1960s residence, a 62 m2 3-room apartment in need of updating, with a parking spot, sold for 500,000 €. In anticipation of the Greater Paris metro expansion, and the Olympic Games, major development work is underway around the Portes de Clignancourt and the Chapelle areas. Next to the 9th arr,. there are no less than eight developments underway. On Rue des Cheminots, the Impulsion project offers 2-room apartments of 36 m2 for 382,000 €.
19th arrondissement: The Paris of first-time buyers
Old apartments: 7,500 – 11,200 € / m2
It is no longer the cheapest arrondissement in Paris; after a further increase of 2.7% in one year, it left its place to the 20th. However, it remains the most coveted by young first-time buyers looking for greenery and green spaces. For nearly ten years, gentrification has fundamentally transformed this popular district. Some sectors are now competing with the prices of more upscale boroughs. This is the case of the Mouzaïa district and the surroundings of Buttes-Chaumont where certain properties can exceed 11,000 € / m2 while the average for the arrondissement is 9,280 € / m2 for an apartment and 10,650 € / m2 for a house. “There are a lot of sale projects and new buyers, including a lot of first-time buyers,” points out Olivier Verdon, at Stéphane Plaza Immobilier. The market appears to be picking up steam, after a rough patch of around 30% in the first half of the year. An apartment at the right price sells very quickly, otherwise it stays on the market. There are many buyers of 2-room apartments and small 3-room apartments of around 50 m2. “On Avenue Secrétan, in a beautiful 1900 building, on the 6th and last floor, a 26-m2 with a mezzanine sold for 300,000 €.”
In the 19th arrondissement. (JEAN-YVES LACOTE)
20th arrondissement: Lack of options
Old apartments: 7,900 – 11,400 € / m2
The 20th stalled last year, and prices fell 2.1%. In June, the borough brought up the rear in the price rankings of notaries, at 9,130 € / m2 on average. While the price per square meter for an apartment fluctuates between 7,200 and 12,600 €, it costs almost 11,000 € / m2 for the few houses that remain for sale. The number of properties for sale is very limited, a phenomenon that already existed before the health crisis but which is worsening. “We are seeing more downside negotiations, but by the end of the year the market should rebalance,” said Henri Sadkowski, director of Arthurimmo Odyssée Pyrénées Ménilmontant. In the still very popular hamlet of La Campagne in Paris, on rue Alphonse-Penaud, a ground floor and first floor loft of 108 m2 with a 12 m2 terrace, in perfect condition, sold for 710,000 €. A new housing project has just been launched by Franco Suisse at 140 boulevard de Charonne, and there are still a few apartments available at Atelier 331 (rue des Pyrénées).
A year and a half after the start of the Covid-19 pandemic, real estate remains more than ever a safe haven for the French.
Original article by L’OBS
By Valérie Ferrer, Nicole Gex, Robert Kassous, Yves Le Grix, Agnès Morel and Louise Perrin
Posted on September 24, 2021 at 8:00 a.m.
Updated September 24, 2021