Expert Insight, Breaking News, and Insider Stories on Real Estate in Paris
Real Estate Prices in Paris, Arrondissement by Arrondissement
The market for Parisian property is idling in the capital. Even if the top of the range and the smaller properties buck the trends, the luxury properties were sold less easily at the end of 2021.
Paris center (former 1st, 2nd, 3rd and 4th arrondissements): top prices
From Concorde to Les Halles, the former 1st arrondissement, both a prestigious district and a cultural hotspot, with the Comédie-Française and the Louvre, it also has two large green spaces. As supply is low, prices are heating up. “On the banks of the Seine, properties with a view cost 18,000€/m2 on average. Around Palais-Royal, they vary around 16,000€/m2,” explains Magali Benhaim, at Engel and Völkers. In the Tuileries, popular with families for the sectorization of the Saint-Roch school, good volumes for sale are rare, around 19,000€/m2. Rue de Rivoli, the absence of traffic should raise prices. Since La Samaritaine reopened, the quays on the right bank have been on fire: Quai de la Mégisserie, two 150 m2 apartments to be renovated with a view of the Seine sold for 18,000 and 22,000 €/m2.
From the Opera to Les Halles, in the former 2nd arrondissement, the market is dynamic at around 12,500€/m2, driven by investors or young couples of first-time buyers with comfortable salaries looking for a life of peace. The village spirit of the very popular rue Montorgueil is now combined with the world of start-ups from Le Sentier. For more affordable prices, go to the Bonne-Nouvelle district, where small areas are still available at around 11,800€/m2. Conversely, around the Vivienne gallery or the Gaillon district, prices often exceed 15,000€/m2. Place des Victoires, a 210m2 to renovate, reached 26,200 €/m2.
In the Marais (former 3rd and 4th arrondissements), “we see American buyers returning, especially from New York,” notes Martial Michaux, at Emile Garcin. The market is at two speeds: “The market for exceptional properties near the Place des Vosges is still reaching peaks, while that for everyday properties without an exterior has stabilized at around 14,000€/m2, with wait-and-see buyers” , observes Emmanuel de Poulpiquet, at Daniel Féau. “Nearby neighborhoods like Arts-et-Métiers or République are a little less in demand,” notes Numa Privat, at Junot. On Île Saint-Louis, supply is scarce, and prices are still high on the quays: a 191m2 to be renovated has reached 20,000€/m2.
Thomas Lefebvre, scientific director at Meilleurs Agents, takes stock of the end of the year on the Parisian market and discusses the prospects for the start of 2022: “We can first make a paradoxical observation: the flight from the center of Paris to the suburb continues, but, whereas usually the prices of the capital increase and the suburbs follow, today, Paris falls, and the suburbs rises, and even strongly. The market slowdown may seem logical after a record year in terms of sales. The beginning of 2022, with the elections, will perhaps be marked by cautious buyers, and the uncertainty should last until spring, when we will see whether family demand returns or not, and what will be the evolution of teleworking, which also explains the current wait-and-see attitude. On the credit side, the dynamism was remarkable this year despite the tightening of granting conditions. The real challenge of the future concerns the energy transition: many thermal sieves are owned by investors who do not wish to carry out any work. Rental supply is likely to become scarce, putting tenants in difficulty.”
5th, 6th, 7th arrondissements: luxury is doing well
In the Latin Quarter (5th arr.), there is an increase in supply, as young households are selling their property to expand. “Exceptional apartments, rare on the market, are very expensive,” observes Julien Meguidech, at Barnes. Like this 150m2 with a view of the Val-de-Grâce sold for 3 million. “For classic family apartments, the market ranges from 12,800 to 13,500€/m2,” notes Patricia Cariou, at Monge Patrimoine. Around the Panthéon, small areas, often located in poorly maintained rental buildings but close to well-known schools and high schools, go for around 14,000 to 15,000€/m2. “As for the district near the boulevard de l’Hôpital, it is rather neglected, around 11,000€/m2”, explains Alexandra Roussel, at Guy Hoquet Maubert.
In the 6th arr., it is between 1 million and 2.5 million euros that the market turns best. “While top-of-the-range products are snapping up at high prices, 18,000 € to 19,000€/m2, or even more, the market for everyday goods, around €14,000 to €16,000/m2, is rather sluggish at the end of the year, with few requests”, explains Frank Roiena, of the Dauphine Rive Gauche agency. “The prices have not yet fallen but the buyers are hesitant”, observes Hugo Bailly, at Marc Foujols. “Small spaces are struggling a little more to find takers because the supply is greater than before. Investors are less present, they seem to be waiting to see prices fall,” remarks Sophie Henry, at Junot Rive Gauche. The so-called “family” neighborhoods (Sèvres-Babylone, Luxembourg, Cherche-Midi, Saint-Sulpice, etc.) are still much sought after by French customers.
In Gros-Caillou, in the 7th, “the market for small spaces is slower, for the first time in a long time, but is holding steady at around 14,000 to 15,000 €/m2”, observes Stéphanie Abib, at Grenelle Immobilier. But a classic 70 m2 apartment on rue de Grenelle sells quickly for around 18,000€/m2, even without a view. Around the Champ-de-Mars, “sales are around 17,000 to 21,000€/m2”, observes Sophie Lerner, at Engel & Völkers. Throughout the 7th, “foreigners are coming back: North and South Americans, Lebanese, Italians…”, observes Pascale Constans, at Sotheby’s Parisian properties. They buy large pied-à-terres, like this 66m2 rue de Lille, sold for 17,000€/m2, or exceptional properties: some sales to Bon Marché have exceeded 4 million. “Terraces cause prices to explode,” adds Manuela Baron, at Emile Garcin: 29,000€/m2 for a 250m2 apartment on rue de Verneuil.
9th, 10th, 11th, 12th arrondissements: wiser trendy neighborhoods
In the 9th, “prices are starting to level off,” remarks Alain Montaut, at David Immobilier. Buyers take over. In the rue des Martyrs, where prices were still soaring a few months ago, an 80 m2 3-room apartment in good condition, on a high floor with a lift but without exterior, did not exceed 12,000€/m2. The market today is around 11,000 to 12,000€/m2, prices are a little higher from Saint-Georges to Pigalle than from Faubourg Montmartre to Le Peletier metro and Square Montholon. With an exterior, they can reach 14,000€/m2. The demand for small areas has never been so strong, both from investors and from young buyers eager for a neighborhood life, and who are looking for properties that have already been renovated between 200,000 and 350,000€.
The urban density of the 10th, which made it successful before the pandemic, penalizes it today. “We can speak of a loss of love for Paris,” advances Mathieu Perrin, director of Homesquare. Small spaces are selling well, but, from 3-room apartments, as soon as there are children, the situation changes. The sales deadlines have gone from two weeks to two months, and the negotiations are tough. “Buyers have a choice,” confirms Sophie Neama, director of Barnes 10e/19e. They prefer the bottom of the 10th, on the edge of the Haut-Marais or the 9th, and the surroundings of the Saint-Martin canal, for the airy side. They want cachet and an unobstructed view. Qualities brought together by this 125m2 apartment on the 4th floor with lift, rue des Petites-Ecuries, sold for 1,600,000€.
Boulevard Richard-Lenoir, in the 11th arrondissement. (JEAN YVES LACOTE)
Despite some disparities, the 11th, always younger and more trendy, is maintaining uniform prices. But for the past few months, values have stagnated or even fallen on certain properties. They now fluctuate between 9,000 and 12,000€/m2 depending on the quality of the apartments. For the current market, “Since September, there have been a lot of negotiations. Everything is sold at a price lower than the price fixed at the start,” says Eléonore Crevon, director of the Laforêt Voltaire and Saint-Ambroise agencies. Rue de Belfort, a 42m2, in good condition but dark, put up for sale at 475,000€, was finally negotiated after three months at 440,000€. On the contrary, quality goods always sell faster. Passage Courtois, a refurbished 28m2 apartment with a view, sold in two days for 325,000€, or 11,600 €/m2.
The trend is the same in the 12th arr. “The Faubourg Saint-Antoine, with its varied real estate offer, between lofts, workshops, freestone and recent buildings, crystallizes demand”, observes Sébastien Mouton, at Barnes Est. But here too prices have become more rational, except for the exceptional: some properties have reached 15,000€/m2 at the Ledru-Rollin metro, or even more at Trousseau square. In Nation, the avenue de Saint-Mandé, where a 3-room apartment of 103 m2 on the 5th floor sold for 1,350,000€, remains a must. In the south, not far from Bercy, “we can now find properties to renovate at less than 10,000€/m2”, notes Edouard Manvelyan, director of the Agencies Century 21 Daumesnil et Michel Bizot. Rue Taine, a 1st floor of 85 m2 sold for 795,000€. Around Place Félix-Eboué, prices are around 10,000 to 12,000€/m2.
13th, 14th, 15th arrondissements: business in the south
In the 13th arr. high floors, bright spaces, balconies and terraces are the priorities of buyers. Small spaces remain sought after, but especially in recent residences with exteriors. Thus, near the Place d’Italie, a 29 m2 studio in a luxury building from the 1970s with a view sold for 345,000€, and, in the area of the François-Mitterrand library, a 41m2 is left at 415,000€. For larger areas, sales times are longer. “The market is changing,” analyzes Olivier Quénot, who heads the Laforêt Jeanne-d’Arc and Arago agencies. It does not yet translate into numbers, but there are more negotiations. On Rue du Château-des-Rentiers, a recent 100m2 apartment with a balcony sold for 1,055,000€. But, facing the Seine, duplexes with a terrace on the top floors can exceed 3 million.
The return to reason is confirmed in the 14th arr., where average sales stabilize around 12,000€/m2 for decent quality properties. “The golden triangle is always between Vavin, Port-Royal and Denfert”, notes Julien Meguidech, at Barnes Panthéon. A house of 300 m2 thus exceeded 4 million near rue Daguerre. “The Parc Montsouris sector, although not very commercial, benefits from the attraction of buyers for greenery”, remarks Gilbert Chouchana, at Laforêt.
As for the 15th arr, according to Sophie Lerner, at Engel & Völkers, “it continues to attract first-time buyers, but we are seeing sales at unusual prices, below 10,000€/m2 in certain districts”. At the Volontaires metro, a 45m2 apartment to be redone in a building from the 1950s went for 9,700€/m2 for a first purchase. But, closer to the 7th arrondissement, prices remain high, as for this 92m2 to be redone in the Dupleix metro, sold for 12,800€/m2. Near the Commerce and Félix-Faure metros, the market for classic properties without major defects is around 11,000 to 12,000€/m2.
8th, 16th, 17th arrondissements: the handsome Haussmann is holding on
The Golden Triangle market around Avenue Montaigne and the Champs-Elysées “has not lost its appeal to foreign customers, who are gradually returning,” notes Marie-Hélène Lundgreen, from Belles Demeures de France-Daniel Féau. “We are seeing sales of 22,000 to 30,000€/m2,” observes Jean-Philippe Roux, at John Taylor. In the rest of the 8th, “the Madeleine and Europe districts are popular at the moment”, remarks Arnaud del Perugia, at Vaneau.
In the 16th, the market has calmed down: it is necessary to count around 12,000 to 14,000€/m2 for a high floor between Etoile and La Muette, but beyond that for the exceptional. “Certain major arteries overlooking green spaces with unobstructed views, such as Boulevard Suchet or Avenue Foch, are selling faster than before,” notes Bérénice Miliotis, at Guy Hoquet Victor Hugo. Auteuil, which attracts younger buyers, is a bit cheaper. “Unlike today’s global market, which sees a level of inventory rising above demand, there is a shortage of high-floor properties with unobstructed views, exterior space and old-world charm, which are in high demand by buyers. wealthy since Covid and Brexit,” remarks Olivia Castaing, at Junot Passy.
In the 17th, “from Ternes to Parc Monceau and Batignolles, upper floors have stabilized at around 13,000 to 14,000€/m2”, explains Elodie Lacarrière, at Junot. In full mutation, the Epinettes are soaring. The arrival of the Cité Judiciaire and the new Clichy-Batignolles district have restored the attractiveness of the sector. With more affordable prices than in the rest of the 17th, 10,500€/m2 on average, “it is interesting for first-time buyers, the less fortunate families and investors betting on medium-term recovery”, underlines Yoan Klaus, at Engel & Völkers. Ultimately, the strengthening of the transport network, with the extension of T3 and line 14 of the metro, is likely to drive up prices.
18th, 19th, 20th arrondissements: gentrification continues
The 18th is one of the least homogeneous districts of the capital: properties are sold there between 7,000 and 20,000€/m2 depending on the sector. “The market has remained very dynamic since the start of the school year for quality properties between 11,000 and 15,000€/m2 in Abbesses and on the Montmartre hill”, observes Julien Delabarre, at Junot. “Prices vary around 10,000 to 10,500€/m2 on the Guy-Môquet side and around 8,000 to 10,000€/m2 towards Goutte-d’Or”, observes Brice Moyse, at Immopolis. But, for standard goods, the market is increasingly hesitant. “It is balanced for properties up to 55m2, but above that it is clearly a market of buyers who are negotiating downwards”, notes Denis Jean, head of Century 21 Joffrin Immobilier. The major works undertaken, particularly on the Porte de la Chapelle side, should eventually reduce the disparities. “There are only too rarely properties for sale with an exterior,” adds Denis Jean. A 30 m2 studio with a small 10 m2 terrace overlooking the rooftops of Paris started out on the basis of a 35m2, around 332,000€.
Avenue Laumière, near the Parc des Buttes-Chaumont, in the 19th arrondissement. (JEAN YVES LACOTE)
The 19th is more and more popular. The attraction of the Buttes-Chaumont helps. Prestigious apartments with a view of the park are estimated at 14,000 to 15,000€/m2, and beautiful old apartments in the adjacent streets at 11,000 to 12,000€/m2. Rue de Crimée, a recent 53m2 2-room apartment with all mod cons, with balcony and parking space, fetched 500,000€. “We receive requests for houses in Mouzaïa and Butte-Bergeyre from residents of the 9th or Marais, with budgets of 1.5 to more than 2 million,” says Sophie Néama, director of Barnes 10e/19e. For everyday goods, “housing remains cheaper than elsewhere, estimates Olivier Verdon, director of an agency Stéphane Plaza Immobilier. Studios and 2-room apartments of less than 50 m2 continue to sell for 7,500 to 11,500€/m2”. Above 70 m2, sales times are longer. In Jaurès, a 3/4-room apartment of 76 m2 on an upper floor with a balcony found a buyer at 800,000€.
Since September, the market seems to have stalled in the 20th, with prices stagnating on average around 9,500€/m2. In the Gambetta metro, a 76 m2 4-room apartment on the 4th floor with lift, with two 13 m2 balconies and underground parking, in a 1970s residence overlooking a garden, did not exceed 740,000€. Professionals note that there are more people dreaming of crossing the ring road to leave Paris and having an exterior than requests to come and live there. “People are hesitant, the trade-offs to be made between teleworking, the need for outside, the possible change of life by going further for less does not help the fluidity of the market”, notes Henri Sadkowski, of the Odyssey Arthurimmo agency.
Original article By Margaux Gable, Nicole Gex, Robert Kassous and Yves Le Grix
Posted on L’OBS Nov 30, 2021 7:00 a.m.