Paris real estate prices : The playing field is reconfigured (-1,7% / year)
Paris : The playing field is reconfigured :
Unlike the rest of France, over one year the Parisian market has not seen its values increase. After declining in the first half the average price has stabilized at around 10 377 € / m² from 8 450 € to Pont de Flandre in the 19 th arrondissement to 16 700 Odeon in the 6 th arrondissement.
UPDATE FEB 2022 :
The prices have dropped in Paris (1,7% over the last 12 months) read more about it :
Bartometer of real estate prices Meilleurs agents JAN 2022 :
Bartometer of real estate prices Meilleurs agents FEB 2022 :
Has the market gone from frenzy to sanity ? Selling times have lengthened from 55 days to 75 days on average. Prices have fallen and a third of purchases are now rental investments, which is new.
A 2-speed market has emerged : Flawless, exceptional goods sell for a high price and quickly, especially when they have an exterior. On the other hand, the goods without cachet and the classic family only leave after a drop in price. The departures of Parisians to the provinces or the suburbs inflate the offer for sale giving a wider choice to buyers who take more time than a year ago. These departures represent up to a third of sales in certain neighborhoods. 16 th and 17 th districts : price declines were observed (from 1.5% to 3%).
Brexiters, expatriates and international clients : The departure of some Parisians is partly offset by the return of expatriates from Asia and London brexiters. We also note the return of foreign buyers since mid-July. Paris succeeds London as a financial and economic stronghold which should boost the residential market in the City of Light.
Buyers are looking for greenery, space and exteriors : Neighborhoods with green spaces and those close to the Bois de Boulogne or the Bois de Vincennes, Parc Monceau, Parc Montsouris, Buttes-Chaumont are the areas most sought after by Parisian buyers, especially if the property has an exterior.
The luxury market is doing well in Paris : Goods of 4 to 6 Million sell out quickly and the demand is increasing. Foreigners are back with searches of 5 to 50 Million. Asians, Anglo-Saxons and Middle Easterners moving more easily have increased the number of sales since mid-July THE prestige market could have been affected by the absence of internationals but national buyers have made up for this absence amazingly. Areas concerned: Golden triangle (8 e ), Marsh (3 e / 4 e ), Saint Germain des prés (6 e ) Trocadéro (16 e ), Square Trousseau (12 e ).
The 1st ring : Hauts de Seine, Val de Marne and Seine St Denis Home sales increased by 21% in 1 year, in the outer suburbs by 9%. This confirms the appetite of buyers for more space, a greener exterior and living environment when moving away from Paris. In the Hauts de Seine, Saint-Could, Boulogne-Billancourt, Rueil-Malmaison or Colobes have attracted more and more Parisians since the start of the pandemic. In Seine Saint Denis, Ormainville, Rosny-sous-Bois and Neuilly-Plaisance are appreciated and sought after by Parisians. Others turn to the Val de Marne. In the inner suburbs, house prices have climbed 3 to 10% in one year. On the whole, however, in recent months, there has been a decline in the average price for all types of goods in the inner suburbs.
The Great Crown : It is also experiencing increasing demand from Parisians who want more space, comfort and greenery. The Val d'Oise, the Seine and Marne, the Yvelines are more and more in demand by Parisians.
More than an hour from Paris : Others go even further, more than an hour from Paris in cities like Evreux, Chartres, Compiègne or Reims. This effect can be observed around the main cities of France.
Conclusion : Prices in Paris have fallen by 1.3% over 1 year ( € 10,377 on average) and by 0.4% in the last 30 days while they have increased in the outskirts as well as in the outer suburbs . (Source Barometer best agents NOV 2021).
UBS Bubble Index : The Paris property bubble risk index indicates that the city has been in the red for several years according to the criteria of the Swiss bank UBS.
This article was written by the agency Talvan's International in order to allow you to see a little more clearly in the changes which affect the real estate market. 26 NOV 2021 - Talvan Sylvain Serge - Director and founder of Talvan's Interantional Paris real estate agency - TALVANS.COM
SOURCES :
Challenges Magazine Nr 717 NOV 2021 - Real Estate Special : The Big Change
UBS Bubble Index :
https://www.ubs.com/global/en/wealth-management/insights/2021/global-real-estate-bubble-index.html
Barometer best agents NOV 2021 :
https://www.meilleursagents.com/wikimmo/barometre-nouveau-coup-de-froid-sur-les-grandes-villes/
https://backyard-static.meilleursagents.com/press/228ce71dabf4d3dadfdda9b65ef3661b70d7471c.pdf
LPI Barometers - Accommodation :
http://lespriximmobiliers.com/
(PDF download) : http://lespriximmobiliers.com/pdf/Barometre_October2021.pdf