Paris Property: Slight Fall in Values of Second-Hand Property

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Cost of Paris properties falls slightly but remain high

The cost of second-hand homes in Paris registered a slight drop from €8,370/m2 to €8,300/m2, according to the latest official figures covering the four-month period from November 2011 to February 2012 inclusive.

The Chambre des Notaires Paris-Ile-de-France is a collective of lawyers covering the greater Paris area and they collect regular data based on actual sales figures based on contracts. The latest set of figures was released today by the organisation:

“(These figures) confirm the downward trend, with an average sale price of Parisian property projected to reach about €8,100/m2 by the end of June 2012, which is to say an average price that is close to that registered in June 2011,” said the Chambre report.

Prices Continue to Cool in the Paris/Ile-de-France Conurbation; but still holding strong

This reduction in values is also to be seen in the whole of the Ile de France area – down 0.4% between November and February, with the most significant movement being in Paris itself (-0.9%). While apartments in the Ile de France region are down 0.3% in three months, the value of second-hand houses dropped “more significantly”, with an average house price of €309,600 in February (down 0.6% compared to November). Despite this, second hand homes in the Ile de France region in February 2012 remained at a level that is 6.7% up on that of February 2011 (broken down as an 8% rise for apartments, up 4.1% for houses and a 10.1% rise in Paris city)

By department (or French county), the situation varies somewhat: second hand homes in the Val d’Oise and Seine-et-Marne went for more money than in the previous period (+0.9% and +0.7% respectively), while those in the Petite Couronne (the three departments close to Paris and normally taken as the greater city area) saw their prices drop (-1.5% in Seine-Saint-Denis and -2.4% in Hauts-de-Seine). Between December 2011 and February 2012, 41,300 second-hand homes were sold in Ile-de-France, which represents a rise of 6% on figures of the same period the previous year.

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