According to the latest statistics from the notaires (legal solicitors) of the Île-de-France, the number of transactions in the greater Paris region is increasing on a continual basis, exerting upward pressure on property prices all over the country’s premier capital region.
Similarly to what many in Ireland might be asking themselves, anyone looking at the Paris property market might also be wondering just where is this all going. Almost against the grain of a somewhat stuttering economy, the demand for property in the French capital continues seemingly unabated. The way things are going, the average price per square metre of a Parisian apartment could reach €8,400 by November this year; this would mean an annual rise of 5% – something that hasn’t been seen for quite some time in the City of Light.
According to the solicitors’ stats, the average price per square metre in Paris is in or around €8,210, which is already up 3% on the same period last year. The upward trend is being felt right across the board too: even in the second-hand segment (where prices are currently at an estimated average of €5,370/m2), values could be up to €5,490/m2 by the end of November.
A dynamic resurgence in the Parisian property market seems to be at the heart of this current élan in property values. According to the Parisian legal-eagles’ report, there was no sign of the usual summer pause in property activity during the summer of 2016. During the normally quiet period from May to July 2016, for example, there 48,000 sales of second-hand properties in the region. This represents a jump of 11% on the same period in 2015.
The rising water seems to be raising all vessels, whether your talking about apartments (+10%) or houses (+13%). Within the boundaries of Paris itself, the activity is more pronounced, where a 14% increase in the number of sales has been recorded over the same period last year.
Behind all of this flourishing of activity are some very favourable “weather” conditions. Financing continues to be exceptionally attractive, rates remain low and the somewhat beleaguered government have been bending over backwards to encourage investment with a raft of incentives. The notaires also note that we’re finally seeing an “end to the wait-and-see approach and a return to more fluid relations between buyers and sellers.”
Thus, about half of the departments in the Greater Paris region are now seeing levels of property transaction activity back at levels comparable to those experienced before the great economic downturn of 2007.
Meanwhile, to assist with your dreams of owning a pied-à-terre in Paris, enjoy the images below, courtesy of Irish clever-clogs Gosh Gallery.