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Rising property prices in Paris

13th July 2010 Print

According to the French Chamber of Notaries, prices for older properties have risen by 2.5% in the first quarter of 2010, in Bordeaux, Lille, Lyon, Toulouse, Nice and Paris.

The French capital could actually experience a 10% increase. In spite of the economic crisis, older properties prices have risen by 2.5% in the region of Paris in comparison with the last quarter of 2009. According to the Chamber of Notaries, this strong increase could be an early warning sign of another sharp rise in real estate, confirming once more that real estate prices are growing faster than the average income.

According to Mr Delasalle, chairman of the commission on real estate condition, it is currently easier to find a buyer than a tenant, and Paris itself expects an important rise beyond 10%.

The average price of older apartments in the region of Paris (4,550€ per sqm in the first quarter of 2010) has come close to the 2008 record (4,730€ per sqm). The rise is even stronger in Paris itself (3.2%) where the first quarter’s price (6,430€ per sqm) is very close to the peak of the summer of 2008 (6,620€ per sqm). As for houses, in spite of a 2.13% increase, the average price (280,400€) remains far lower than in 2008 (311,400€).

This evolution in prices for older properties echoes the one of new built properties: in the first quarter, the price of flats has risen by 6.8%, the price of individual houses by 1.8%.

Bricks and mortar are still considered by the French as a safe place to invest.

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