Paris property prices hit all-time record & likely to rise even higher

Published time: 3 Mar, 2019 14:41 Edited time: 4 Mar, 2019 11:13

The French capital’s real estate market has become even more pricey in 2018 as the property costs reached another historic peak and are not going to go down, paving the way for another record this year.

Purchasing a place in the heart of the City of Light cost buyers 5.7 percent more in 2018 than a year before, according to the data released by the Chamber of Notaries of Greater Paris. Those who wanted to live in the city center had to spend €9,750 ($11,100) on the average per meter. As such, a small one bedroom apartment could be sold for more than $444,000.

More than $11,000 per meter is hardly the most expensive offering, as the price in Paris’s Odeon Area was €17,410 ($19,800), having risen 28.3 percent.

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Apartment prices in the capital’s suburbs are nearly 40 percent lower than in the city center, but they still saw a 4.5 percent growth in one year. The average price per meter in the Ile-de-France region is €5,970 ($6,800).

However, the volume of property sales fell 5 percent from 2017 numbers, when the city saw strong growth.

Last year’s record is expected to be beaten in 2019 as the Chamber of Notaries predicted a further price rise in the coming months.

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