Sunday, June 20, 2010

Good News: The Property Market in Paris is thriving!

Even though house and property prices have seen dramatic declines lately in some countries, prices have been steady in France. In January 2009 there was a slight increase (0.6%) compared to December 2008. And unlike in certain other countries, France is not experiencing any large property reductions. As Paris is still being referred to as one of the most secure property markets in the world, now would be an excellent time to see what types of property are available in the most visited capital of the world.
Average property prices in Paris
The first eight districts of Paris are very popular districts to live in. According to the Notaires de Paris data (similar to the land registry in the UK), the average property price for a 2-bedroom 60m2 apartment in the first district of Paris is €500,400, in the second district €445,800, 3rd district; €445,800, 4th district; €555,000, 5th district; €469,200, 6th district; €602,400, 7th district; €585,600 and 8th district; €478,200. Sextant Properties can offer you a 2-bedroom 63m2 apartment with views overlooking the courtyard in the 2nd district of Paris for €349,000 (Ref. 17795). Also in the 2nd district they can offer you a 2-bedroom 73m2 fully renovated apartment with a large living room for €470,000 (Ref. 13608). Have a look at this 64m2 apartment situated on the 1st floor of a Haussmannien building located in the 3rd district of Paris for €466,000 (Ref. 16741). There is also a beautiful 82m2 character apartment with exposed beams, stones and half-timbering in the 3rd district for €550,000 (Ref. 13615). In the 4th district Sextant Properties can offer you this 1 bedroom 62m2 apartment close to Notre Dame for €515,000 (Ref. 16741). The most sought after district of Paris to live in is the 16th, located on the right bank of the river Seine it is the richest part of Paris. The average property price for an 80m2 apartment in this district is €592,000. If you want to live a little further out from the centre of Paris then the 19th and 20th districts could be for. The average price for an 80m2 apartment in the 19th district is €388,000 and an 80m2 apartment in the 20th district is €404,800. Sextant Properties can be the first to offer you some new build apartments in the 19th and 20th districts. In the 19th district there is a 4-bedroom 126m2 apartment for €874,000 (Ref.14333) and in the 20th district there is a 2-bedroom 61m2 apartment for €415,000 (Ref.13058).
Why is it appealing to invest in Paris?
According to the latest tourism office figures, Paris is the number one tourist destination in the world with 27 million tourists per year. A lot of tourists prefer to stay in rented accommodation if they are there going to be staying for several weeks or months as it works out cheaper than staying in a hotel. With a population of over 2 million inhabitants, many Parisians prefer to live and work in the centre of Paris as they spend less time travelling to work (some people spend 4 hours commuting every day). Due to so many tourists and Parisians renting property in the capital, the rental property market in the centre of Paris will always remain strong. If your property is well located and in a good condition you can easily rent it out. A few years ago there was a joke from The Guignols on the Canal+ channel (the English equivalent is the Punch and Judy Show) which showed a landlord asking for an endless list of documents to be able to rent an average apartment in the centre of Paris (it was intended for adult’s eyes only!)
To conclude
Paris is the best place to invest in France as there will always be people wanting and needing to rent property. It is the world’s 5th largest economy and has been one of the top host countries of foreign investment for many years. Centrally located in the heart of the country and Europe, Paris can offer a skilled workforce, a high quality of living and competitive business advantages. It is a mature investment market that can guarantee good yields for the future.
(ArticlesBase SC #1076378)
Brice Bonato - About the Author:
Property for sale in Paris
Matthieu Cany is Managing Director of Sextant French Property a network of 160 local estate agents based in France Tel (UK) : 020 7428 4910 Tel (Paris) : 01 70 61 27 15