Paris property market update
It’s spring at last! After a long period of stagnation and even a slight decline, property prices in the French capital are on the rise again with the average price per sqm of a property for sale in Paris now standing at €10,296 per sqm.
It’s not only property prices that have picked up but transaction volume has benefitted from a boost too and over the past 12 months, the number of properties for sale has risen by 10%.
Experts predict that the economy in Paris will recover over the coming months. In addition, searches for properties for sale in Paris are increasing, not only in the city centre but also in the suburbs. This increased demand for properties in the suburbs is largely due to the fact that so many people are now working from home or adopting a hybrid approach where they only spend a few days a week at the office. Proximity to the city centre has become less important
In a very detailed study carried out by Meilleur Agents which looks at the effects of the pandemic on the Parisian property market, it is revealed that 72% of Parisians would like to continue working remotely after the health crisis. In addition, 49% of those hoping to continue working remotely would like to move to a more spacious property.
Focusing on the Île-de-France region, where most property transactions take place, the most sought-after suburban areas are Yvelines and Seine-et-Marne which account for 81% of all suburban property searches. Nearby Essonne and Val-d’Oise experienced high search volumes too. The sharp rise in the demand for property in these regions can be attributed to the more competitive property prices and the efficient transport networks which connect these areas to Paris.