Paris fell to less than €10,000/m² a few months ago. Many observers wonder when the capital will fall below the threshold of €9,000/m². But this is already the case, in the north and in the south. A quick overview.
Districts for less than €9,000/m²
You won’t have to count on the most emblematic corners of the capital such as the Champs-Elysées, Saint-Germain-des-Prés or the Luxembourg Gardens. All these neighborhoods are far from falling from their pedestals. Example: Saint-Germain-des-Prés still peaks at €16,070/m², the Champs-Elysées at €18,150/m².
But if we look at the periphery, we will find many districts where the price becomes affordable. Example, the large 15th, which goes to €8,980/m² thanks to a price drop of 7.4% over one year.
In the very south, the 14th sees itself fall below this symbolic bar with a small €8,870/m².
As well as the 18th, which lands at €8,740/m², after a drop of 7.6% over a year. But from the top of rue Lepic, where you overlook all of Paris, at Place de Clichy, there will of course be a big difference in price. The 12th arrondissement nestles in the same price vein, with €8,690/m².
The 4 districts between 8,500 and 9,000 €/m²
- 15e arrondissement : 8 980 €/m²
- 14th arrondissement: €8,870/m²
- 18th arrondissement: €8,740/m²
- 12e arrondissement : 8 690 €/m²
Districts at less than €8,500/m²
The 13th arrondissement goes to €8,380/m², after a dizzying drop in its prices of around 9.3%. This district follows the overall downward trend, but it allows you to gain a foothold in the capital at less than €8,500/m², which is very appreciable in these times. A little further south, the 20th has a median price of €8,170/m². Good news for first-time buyers.
The 2 districts between 8,000 and 8,500 €/m²
- 13th arrondissement: €8,380/m²
- 20th arrondissement: €8,170/m²
The 19th is the cheapest arrondissement in Paris
The 19th arrondissement reached the record formost affordable district, with €7,730/m². It has suffered a 10% drop in price over the last 12 months. Here again, we will find a large disparity in prices between the apartments located on the quays of La Villette or in Stalingrad, just behind. The fact remains that opportunities are there.
Find out the real estate prices in your city
Should we still wait for a drop in property prices?
The period is downward and this should be confirmed over the rest of 2024, where prices will have to suffer corrections over time. But these are simple corrections and not a collapse. Prices will remain at high levels for many buyers.
From there, you have to ask yourself the right questions. How long should I postpone? If you want to buy and can borrow today, you might as well do it now and negotiate an attractive property.
Indeed, the market is still marked by the lack of buyers, and despite developments in real estate credit, where rates are falling, all this will take time to translate into the market. Buyers will gradually return. Translation: you are therefore in a position of strength if you are solvent. Otherwise, you continue to pay rent for an undetermined period, where you may be disappointed with future developments, whether in terms of price or credit.
This reasoning does not necessarily apply to investors, which are subject to other constraints. For them, finding the floor price can make sense. To a certain extent, because there is a time when you have to invest money…
Source – PAP Observatory: transaction prices from the DVF database and PAP figures.
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