In Paris, real estate prices fall in 2024 but the market has been revitalized since the start of the school year

In the capital, the sale price of apartments fell by 2.8% between November 1, 2023 and the same date in 2024. It now stands at €9,282/m² on average, and at €2,898/m² for houses. But the overall situation is still tending towards improvement. After a complicated start to the year, we had to wait until September for the Parisian real estate market to finally show signs of recovery. Time to see things more clearly: after the dissolution of the National Assembly, the legislative elections, the Olympic Games, the start of the school year and the appointment of Michel Barnier as Prime Minister, buyers and sellers are finally making a comeback in the agencies real estate.

“There are both new projects but also buyers who are relaunching postponed or abandoned operations, thanks to changes in the economic situation,” remarks Alexis Caquet, president of the Engel & Völkers France network. Namely the improvement in credit conditions, with interest rates trending downward, but also a real drop in prices.

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The three things to remember about real estate prices in Paris as of November 1, 2024

-2,8 % : evolution of apartment prices over one year.

9 282 €/m² : average selling price of an apartment.

31,9 €/m² : average rent for an apartment.

Table: Prices and rents of apartments and houses in Paris

On the credit side, “ banks are once again distributing bridging loans, which has allowed buyers to position themselves again on apartments between 1 and 3 million euros, family properties, while this market segment was completely blocked a few months ago »notes Richard Tzipine, general manager of Barnes.

In Paris, price differences between real estate properties amplified in 2024

On the price side, according to the Notaries of Greater Paris, they fell to 9,500 euros per m² in July, with a prospect of 9,370 euros per m² in December, based on the preliminary contracts signed this summer. That is to say a decline of almost 14% since the peak of 10,860 euros per m² recorded in November 2020. In addition, the differences have widened. On the one hand depending on the location. If the central districts, in one digit, remain at the top of the most expensive prices, the peripheral ones, in two digits, are more affordable: “In the second quarter of 2024, prices varied from 7,080 euros per m² in the La-Goutte-d’Or district (XVIII^e arrondissement), at 16,620 euros per m² in the Champs-Elysées district (VIII^e arrondissement) », indicate the Notaries.

Near the gates, values can drop below 8,000 euros per m², particularly in the south and east of the city. However, “negotiations are long and sometimes difficult, knowing that there is a real premium for quality”points out Jérôme Quentel, director of development at Vaneau. Properties with defects such as a poor energy rating, a poorly functional plan, a lack of light, a noisy environment or the presence of major work only find buyers after a real discount. “We can just as easily sell in the same week a 2-room property to renovate on rue Lepic at 8,200 euros per m² as a splendid 7-room apartment on rue François-1^is at more than 27,000 euros per m²”, cites, for example, Sébastien Kuperfis, general director of Maison Junot.

In fact, private mansions or luxury apartments, especially those which have been renovated, decorated “turnkey”, and which are located at the most prestigious addresses, continue to attract wealthy clients, particularly Americans. “One of them has just purchased the only private mansion located in the gardens of the Palais Royal, with a surface area of 650 m² on 5 levels, for a total of 25 million euros”confides Geoffrey Benoît, executive director at John Taylor. Without doubt one of the records of the year…

How is the price per square meter calculated in Paris?

The calculation of the price per square meter in Paris is based on several criteria. The first is the division of the sale price of the property by its living space. This indicator is then compared to other properties for sale in the same neighborhood. Price variations between the different districts of Paris are also taken into account, as well as the type of property (apartment, house, studio, etc.). Finally, the evolution of real estate transactions and trends in the real estate market are determining factors.