© Getty / Alexander Spatari
The Parisian real estate market has still not emerged from the crisis. According to the notaries of Greater Paris, who presented their latest economic report to the press this Thursday, November 28, only around 25,000 apartments were sold in the capital over the last twelve months. “Sales volumes are historically low in Paris, the number of transactions has not been so low since the subprime crisis in 2008», alerts Thibault Gallot-Lavallée, notary in Neuilly-sur-Seine (Hauts-de-Seine). In the third quarter of 2024, only 6,420 transactions were recorded in the capital, representing a decrease of -11% compared to the third quarter of 2023.
This fall in demand in the capital, which is mainly explained by the difficulties faced by households in accessing property credit, logically pushes prices down. According to the transactions analyzed by notaries, the price per square meter in Paris hovered around 9,500 euros in the third quarter of 2024, a spectacular drop of -5.5% over one year. “Apartment prices in Paris have returned to levels which had not been so low since 2018”continues Thibault Gallot-Lavallée.
Prices are falling in all districts
Although apartment prices are down over one year in the vast majority of districts of the capital, they remain heterogeneous depending on the districts. Average prices per square meter range from 7,710 euros in the 19th arrondissement to 13,600 euros in the prestigious 6th arrondissement. Apart from the 16th arrondissement, the districts located on the outskirts of the city remain the most affordable. This is particularly the case for the 18th, 12th, and 13th, which display prices per square meter of less than 8,500 euros.
It should also be noted that it is the least expensive districts of Paris which have shown the most significant price drops over the last twelve months. The price per square meter, for example, fell by -7.6%, over one year, in the third quarter of 2024, in the 19th. Conversely, prices are stagnating in the 7th arrondissement (-0.6% over one year), popular in particular with foreigners, who represent around one in four sales in the district.
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It remains to be seen whether this drop in prices will continue in the coming months. According to forecasts from Greater Paris notaries, based on the signing of preliminary contracts, the decline in prices should continue into the first quarter of 2025 (-3.2% year-on-year next January), but at a less sustained pace compared to the third quarter of 2024. The price per square meter should therefore reach 9,360 euros in January.
