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Paris property market steams ahead with 20% price growth

Tuesday, May 10, 2011

Sarah Kendell

The price of an apartment in Paris continues to skyrocket, with one real estate firm reporting a 20% rise in prices last year alone, with more increases expected over the rest of 2011.

Tim Swannie of luxury French property specialists Home Hunts says the influx of foreign buyers looking for a sturdy European investment opportunity, combined with locals hanging onto their existing real estate, has created a demand-supply imbalance in the market.

"The property market in Paris stayed strong through the global recession - so no one wants to sell, but clients from all over the world are interested in buying here", Swannie told Overseas Property Professional. According to the firm's data, apartment prices in Paris rose 20% last year, bringing average prices to around €15,000-€25,000 per square metre.

The property market in the French capital has surged ahead of the rest of the country - whilst the National Institute of Real Estate Agents reported a 12.07% year-on-year growth to Q3 2010 in Ile-de-France, the region that encircles Paris, there was only an 0.6% growth in French real estate prices across the board. The data would indicate that for canny overseas property investors, Paris is the only place in the French market in which buyers should be looking right now. 

Interested in property in France?
Browse our listings of apartments, houses and other properties for sale in France here: http://france.themovechannel.com/property/all/

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