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Paris Apartment Prices rise strongly in 2007 |
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NewsreleaseDate:
2008-05-08
by KHS Paris http://www.khs.fr/
The subprime turmoil in the US had considerable consequences on the banking sector in Europe but the crisis had no negative impact on the Paris real estate market until the end of 2007.
In a press conference the Paris Notary Chamber released its report for 2007 and confirmed solid market figures.
The official average price for apartments in Paris rose by an impressing 10.5% between the 4th quarter 2006 and 2007. The average price per square meter in “Paris Intramuros” reached 6,360 €/ US$ 10,145.3 during the 4th quarter 2007. In total 36,807 apartments were sold in 2007.
By the end of 2007, the most expensive arrondissement once again was the 6th around “Saint Germain- des- Prés” and the “Luxembourg Garden”, where an average square meter cost €9.790/ US$ 15,616.70.
The ranking of the most affordable districts hasn’t changed. The least expensive remains the 19th district around “la Villette” in the north- east of the city where the average square meter cost € 5,050/ US$ 8055.61, followed by the adjacent 20th with € 5,340./US$ 8518.21
The number of transactions for newly built apartments fell by 8% and only 19,254 units were sold in the “Ile de France” region which includes Paris and its suburbs. By contrast, the number rose by 19,3% in the city of Paris.
The market for houses is small in Paris and in 2007 only 228 units were sold.
In total 4 012 parking lots and garages were sold.
Because of their financial attractiveness many investors look at the market for so-called “chambres de bonne” which are studios located on the top floor of many turn of the century buildings. In 2007, a 7,2%. increase was registered and 2 736 units were sold.
On 17 April 2008, the “KHS Paris Market Report 2008” was presented at the American Chamber of Commerce “AmCham”. It was based on the official numbers of the “Paris Notary Chamber” and you will find a summary of the conference on the “KHS English reception page”: ( please scroll down to ‘A.NEWS- MARKET REPORT’) http://www.khs.fr/index2.cfm?langue=EN
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