The price per square meter will indeed fall below 10,000 euros in Paris. Expected many times since the real estate market seized up, and already announced by several real estate agency networks, the crossing of this symbolic threshold now appears in the notaries’ figures. This is a return “at the price level observed in spring 2019, four and a half years ago”note the Notaries of Greater Paris, on the occasion of the publication, Thursday, November 30, of quarterly statistics of the old real estate market in Ile-de-France.
We are not quite there yet since, in the third quarter, prices per square meter stood at 10,090 euros in the capital. The downward movement that has started, however, should continue, “and we expect a price of 9,760 euros in January 2024 (– 6.3% in one year) according to our advanced indicators on pre-contractssay the notaries. Compared to the high point recorded in November 2020 (10,860 euros), the price fell by 1,100 euros and 10%”. More than an adjustment, this is a sharp drop.
From now on, all the districts of the capital are recording a reduction in their prices, of between 2% and 7% in one year. The greatest declines are recorded in the 16e (– 6.4%), on the 13the (– 6.6%), on the 11the (– 6.7%) and the 19e and 20e districts (– 6.5%). At La Chapelle (18e), the most affordable district of Paris, prices reach 7,540 euros per square meter.
Disparities according to districts
The slowdown remains less marked in Paris Center (– 2%), in the 5e and 6e (respectively – 2.3% and – 2.5%) or in the 8e (– 2%), a sector which is home to the most expensive district of the city, that of the Champs-Elysées, where prices stand at 19,150 euros per square meter. Charles Flobert, one of the spokespersons for the Chambre des notaires du Grand Paris, explains it by “very high-end products and a large number of foreign customers. Non-resident French people and foreigners now represent 15% of customers who buy in Paris, this is the highest rate since we have been producing statistics”.
Across the capital, nine districts saw prices fall below 10,000 euros per square meter in the third quarter, to which must be added “probably soon the 17the borough “notes Mr. Flobert.
At the origin of this drop in prices, a sudden drop of 29% in the number of old apartments sold in the third quarter compared to the third quarter of 2022. Certainly, the real estate market was then operating at full capacity, at the end of the crisis sanitary. But the drop in the number of transactions is also significant (–14%) compared to the average activity over the last ten years. And even this decline is less in Paris than in the inner and outer suburbs.
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