Real estate prices on the rise again in Paris and its suburbs
Last year landed a severe hit on real estate prices worldwide, and Paris was no exception. Still, that trend ended with 2020, as the first months of this year were accompanied by an increase in property prices in and around the French capital, according to an article by Ouest-France.
Paris itself ranked, interestingly enough, among the lowest cities of the Île-de-France region in terms of price growth, with a timid increase of 0.3% in May. The third, fourth, and fifth arrondissements have even seen their prices decrease by up to 4.6%, as the high average price of housing in these trendy and cultural neighbourhoods makes it unaffordable for most post-crisis buyers. The business-oriented 2nd and multicultural 19th arrondissements were the most dynamic, with growth rates of 0.3% and 0.6% this month.
The podium of the most desirable places around the French capital is held by the départements Val-d’Oise, Essonne, and Seine-et-Marne, which have seen their average real estate prices jump up by 4% and more over the last 12 months.
This redistribution of demand around Paris and its suburbs is not the only thing that changed in the region’s property market, as post-lockdown buyers and tenants developed a strong liking for larger houses and ground floor flats with gardens under their windows.