MAP: see where property prices have dropped the most in Paris
Drops of around 10% (up to €1,100 less per m2 in real terms) have been seen in several arrondissements. Only one has not seen a significant drop
Traditional buildings in Paris, in the 16th arrondissement, where prices have dropped by -8.59% to an average of €10,000 per m2
Pascale Gueret/Shutterstock
Prices for established property have fallen sharply in Paris - across the majority of arrondissements - and the average price of flats has dropped by as much as 10% in a year in some areas.
This has partly led to a considerable drop in sales, say the Notaires de Paris, of as much as -15% between February-April 2024, and the same period in 2023.
Where have the biggest drops been noted?
Most arrondissements have seen a drop, but the biggest drops have been seen in:
9th arrondissement: Drop of 10.14% (to €9,750 per m2)
19th arrondissement: Drop of 9.76% (to €7,670 per m2)
12th arrondissement: Drop of 9.20% (to €8,490 per m2)
Only the 2nd arrondissement has remained relatively stable, at a drop of just 0.42%, for a price per square metre of €11,760.
Similarly, the 8th and 7th arrondissements have not dropped by much (at 1.92% and 3.57%, for prices of €11,240 and €13,250 per m2 respectively).
Which are now the most affordable and most expensive property areas of Paris?
The most ‘affordable’ arrondissement is now the 19th, at €8,600 per m2. The most expensive is the 6th, with an average price of €13,550 per m2.
The table below shows the change in price from 2023 to 2024, the real drop in euros, and the percentage drop year-on-year.
Read also: MAP: see where house prices are rising and falling around France
Nationwide slowdown
It comes amid a slowing property market nationwide in France over the past months.
Recent data from the Notaires de France showed that the number of properties sold in the 12 months prior to February 2024 was the lowest in almost a decade, and the year-on-year drop in volume reached record figures.
Similarly, the February 2024 report by the national federation of real estate agents (FNAIM), which groups 12,000 agents throughout the country, found that the market had been much slower than in previous years and was favouring buyers rather than sellers.
Read also: Where have property prices fallen the most in France?
Buyers were negotiating harder by April, estate agents said. Property prices fell by an average of 9% nationwide in the six months to April, said La Boîte Immo, putting power into buyers’ hands.
“Buyers are now spoilt for choice,” said the firm’s CEO Olivier Bugette. “Estate agents [are]… receiving offers to place new homes on the market even as they struggle to sell ones currently listed.”
