Paris, France real estate market
1st Quarter 2007
Strong market data for Paris real estate
Real estate prices in the elegant and trendy “Saint Germain- des- PrÃ©s” district ( 6th arrondissement) in the heart of Paris hit a new record high during the 1st quarter 2007. The official average price per square meter for old and unoccupied apartments rose by 11.3% p.a. and stood at â‚¬9,003. The area between the Seine and the “Luxembourg Gardens” has once again been the most expensive, followed by the 7th arrondissement ( “musÃ©e d’Orsay” – “Invalides” – “Eiffel tower”) where average apartments cost â‚¬ 8.385 per square meter.
In Paris “Intramuros”, the average square meter price for old and unoccupied apartments increased by 8,7% p.a. and reached â‚¬ 5,867. These are the official numbers for the first quarter 2007, released by the Paris Notary Chamber on its press conference on 3 July 2007.
The least expensive districts are located in the north- east of the French capital: the square meter for an average apartment cost â‚¬ 4,591 in the area around the “La Villette” area, i.e. the 19tharrondissement and â‚¬ 4,927 in the neighbouring 20th arrondissement.
The market is strong and solid. However, the annual price increase rates have been shrinking since 2005: Whereas the average price per square meter rose by 14.0% p.a. in Q4/ 2005, it came gradually down to 8.7% p.a. in Q1/ 2007.
During the 1st quarter, strongest growth (+ 13,1% p.a.) was observed in the 5th arrondissement (“latin quarter”) where the Sorbonne University is located and where many students live. Prices rose by 11,9% p.a. in the 8th arrondissement around the elegant “Champs- ElysÃ©e”.
But I digress…
But for an excerpt of French related dialog, well not really but its one of my favorite rapid-fire dialogs in the movie Pulp Fiction :
Vincent: You know what the funniest thing about Europe is?
Vincent: It’s the little differences. I mean they got the same shit over there that they got here, but it’s just – it’s just there it’s a little different.
Vincent: Alright, well you can walk into a movie theater in Amsterdam and buy a beer. And I don’t mean just like in no paper cup, I’m talking about a glass of beer. And in Paris, you can buy a beer at McDonald’s. And you know what they call a, uh, a Quarter Pounder with Cheese in Paris?
Jules: They don’t call it a Quarter Pounder with Cheese?
Vincent: Nah, man, they got the metric system, they wouldn’t know what the fuck a Quarter Pounder is.
Jules: What do they call it?
Vincent: They call it a “Royale with Cheese.”
Jules: “Royale with Cheese.”
Vincent: Thats right.
Jules: What do they call a Big Mac?
Vincent: A Big Mac’s a Big Mac, but they call it “Le Big Mac.”
Jules: “Le Big Mac.” [laughs] What do they call a Whopper?
Vincent: I dunno, I didn’t go into Burger King. But, you know what they put on french fries in Holland instead of ketchup?