Parisian property ranges from the very expensive to the marginally less expensive.
It's certainly not somewhere you go for a bargain. It is, however, thought to be
one of the cities that is most immune to the credit crunch and the most consistently
in demand as far as the rental market is concerned.
The wider Ile-de-France region is not as consistently expensive as central Paris.
The region's departments are organised into three main groups: Paris, the petite
couronne (or inner ring) which encompasses departments Hauts-de-Seine, Seine-St-Denis
and Val-de- Marne; and the grande couronne (outer ring) which includes Val-d'Oise,
Essonne, Yvelines and Seine-et-Marne.
Property prices vary hugely throughout the region, with property in Paris as a whole
commanding an average of €5,970 per square metre, the petite couronne averaging
out at €3,707 per square metre and property within the grande couronne reaching
an average of €2,919 per square metre in 2007. Growth is also directly proportionate
to the department's proximity to central Paris, with property prices in Paris proper
rising 8.3% over 2007, compared to 7.1% for property in the petite couronne and
5.9% for the departments of the grande couronne.
In Paris itself, property prices can be split into four main groups. The most expensive
arrondissements are those that flank the Seine: the first, fourth, fifth, sixth
and seventh arrondissements. Here property prices range from €7,500 to €8,800 on
average. The 16th, eighth, second and third arrondissements, meanwhile, rest at
€7,000 and are thus dubbed merely ‘expensive'. More accessible are the ninth, 15th,
14th, 13th, 12th, 11th and 17th arrondissements, at €5,500- €6,300 per square metre,
while at €5,000 per square metre, apartments within the 10th, 18th, 19th and 20th
districts are considered affordable – which obviously depends on your definition
of affordable, or your budget.
Those who can stretch to the top whack are well advised to invest in what is considered
to be the safest of all French property, that is luxury property in the consistently
popular central districts. Property in luxury zones and on the most chic streets
is still in demand from foreign investors, meaning that it is likely to maintain
its value and then some.
Those prepared to take a risk could invest in property in the 10th district. The
new high-speed Eurostar link pulls in to the Gare du Nord station here, so property
in and around the station could become sought after by British expats looking to
commute on a regular basis. However, currently the district is not the most savoury
that Paris has to offer – so potential investors will have to take a longterm view.
Commuters could also consider buying far to the north of Paris. The 18th district,
known as Montmartre, has a lively vibe, with its small, steep cobbled streets and
many cabarets, restaurants and bars. Residents here would benefit from the best
of both worlds: quick access to the Eurostar in the 10th (directly below the 18th)
and to Charles de Gaulle airport which sits to the north of Paris on the inner ring.
Directly above this district is the Plaine St Denis, an area which has been transformed
in the last 10 years to house France's film industry and Stade de France. Property
in Seine-St-Denis rose 10.7%, well above the 6.3% average for the inner ring. However,
bear in mind that the departments of Seine-St-Denis and Val d'Oise (to the north
of Paris) both have a high proportion of immigrants and were at the centre of the
Parisian riots of 2005 and 2007.
Within the inner ring there are some particularly bouyant areas. Property prices
in Clichy sous Bois, for example, soared 19.2%, while growth in Epinay sur Seine
and Aulnay sous Bois hovered around the 15% mark.
In the outer ring, growth is slowing, 7.3% in 2007 versus a 14.1% rise in 2006.
Although again, some areas did better than others. Among the most successful were
Pontault Combault, Herblay, Chelles and Goussainville.
For an altogether quieter life, Essonne to the south of Paris hosts the 3,500ha
Forêt de Senart. The forest attracts two to three million visitors per year and
the government spends €1-2m on maintaining the area annually. Yvelines, meanwhile,
boasts its fair share of tourist attractions with Versailles and the Rambuillet
forest. The department also has a section of the regional parks Parc de la Haute-Vallée
de Chevreuse and Parc du Vexin Français, plus one of France's most well known golf
courses, La Tuilerie Bignon in St Nom la Bretèche
Seine-et-Marne has by no means been left out. Although the department is mainly
composed of farmland (60%), with the Brie natural reserve (where the eponymous cheese
is produced), the Disneyland Resort Paris is sited here and new developments have
sprung up in the vicinity in response.
Source: French Property Buying Guide - French Property
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