Posted by Jonathan J. Miller -Tuesday, January 30, 2007, 12:01 AM
[Karl- Heinz SchabmÃ¼ller M.B.A., a real estate broker in Paris, France regularly writes articles and market reports about the cityâ€™s housing market based on market figures released by the Paris Notary Chamber. I have not met Mr. SchabmÃ¼ller, but have traded emails since he is a fan of Matrix]
The recap of the current results and Mr. SchabmÃ¼ller’s interpretation are found below:
Paris, France real estate market â€“ 3rd quarter 2006
In its press conference of 17 January 2007, the Notary Chamber has released official data about the Paris real estate market during the 3rd quarter 2006.
The average square meter price in Paris now stands at 5 675 â‚¬/ USD 7,380.62
According to the report, the saleâ€™s volume shrank by 3.3% in comparison to the 3rd quarter 2005. Altogether 9,888 old and unoccupied apartments were sold in the city, the average square meter price increased by 9.9% and stands at 5 675 â‚¬/ USD 7,380.62.
Once again, the 6th arrondissement (Saint Germain- des- PrÃ©s) in the very heart of the city remains the most expensive (8 527â‚¬/mÂ² – USD/ mÂ² 11,089.8). It is now followed by the 4th (southern Marais and the â€œSaint Louis islandâ€ – 7 708 â‚¬/mÂ² – USD/mÂ² 10,024.6) and the 7th (â€œEiffel towerâ€, â€œInvalidesâ€,â€musÃ©e dâ€™Orsayâ€ – 7 633 â‚¬/mÂ² – USD/ mÂ² 9,927.10). The least expensive are the 19th arrondissement (4 498 â‚¬/mÂ² – USD/mÂ² 5849.87) and the 20th (4 720â‚¬/mÂ² – USD/mÂ² 6,138.60), which are both located in the north- east of the city.
Apart from the notaryâ€™s official data, however, I want to point out that square meter prices for a property in fairly good quality in the centre range between 7,000â‚¬/ USD 9,103.85 and 10,000â‚¬/ USD 13,005.5, prestigious real estate is higher.
(exchange rate amounts are not guaranteed)
I assume that his 2006 recap on Paris real estate market will be available in April 2007.