Posted by Jonathan J. Miller -Thursday, April 19, 2007, 12:01 AM
Matrix goes in Seine (ok, sorry)
About my light postings over the past week – my kids are on school break, I had been working on the release of yesterday’s Long Island Queens Market Overview as well as prepping for expert witness testimony given yesterday and an exciting development for Miller Samuel to be announced soon. I’ll be back on track next week.
Paris, France real estate market
4th Quarter 2006
Commentary provided by Charles Meunier of KHS:
In the city of Paris, the average squaremeter price for old and unoccupied apartments stood at â‚¬ 5,772/ USD 7,842.99 during the 4th quarter 2006. Once again, the 6th arrondissement around â€œSaint Germain- des- PrÃ©sâ€ has been the most expensive (â‚¬ 8,586/ USD 11,667.09 per squaremeter), followed by the 7th ( â€œMusÃ©e dâ€™Orsayâ€- â€œInvalidesâ€ – â€œEiffel towerâ€/ â‚¬ 8,307/ USD 11,289 per mÂ²) and the southern Marais ( 4th arrondissement, â‚¬ 7,951/ USD 10,806.20). The districts in the north- east remain the most affordable: the 19th ( â€œla Villetteâ€) cost â‚¬ 4,571/ USD 6,212.45 and the 20th â‚¬ 4,774/ USD 6,488.34 per squaremeter. These are the official numbers released by the Paris Notary Chamber on a new conference on 3 April 2007.
In 2006, the annual price increase was 9.9 % for the whole of the City. However, the market lost steam and weakened toward the end of the year. According to the Notary Chamber, the prices in the 6th arrondissement â€œSaint Germain- des- PrÃ©sâ€ rose by 13.7% and in the 8th arrondissement â€œChamps-ElysÃ©eâ€ by 6,5% ( increase per annum/ 4th quarter 2006).
During the year 2006, exactly 36,824 old and unoccupied apartments were sold in Paris, compared to 38,229 in 2005.
Nonetheless, I want to emphasise that apartments in fairly good quality are sold within a margin of around â‚¬ 7,000 / USD 9,514.75 to â‚¬ 11.000/ USD 14,951.75 per square meter in the attractive central districts â€œSaint Germain- des- PrÃ©sâ€ or in the Marais. Premium real estate on prestigious addresses reach price levels between â‚¬ 15,000/ USD 20,386.50 and â‚¬ 20,000 / USD 27.182 per squaremeter and more.