Posted by Jonathan J. Miller -Tuesday, October 10, 2006, 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]
click for the Paris Market 2Q 2006 stats. The recap of the current report is found below:
Paris, France real estate market â€“ 2nd quarter 2006
Notary figures show mixed picture
The cityâ€™s real estate market is slowing down but remains solid and in good condition. During the second quarter of 2006 the average price per squaremeter increased by 12,5% compared to the same period in 2005, however saleâ€™s volume shrank by 6.6%. The average squaremeter price in the city of Paris now stands at â‚¬ 5.515. These numbers were released by the Paris Notary Chamber in its press conference on 3 October 2006.
Interestingly, the 7th arrondissement which stretches along the southern bank of the Seine and includes the â€˜MusÃ©e dâ€™Orsayâ€™, the â€˜Invalidesâ€™ and the â€˜Eiffel towerâ€™, has become the most expensive district ( 8,162 â‚¬/mÂ²) whereas the 6th arrondissement around â€˜Saint Germain- des PrÃ©sâ€™ and the â€˜Luxembourg Gardensâ€™ now ranks second (8.099 â‚¬/mÂ²).
A handsome two- room apartment (app.40/45mÂ²) in fairly good quality, which can easily be rented out, now costs about US$ 400,000 to 450,000 in these attractive central areas. First- class properties in prestigious addresses like â€˜avenue Fochâ€™ or â€˜place Furstembergâ€™ sell at â‚¬/ US$15,000 and higher.
You will find much more information about the Paris real estate market in the KHS report , which was presented at the American Chamber in France in April 2006. It describes the market situation on the romantic left bank â€˜rive gaucheâ€™ and in the elegant western districts around â€˜avenue Montaigneâ€™, â€˜avenue des Champs- ElysÃ©esâ€™ and the 16th arrondissement along the â€˜bois de Boulogneâ€ forest.