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Apartment Hunting in FranceParis Real Estate Market 2007

By KHS Paris

The US subprime disaster severely hit the European financial sector but the crisis had no negative impact on the Paris real estate market until the end of 2007. According to an article published by the “Le Figaro” newspaper on 7 March 2008, French banks have lost € 11 billion /US $ 17.2 billion in the wake of the turmoil. “Crédit Agricole” was hardest hit with a loss of € 4.1 billion/ US $ 6.4billio followed by “Société Générale” with € 2.9 billion/ US$ 4.5 billion. French finance Minister Christine Lagarde, however said in a newspaper interview on 14 April 2008 that the full amounts of the losses are still unknown, but that the G7 countries would take common measures and that she expects the crisis to be over by the end of the year. By contrast, the crisis had not reached the Paris real estate market until the end of 2007.

In a press conference on 1st April 2008, the Paris Notary Chamber published its market report for 2007 and once again presented strong numbers. The official average price per square meter for unoccupied old apartments in Paris rose by 2.7% between the 3rd and 4th quarter 2007 and by an impressing 10.5% in comparison with the 4th quarter 2006. The average price per square meter in “Paris Intramuros” was 6,360 €/ US$ 10,145.3 during the 4th quarter 2007 and 36,807 properties were sold in 2007. In 2007, the most expensive arrondissement once again was the 6th around “Saint Germain-des-Prés” and the “Luxembourg Garden”, where an average square meter cost €9,790/ US$ 15,616.70. It was followed by the 7th which is located on the southern bank and stretches between the “Musée d’Orsay” and the “Eiffel tower” area. Here the notaries registered an increase of 12.9% p.a. and an average price of € 9,260/ US$ 14,771.3. The ranking of the most affordable districts hasn’t changed. The least expensive remains the 19th district in the north-east of the city where the average square meter cost € 5,050/ US$ 8055.61 followed by the adjacent 20th with € 5,340/US$ 8518.21

Since January 2007, however, the market appears to be slowing down. The Paris Notary Chamber reported in an internet statement that the prices for houses fell by 1.3% between November 2007 and January 2008 in the Paris region whereas the prices for apartments rose by only 1.6% in the same period. You will find a summary of the “AmCham France” presentation on the “KHS English reception page”: ( please scroll down to ‘A.NEWS- MARKET REPORT’) and also on the “KHS Real Estate Blog”.

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