Paris France Real Estate

[dhalverson]

Here's some interesting value information from Simon Packard in London:

"July 4 (Bloomberg) -- Paris apartment prices rose 8.7 percent in the first quarter from a year earlier, the slowest pace in at least seven years, as buyers sought cheaper homes outside the city, the Paris Chamber of Notaries said.

The average price for an existing apartment was 5,867 euros a square meter ($729 a square foot), the organization said in an e- mailed statement yesterday. The last time prices didn't appreciate annually by more than 10 percent was in the second quarter of 2002.

Paris apartment prices have more than doubled in the past decade because of the shortage of new homes being built. Planning constraints on housing starts meant just 787 new homes were sold last year in the French capital. The number sold dropped 18 percent in the first quarter.

``Far from being a drop in demand, the ebb in sales can be explained by the dearth of new homes across the entire Greater Paris region,'' the Chamber said in the statement.

Prospective buyers have turned to more affordable homes in the outer suburbs, lifting prices in the 12 months to March 31 by 22 percent in the town of Pontoise. In the inner suburbs, the highest price inflation was registered in Montreuil, at 16 percent.

Housing starts in Paris and the surrounding area need to be running at an annual rate of 60,000 for a decade to address the housing shortage, according to estimates by the Paris regional development plan.

Paris's most expensive neighborhood remains the sixth arrondissement, where the Luxembourg Gardens are located and where average apartment prices rose 11 percent in the first quarter to 9,003 euros a square meter."

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net .
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