By Mitch Lewis
A newly released survey by the Chamber of Notaries of Paris shows prices for real estate in Paris are on track to reach record highs this summer as buyers—particularly those from Italy and the UK—seek properties in the city’s in-demand districts or “arrondissements.”
“The number of buyers is rising unstoppably,” said Paris notary Thierry Delesalle, adding that for the most elite properties in Paris, the number of buyers is rising much faster than supply.
Delesalle also credited Brexit with the outpouring of Britons to the French capital, though Italians are clamoring with as much—or even a bit more—force to snap up the most prestigious flats in town.
The survey also found that for the first quarter of 2017, prices for existing apartments jumped by 5.5% to 8,450 euros ($9,410) per square meter. This beats 2012 figures, when prices reached 8,460 euros per square meter. Following this record high, prices had been a slow decline but since the summer of 2015, have been steadily rising. As the survey shows, for the most luxurious districts of Paris, some properties are garnering an astounding 11,000 euros per square meter.
MITCH LEWIS is the managing director of EMEA for Berkshire Hathaway HomeServices. Find him on Facebook here.