The heart of Paris : a buoyant market
Neighbourhoods in the centre of Paris have retained their share of popularity, mainly attracting a French and Parisian clientele fond of their charming architecture, enviable locations and liveliness. Posting a very wide range of prices, the first four arrondissements in Paris play host to elegant apartments and outstanding properties while also offering appealing opportunities for first-time buyers…
Admired for the timeless nobility of its Haussmann mansions, the heart of the capital also offers the charm of even older buildings, as explained by Vincent Mouisson, director of Villaret Immobilier : “The four central arrondissements of Paris are characterized by significantly different types of architecture. In Le Marais, the oldest part of Paris, you mainly find architecture dating back to the 17th and 18th centuries. It is less uniform than in the 1st and 2nd arrondissements, where Haussmann buildings are more frequent, whereas in Le Marais there are very few. This is, in fact, one of the most charming aspects of the 3rd and 4th arrondissements, where no two apartments are alike : a new discovery, each and every time ! Each apartment has its own specific features, typologies are diverse and offer some delightful surprises. In Le Marais, and also the 1st and 2nd arrondissements, the most select apartments are those nestling in town mansions. Unfortunately, on this niche market, there is very little turnover, and when a property does come up for sale, it doesn’t stay long on the files, even if it is more expensive than a more classic example. We recently sold an apartment of 160 m2 in need of renovation in an 18th-C. mansion, overlooking a courtyard, priced at 1,870,000 €. The heart of Paris has always exercised a strong attraction, its central location and architectural diversity are assets that appeal to a mostly French clientele with very varied profiles : couples, singles, families, retirees, trendies, artists, people working in finance, players in the new economy, personalities and, of course, a wide array of nationalities”.
Mansions with gardens, apartments with terraces : while the centre of Paris can lay claim to very few, it does boast a few real gems, as confirmed by specialist Benoit Vitu, creator of the Terrasses et Jardins agency : “The arrondissements in the centre of Paris indeed offer very few properties benefiting from outdoor areas. When I set up my agency in 1999, dedicated to the sale of properties with terraces, private courtyards and gardens, I was thus very surprised to sign my first contract to sell a split-level apartment of 60 m2 with an open-air terrace on the Île Saint Louis ! In the 2nd arrondissement, especially towards Montorgueil, this type of property is more common ; there are a few private mansions, garden-level apartments, lofts, workshops and top-floors opening out to terraces. You can also find here a few “souplex” giving onto courtyards. In the 1st arrondissement, this is very rare, as Haussmann buildings and classic, older constructions hardly ever offer this type of amenity. Though a few years ago, we did sell a sublime apartment prolonged by a very large terrace, over towards the Louvre, on the top floor of an office building : an exception to the rule ! In these neighbourhoods, there is steady demand for properties with terraces or gardens, but very few availabilities, which naturally leads to well-sustained prices”.
Buoyant but irregular, the market in the centre of Paris posts widely different prices depending on the neighbourhood. According to Philippe Gaudry, director of the Agence des Enfants Rouges : “In the first four arrondissements of Paris, but also those on their immediate outskirts, the market is very active. At the begininning of the year, it was rather sluggish due to the terrorist attacks and an attempt on the part of speculators, which put a strain on transactions. Over the past three months, however, things have begun to flow more smoothly again. At the heart of Paris, the price bracket is very wide, reflecting a property’s quality and its precise location. Highly-prized addresses such as Rue Saint Honoré, Palais Royal, Les Tuileries, Rue de Bretagne, Rue Charlot, the Île Saint Louis and, of course, the Place des Vosges, comprise the top end of the market : you can’t find anything here under 10,000 euros per sq. metre. The average rate is somewhere between 11,500 and 13,000 € per sqm. in Le Marais, the 1st and 2nd arrondissements, with prices rising to 14,000-15,000 € per sqm. for flawless properties in prime locations, and considerably more for truly outstanding properties. Some neighbourhoods such as Rue Saint Denis, Rue d’Aboukir and Rue Poissonnière in the 2nd arrondissement, and that of L’Arsenal in the 4th arrondissement, still offer opportunities below 10,000 euros per sqm., but probably not for much longer. We are witnessing a phenomenon of gentrification, particularly noticeable in the 2nd and 3rd arrondissements, which are undergoing lots of changes, and where prices are beginning to simmer. The centre of Paris is a market mainly underpinned by demand from Parisians, with the new appearance of first-time buyers over the past few months. Also worth noting, the phenomenon of seasonal rentals, which has seen a real explosion in the heart of Paris and actually blocked the market. This activity is henceforth regulated, which should result in new apartments appearing on the files”.
