prices rose 0.3% in France earlier this year. But they continued to decline in Ile-de-France. In Paris, the average price per square meter fell to 7910 euros in March, down 2.9% year on year.
Although the housing market still idling, prices of existing homes rose 0.3% in the first quarter from the previous three months, according to the index Notaries-INSEE. This slight increase is mainly due to continued home price rebound (+ 0.6%), while the apartment rate continued to crumble 0.2%. In one year, however, the trend remains bearish, as prices melted 1.9% compared to the first quarter 2014 (-2.5% for apartments and 1.5% for houses). The volume of transactions has him “stabilized” in the first quarter, although the number of homes sold is still lower by 4.6% compared to the first quarter 2014 (-4.6%).
In the first three months of the year, prices have rebounded only province (+ 0.6% but 1.8% decline in prices over a year). However, erosion (-0.4%) continued in Ile-de-France, while the number of existing homes sold remained stable compared to the first quarter of 2014 (-6% on average the last ten years), find in the Paris notaries. In one year, the price decline was 2.1% on average: 2% decline in inner suburbs and 2.9% in suburbs (more marked decline in the Yvelines where prices fell 2.8% in three months).
All districts of eastern Paris under 8000 euros per m²
Paris is no exception to the rule. Despite a slight increase in the number of homes sold in the first quarter (+ 2%), business remains “poor” (-26% compared to 1999/2007). Result, prices fell 2.9% in a year, but only 4.2% in three years. The most expensive districts of the capital experienced severe declines: in one year, they unscrewed from 8.9% in the eighth and 7.4% in the sixth. Follow, the thirteenth (-4.3%), fourteenth (-4.2%), seventeenth and nineteenth (-3.2%). In the sixteenth (-2.9%), the average price per square meter fell below 8000 euros (7880 euros per m²). “Now the average price per square meter fell below 8,000 euros in all eastern districts of Paris,” said Marc Friedrich, notary.
After a little dull winter months, the Parisian market has regained some strength in the spring. “The months of March and April were dynamic,” notes Thierry Delesalle, notary in Paris. “The number of transactions in the second quarter was higher than expected in the same period of 2014,” he predicts. Based on contracts signed forwards in recent months, notaries assumes average price per square meter of 7950 euros, against 7,910 euros in March. “Despite the seasonal increase in July, prices remain down 2.9% compared with July 2014,” believe notaries.
Number of foreign record thanks to the decline of the euro
In addition, foreign buyers are becoming more numerous Italians in the lead, followed by the British favored by the decline of the euro against the British pound or the Lebanese. “We note the presence of an increasingly strong foreign buyers who came zones dollar and pound sterling, which are back on the Paris market,” notes Thierry Delesalle. In the first quarter, foreigners accounted for 9.2% of transactions in the capital (against 8.2% last year). “These are record levels for ten years, all zones,” added the lawyer.
Lower prices might not last. Anticipating a future rise in mortgage rates, many wait-Parisian finally could in the weeks or months ahead realize their projects. “The influx of buyers in a weak market is expected to impact on prices,” said Thierry Delesalle. They should therefore no longer fall. “But strongly resist”, anticipates the Parisian notary.
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