Paris, the city of love, is known for its beautiful architecture, rich history, and vibrant culture. It’s no wonder that many people dream of owning a house in this iconic city. However, the question that arises is – how much does an average house cost in Paris?
Understanding the Real Estate Market in Paris
Before we dive into the cost of houses in Paris, it’s important to understand the real estate market in the city. Paris is divided into 20 arrondissements or districts, each with its own unique charm and character. The price of a house largely depends on the location within these districts.
The Cost of an Average House in Paris
According to a report by Notaires de France, the average price per square meter for an apartment in Paris was €10,460 as of January 2021. This means that if you’re looking for a 50 square meter apartment, you can expect to pay around €523,000.
However, it’s worth noting that prices can vary significantly depending on the location and condition of the property. For example, a luxury apartment in areas like Saint-Germain-des-Prés or Champs-Élysées can cost upwards of €20,000 per square meter.
- Arrondissement-wise Breakdown:
1st to 4th Arrondissements:
These are some of the most expensive areas in Paris and are located in the heart of the city. The average price per square meter is around €14,620.
5th to 7th Arrondissements:
These districts are home to some of Paris’ most famous landmarks such as Notre-Dame Cathedral and Eiffel Tower. The average price per square meter is around €12,630.
8th to 10th Arrondissements:
These districts are more affordable and offer a mix of residential and commercial spaces. The average price per square meter is around €11,200.
11th to 20th Arrondissements:
These areas are considered more working-class and offer a diverse range of properties. The average price per square meter is around €9,360.
Additional Costs to Consider
Apart from the cost of the property, there are additional costs that you need to consider when buying a house in Paris. These include:
- Notary Fees: These can range from 0.7% to 1.2% of the purchase price.
- Mortgage Fees: If you’re taking out a mortgage, you’ll need to factor in fees such as application fees, appraisal fees, and mortgage insurance.
- Taxes: Property owners in France are required to pay taxes such as property tax (taxe foncière) and occupancy tax (taxe d’habitation).
In Conclusion
The cost of an average house in Paris largely depends on the location and condition of the property. While some areas can be quite expensive, there are also more affordable options available.
It’s important to factor in additional costs when buying a house in Paris so that you can make an informed decision about your investment. With proper research and planning, owning a house in Paris can be a dream come true for many people.