What You Should Know About Buying Property in Paris

Floor-to-ceiling windows. Wrought-iron balconies. Gilt-framed mirrors. Five-minute walks to the museum. Unparalleled views of the river. Paris will always be a great place for real estate, thanks to the city’s immense popularity, beauty, and culture.

Whether you dream of buying property in Paris, an apartment in the center of the city or you’d prefer a home in a peaceful residential area, both urban and suburban living is possible in Paris. Singles and couples without children prefer central locations, while families often look to the outskirts in order to purchase a house.

Yes, the cost of living in Paris is high, but consider how much you get in return. You’re not just investing in a home, but also a Parisian lifestyle, complete with exciting days and nights in a sophisticated city, some of the world’s best bistros and bakeries, gorgeous scenery, access to the highest fashion, and surroundings filled with world-famous landmarks and museums.

The 20 Paris Arrondissements

Twenty different neighborhoods, called arrondissements, make up Paris. Each one is assigned a number and has its own unique characteristics: Art Nouveau buildings, college areas with inexpensive eateries, medieval streets, apartments with Eiffel Tower views, factories-turned-lofts, nightlife-rich areas, and more. Located in the center of Paris is the first neighborhood, on the right bank of the Seine river, near the Louvre. Each consecutive arrondissement is located in a clockwise spiral. The lower the number, the more central your location, and the higher the number, the cheaper the real estate.

In central Paris, only apartments are available, with the exception of a few townhouses. Buildings, both old and new, are intentionally designed as apartments instead of houses. Older apartments have romantic features, like marble fireplaces and iron balconies. Newer apartments may not have that classic French architecture, but they tend to be spacier and many have underground parking.

Great News for American Buyers

American clients are quickly closing on Paris real estate thanks to declining property costs and an ideal exchange rate in favor of the American dollar. Also, as wealthy owners leave France to escape the new taxes on assets, luxury apartments are opening up. Brimming inventory combined with fantastic prices make this the perfect moment to purchase property in Paris, either for the first time or as an upgrade to a nicer home in a more central neighborhood. For American families moving to Paris, there are many international and bilingual schools in the center of the city and immediately surrounding it.

6 More Reasons to Buy Property in Paris

1. Paris has the largest number of English-speaking expats in France. While you learn the language, you’ll still be able to communicate with many of your neighbors.
2. You can live in Paris year-round or invest in a second home for getaway weekends and extended vacations. Since there are so few properties available to rent in Paris, homeowners always have the option of renting out the space when they’re living elsewhere.
3. Paris is one of the world’s best gastronomic cities. Even when you’d rather dine in than eat out, the city’s many markets will provide fresh ingredients to take home.
4. Owners can’t legally negotiate above the asking price. If you’re wiling to pay the asking price and you make the first offer, the apartment is yours. It’s illegal for a seller to raise the asking price after a buyer has seen the apartment. Also, sellers can’t encourage bidding wars between buyers if the price would rise above the asking price.
5. Paris is still small, despite it’s 20 neighborhoods. You can be close to an expensive neighborhood while living in one that’s reasonably priced, reaping the benefits of the nicer areas without spending extra money.
6. The real estate process can be extremely fast. If you’re looking to purchase a home as soon as possible, Paris is a great option. Great apartments get snatched up quickly, sellers don’t drag out the deal, and you can make a big life change in no time.

The Pricing of Paris Property

Pricing is by square meter, which varies depending on the arrondissement as well as the sub-section of the neighborhood. An average one bedroom apartment is 30 square meters, but large apartments may be as vast as 500 square meters. Wealthy expats often have renovated apartments in the most popular areas of Paris, ranging between 90 and 120 square meters, and including an elevator. In gentrified neighborhoods, such as the Buttes aux Cailles in the 13th arrondissement, you might be able to find a similar apartment in great condition for less money than you’d spend elsewhere. If you’re willing to be flexible, whether when it comes to location (the 19th and 20th arrondissements are less expensive) or features, like lack of an elevator, pricing may be more favorable.