Prices Are Getting Higher In Paris
Paris is more expensive than ever. The most current LPI-se Loger Property Barometer showed that this past October, the price of each square meter in 12 of Paris's arrondissements was 9,165 Euros per square meter. In United States currency, this would equal to about $10,772 per square meter. These prices marked a new precedent in the real estate market of Paris.
Each of Paris's 20 arrondissements experienced a rise in prices. The average rise in prices among all arrondissments has been about 8%.
The prices of property increased by various amounts, depending upon the area. For example, the 18th arrondissment on Boulevard Ornano and Rue De Abbsesses has seen the highest increase in prices.
A survey in April of 2017 showed that within the month of April in 2016, the prices of apartments had shot up an average of 5.5% in Paris.
There is so much demand to live in Paris that prices will keep increasing. There are so many people who want to own property in Paris, and so little space.
Paris is set to host the Olympics in 2024, which will stir up more demand for property.
The high prices of living have changed the demographic profile of the city. For starters, most home buyers are now people who are higher earners. With average prices like 446,982 for an apartment, one can see why 46% of people who buy homes in Paris are high earners. The percentage of workers and employees who buy homes has gone from 13.9% to about 6.8%.
There are a number of reasons that people are giving for why the increase in prices is happening. Some individuals claim Trump's election, Macron's election and Brexit lead to this situation.
What must be taken into consideration is the fact that, in general, people are flocking to major cities all over the world, and the prices of housing in these areas are skyrocketing. Paris isn't the only major city that is experiencing this phenomenon—other major cities like London and New York City are also seeing this happen.
Paris is following a trend that many other cities all around the world are following. People from all socioeconomic classes are swarming into cities to take advantage of the culture and opportunities that massive cities offer.
As people flock to all of these metropolitan areas, the demand is making it more expensive to buy and rent. They are also very much sought after and fantasized about.
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