Paris, the second most expensive city in Europe in terms of housing, behind London
Paris is Europe’s second most expensive capital in terms of buying property. However, values do vary widely across the Greater Paris Region. While the average purchase price for established accommodations in Inner Paris can reach €8,100 per sq m, it stands at €4,300 in the Inner Suburbs and €3,000 in the Outer Suburbs. The average for the Greater Paris Region therefore stands at €5,400 per sq m.
By means of comparison, we can look at the purchase prices in Paris and the Inner Suburbs, to those in London (covered by underground zones 1 and 2). The result of this exercise shows that, not only are London prices higher on average, but that the range of prices is wider in London than in Paris with purchase prices that can reach €50,000 per sq m (£4,000 per sq ft) for some exceptional buildings in the West End and Central West; these are much higher than prices seen in the most sought-after locations in Paris, the Triangle d’Or or Ile Saint-Louis.
Other capitals lower down in the rankings have purchase prices that are half these levels. Prices stand at around €4,000 per sq m in Rome and Budapest boasts the title of the most affordable European capital with values close to €940 per sq m.
The situation in Inner Paris is more strained than in the rest of the Greater Paris Region: given the prices on offer (€8,100/sq m vs €5,400/sq m on average in the Greater Paris Region), Paris has one of the lowest levels of owners (33% vs 45%) and accommodations are generally smaller (54 sq m vs 68 sq m).
Paris, a global city where life is good
Paris holds a leading position in quality of life rankings, in particular:
- A unique architecture and heritage
- 2nd most dense local shopping in the world, with gastronomy playing a major part in good living.
- One of the most active cultural networks in the world, with 130 theatres, 56 museums, 2 opera houses and new venues with a global influence such as the Cité de la mode et du design (Fashion and Design City).
- Well-known global events all year round: Nuit Blanche, Paris Plage, Fête de la Musique, Paris Quartiers d’Été, Festival d’Automne, FIAC, La Villette jazz festival, Solidays, etc.
- A multitude of local activities: A vast network of music academies, libraries, activity and leisure centres, etc.
- A wide fabric of support organisations and charities, including 121 district councils, youth advice and citizenship centres