The enduring appeal of Central Paris: 1st–8th arrondissements

Transactions over €2 million across the central arrondissements fell by 19% in 2020, but the central prime arrondissements still account for the majority of prime and ultra-prime transactions; making up 58% of transactions in Paris over €4 million in 2020.

Major sales were also seen last year, led by best-in-class properties, notably those offering outdoor space.

The pandemic has led many to reassess what makes a location appealing. Cities need to ensure they remain relevant as attractive places to live, work and play.

Paris is arguably at the forefront of this, as the birthplace of the 15-minute city concept. At the heart of this is more integrated neighbourhoods, as well as greener, less vehicle-dependent urban areas. This concept is now gaining more traction as discussion turns to what the future of our cities will look like in a post-Covid world.

Major roads have been shut off to traffic entirely and there are plans to transform the Champs-Élysées into a multi-use green space to better accommodate traffic and pedestrians. Such plans will ensure central Paris's appeal as a place to live continues for years to come.

16th and 17th arrondissements

The city’s western arrondissements were already appealing locations prior to the pandemic, but it has further boosted their appeal as buyers sought larger properties. In the 16th, the number of transactions over €2 million fell by only 8%, compared to a fall of 15% across all of Paris's prime arrondissements.

The 16th and 17th are sought after for their high-quality Haussmannian buildings and private mansions. A notable transaction last year was Snapchat boss Evan Spiegel and model Miranda Kerr’s purchase of a 1,000 sq m mansion house in the 16th for €25 million.

In the 17th arrondissement, areas such as Les Batignolles offer village-like living close to central Paris that contrasts with large apartments and private mansions found around the Parc Monceau.

The western suburbs

Further out to the west, the Hauts-de-Seine (department 92) is benefiting from the new Line 15 of the Grand Paris project. The first tranche of which is due to open in 2024. A total of 15 new stations are to be built within the department.

Areas around these new stations are already benefiting. In 2020, average prices for properties proximate to Grand Paris stations in Hauts-de-Seine increased by 6.2%, compared to growth of 4.3% in the wider area, according to Meilleurs Agents.

In the case of Nanterre La Folie, prices increased by 12.8%, well above the local area growth of 5.7%. Offering value for money, prices here are much lower on average than in Paris (see map below).

The department has seen transactions over €1.5 million increase by 2% in 2020. Neuilly-sur-Seine saw the highest number of transactions above this price point in the department.

Transactions over this price point have seen an even greater increase in Yvelines (department 78), up 4% from 2019. Average prices in Yvelines have increased by 4.7% over the same period, standing at €4,110 per square metre.

Versailles is one of the higher value areas in the department, here average prices stand at €6,340 per square metre. The area saw the highest number of transactions over €1.5 million in Yvelines in 2020. Versailles will also be served by the Grand Paris project (Line 18). With prices 40% below the Paris average, it still offers value.

_{Read the other articles within Report: Paris – 2021 below}