Americans back in Paris

A building near the Champ-de-Mars, in the 7th arrondissement of Paris. The prices of high-end products remain high. On the other hand, apartments with major flaws are severely discounting. Jean-Christophe Marmara/Le Figaro

DECRYPTION – Foreign buyers boost sales. And, for the French, Parisian stone is a safe haven.

It’s the end of disenchantment with Paris. The Covid effect, which had lowered sales in the capital, considered too dense by many households, is fading. Buyers of all kinds have been back in the City of Light for a few months. And this comeback takes, against all expectations, an unprecedented scale. In one year (from 1er October 2021 to September 30, 2022), 40,860 homes have changed hands in the capital (+ 9% over one year), according to the Paris Chamber of Notaries. This is 20% more than the average of the last ten years. “We had never reached such volumes”, confirms Thierry Delesalle, spokesperson for the Paris Chamber of Notaries.

This return to better fortune is surprising. Clouds have been gathering for several months on the real estate market. The cost of credit has more than doubled in one year, to reach 2.2% over twenty years. Above all, buyers are more and more often blocked by the usury ceiling (the all-inclusive rate – credit, insurance, etc.)

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