In 2024, the luxury real estate market in Paris underwent significant changes, influenced by a variety of economic and event-related factors. Here is a summary of the main trends:
1. Post-Olympic recovery
The Paris Olympic Games breathed new life into the luxury real estate market. After a somewhat sluggish summer, the autumn saw a significant increase in transactions, particularly in prestigious areas such as the Golden Triangle, Saint-Germain-des-Prés and Neuilly-sur-Seine.
2. Price and transaction trends
- Price per square metre: The average price was around €12,567 per m², down 6.4% on the first half of 2023. This decrease is particularly marked for properties costing over €1 million, a key segment of luxury real estate in Paris.
- Transaction volume: Despite an overall market downturn of 30%, the luxury sector proved resilient, with a limited 6% drop in business volume.
3. Increased demand and market adjustments
The months following the Olympic Games saw a 115% increase in requests for sales and rental estimates, indicating a correction in prices and an increase in supply on the market.
4. Attractiveness of central districts
The central districts of Paris, such as the Marais and the Left Bank, have maintained high prices due to limited supply and sustained international demand. In some prestigious areas, prices range from €30,000 to €45,000 per m².
5. Influence of interest rates and purchasing power
Buyers of exceptional properties, less sensitive to interest rate fluctuations, continued to invest, contributing to the dynamic luxury market.
6. Outlook for the future
Experts anticipate a gradual stabilization of the market, with price adjustments favoring acquisitions of prestige properties. International events and the continuing appeal of Paris as the world's luxury capital should continue to support this real estate segment.