France

Property prices in capital reach record high

Reuters

Propety prices in the French capital have risen by 20 per cent over the past year to hit a record high average of 7,500 euros a square metre. Prices in the Paris region outside the capital rose 10 per cent while prices elsewhere were up 5 per cent. 

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Chrisian Lefebvre of the Paris Notaries Chamber says the rise looks likely to continue.

"The rate of property price increases in the capital intensified," he said. "Nothing suggests that the curve will flatten in 2011."

Prices are being fuelled by the lowest interest rates in decades and continued interest from foreigners wanting to buy in the capital.

Property prices in other major French cities rose between 10 and 15 per cent over the same period, with the most expensive property after Paris found in the southeastern city of Lyon at an average 3,000 euros per square metre.

 

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