While it is difficult, but not impossible, to buy in Paris, several municipalities bordering the capital offer great opportunities. An overview of these attractive municipalities.
At the end of September 2019, the Parisian real estate market was running out of steam. However, financial conditions remain very advantageous with credit rates hovering around 1% depending on the terms and profiles of the borrowers. As a result, sales increased by only 1% in the third quarter. It is true that the price per square metre in the capital should end 2019 with an increase of 7%, to nearly 10,300 euros. Conversely, in the inner suburbs, sales increased by +6% over the same period. Here, the price increase appears to be more contained between 4.3 and 5.2% depending on the town.
Hauts-de-Seine in pole position
More than ever, this inner suburb offers great potential. Of course, there are municipalities such as Neuilly-sur-Seine, Levallois-Perret, Boulogne-Billancourt, Vincennes, Saint-Mandé, Charenton-le-Pont, Montrouge, or Issy-les-Moulineaux, where the price per square metre is close to Paris. They have the same difficulties: a lack of land. New constructions are rare. This puts their real estate markets under pressure. But next door, there is a whole series of towns whose prices are almost half as expensive. That is to say between 4,500 and 6,000 euros per square metre. Among them, there is the major part of the Hauts-de-Seine municipalities which do not reach Paris. They have dense transport links to reach the heart of Paris in less than twenty minutes: Colombes, Rueil-Malmaison, Garche, Meudon, Clamart, or Châtillon.
Some cities bordering Paris have not reached the full potential of their location. The most popular at the moment, driven by many new real estate developments, is undoubtedly Saint-Ouen. The city is already benefiting from the interconnections planned as part of the three Greater Paris metro lines. They will begin to run by 2024. There is also Pantin, for the same reasons. These two towns have many brownfield sites that are being replaced over time by housing, offices, shops and community facilities. These are new places to live. Their development is reminiscent of Issy-les-Moulineaux or Levallois-Perret thirty years ago.
Greenery a stone’s throw from Paris
And then there are the discreet, always fashionable: the towns on the banks of Bois de Vincennes. Fontenay-sous-Bois, Nogent-sur-Marne, Joinville-le-Pont and Saint-Maurice offer a pleasant living environment for a reasonable price per square metre of 5,300 to 5,720 euros. Transport remains centred on the RER A, but the bus network also makes it possible to reach the capital in less than twenty minutes.
The panorama would not be complete without mentioning outsiders such as Bobigny, Rosny-sous-Bois, Ivry-sur-Seine, Asnières-sur-Seine, or Aubervilliers. While it is necessary to choose the district carefully and identify the organisation of transport, the price remains attractive. The square metre can sometimes be less than 3,000 euros! For a first purchase, a first rental investment, there are undoubtedly great opportunities to be seized.