Paris real estate hits record high, up 20 percent in 2011

9th December 2010, Comments 0 comments

Apartment prices in Paris rose 20 percent in 2010 to hit a record high average of 7,500 euros per square metre (1,000 dollars a square foot), notaries who administer property sales said Thursday.

"The rate of property price increases in the capital intensified," Christian Lefebvre of the Paris Notaries' Chamber told AFP. "Nothing suggests that the curve will invert or flatten in 2011."

The increases are due to more people seeking to buy thanks to the lowest interest rates in decades and foreigners' sustained desire to buy property in Paris' historic centre.

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

Prices in the Paris region outside the capital rose 10 percent, while house prices in the countryside rose five percent.

© 2010 AFP

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