The 7th arrondissement of Paris is calm, refined and safe above all. But living here has a price. With an average value of 15,900 euros per square meter, the 7th arrondissement of Paris is unquestionably the most expensive in the capital. Elea Melchior, director of Agence Etoile Rive Gauche, specializing in transactions, rentals and rental management, highlights for Agence Etoile the specificities of this “Elite” district.
What are the advantages of the 7th compared to other Parisian districts?
The Musée d’Orsay, along the left bank of the Seine, is a must-see for its collections of Western art: painting, sculpture, decorative arts, graphic art, photography, architecture.
There are also many embassies there. For all these reasons, the 7th is therefore also the safest, most refined and cleanest arrondissement.
What kind of owners or tenants can you meet there?
The proximity of embassies or the National Assembly attracts many civil servants, deputies or senators. Families who are very attached to the 7th for being born there, for having grown up there, are also represented.
Let us not forget the American investors, also attracted by the showcase represented by the monuments mentioned. The merchants of the arrondissement are also surfing on this American craze, since certain products typically consumed in the land of Uncle Sam are only available in certain shops in the 7th!
You can also meet a few students there, most often in shared accommodation, seduced by the central position of the 7th arrondissement, close to all the major Parisian axes. In the end, the owners or tenants we met are people with real purchasing power, much higher than those in other arrondissements.
Regarding precisely the price of real estate, can you enlighten us on the value of the square meter?
You should first know that, in the same street, the price can vary considerably from one number to another. Indeed, the 7th has many small buildings without any particular character. They have no high ceilings, moldings or guards… This is particularly the case in rue Saint-Dominique, rue de Grenelle, rue Malar, rue des Expositions or rue du Gros Caillou. However, even in this case, the price per square meter starts at 11,000 or 12,000 euros.
On the other hand, as soon as you covet an apartment located in a Haussmann building with a particular charm, prices skyrocket. Thus, the most popular area is around the famous rue Cler, between the Ecole Militaire and Assemblée Nationale metro stations. There is indeed a lively neighborhood life, with friendly restaurants and bars, as well as a market. In this sector, prices can quickly reach 15,000 euros per square meter. And, when you are near the Champ de Mars, you can find properties for sale at 20,000 euros per square meter.
Regarding the rental, count 40 euros per square meter for an empty property. Thus, it was not uncommon, before the regulations on rent control in Paris, to see a 30 m2 studio rent for 1,200 euros per month.
What is the property price trend in the 7th arrondissement?
There are traditionally, in Paris in general and in the 7th in particular, always many more requests than offers. This phenomenon intensified between 2018 and 2019, which led to a surge in prices. With the health crisis of 2020, the trend is to leave a Parisian apartment for more space in the suburbs or in the provinces. Prices stabilize in the 7th and there are more choices on the market. But the seventh remains the most popular, safe and profitable district for investors.
What advice would you give to an investor wishing to buy a property in the 7th?
The price range is wide, from 10,000 to 30,000 €/m2. The average price of an apartment is around 15,900 €.
I invite both the seller and the investor to consult us to establish the best sale or acquisition price. Vigilance is required not to overpay for an acquisition in a building with average services, even if the neighborhood generates a premium.
Moreover, if you want to make a rental investment – an operation that can be extremely interesting – the project must be studied well in advance. The ideal property is an apartment with at least three bedrooms, which is not located in a too busy area, and in which you will most certainly have to carry out work to make it perfectly suitable for shared accommodation (distribution of rooms). This type of investment currently provides an excellent rent income.