Paris, France (PressExposure) June 01, 2009 -- According to the notaries, the average square meter of unoccupied residential real estate in Paris cost â¬ 6,360 during the 1st quarter 2009. It fell by 1% over the year and by 2.1% in comparison with the 4th quarter 2008.
Since the 4th quarter 1998, property prices have risen by an amazing 170% and this is the first decline in a decade.
The notaries pointed out that the number of transactions has fallen significantly by 38.7% for old and by 66.9% for new apartments during the 1st quarter 2009. In contrast with other countries, foreclosure is currently not a big issue in France.
There is no change in the order of the most expensive and the most affordable districts. The 6th arrondissement which is located between the Seine and the âLuxembourg Gardenâ still tops the ranking with an average price of â¬ 10,040 per square meter. It is followed by the very residential 7th arrondissement which extends along the southern bank of the Seine between the âmusÃ©e dâOrsayâ and the âEiffel towerâ. The average square meter in this district stood at â¬ 9,760.
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