A Paris Pied-a-terre…for $103,000
Date: 02/03/2008
You could own a little Parisian home in this building for $103,000...
Monday, Feb. 4, 2008
Paris, France
Read more about France in International Living Postcards—your daily escape
Basement bargains are thinner on the ground these days in Paris, but you can still find properties for less than €100,000 (about $150,000) —just don’t dream of anything spacious with a view of the Eiffel Tower or the Seine.
Paris properties are still reasonable compared with similar homes in London, Zürich, or Rome, but prices have not stood still.
The cheapest property I found on a recent trawl with Impact Immo was a room for €26,500 ($39,280). Before you get your check book out, though, read on. The room was in the northern end of the 17th, an arrondissement with no tourist attractions, divided into a bourgeois residential area to the south and an industrial, blue-collar maze to the north. It didn’t even have a washbasin installed —and measured only 8 square meters (86 square feet). Pocket-book prices buy you pocket-sized properties.
This type of “property” is not uncommon in Paris. Typically, people who already own property on the same floor (generally the top floor of the building) or the floor below buy them in order to expand their apartment or to turn it into a duplex. Parents in the provinces will also invest so that their child can have his or her own room when studying in Paris.
But it’s hard to see what you, dear reader, would actually do with such a room.
You could, of course, hold on to it and sell on at a later stage, as prices are likely to hold steady in Paris. Most forecasts say that price rises will simply slow in the capital following the subprime credit crunch, with at least 3% to 5% average appreciation this year.
Or you could keep it for your own personal use as just a crash pad for a night or two. But you certainly couldn’t rent a property like this —by law (the Loi Carrez), the minimum size for renting a room is 9 square meters (97 square feet) with a minimum ceiling height of 1.8 meters (6 feet).
To find a more comfortable place to hang your hat or to rent out, you’ll need to dig a little deeper into your pocket.
One tiny property that Century 21 lists is a few minutes’ walk to the Rome Métro station. It's a completely refitted chambre de bonne in a respectable building, with all mod cons, a concierge, and a shower, for €69,800 ($103,000). The area around Rome is residential and safe, but has no big draws and the rental potential is limited.
A better bet would be this refitted top-floor studio between Rome and Monceau Métro stations, in the better part of the 17th arrondissement, with its own shower room and WC, and a clear view over the rooftops. Bel Immo was selling this 11-square-meter property (118 square feet) for €89,000 ($132,000). Current rental rates for similar rooms in this area are at least €500 ($744) per month.
Bel Immo also listed a one-bed apartment with its own terrace by the Place Wagram in the 17th for €266,000 ($396,000). For this price, you get 34 square meters (366 square feet), a proper bathroom, heated floors, open-plan kitchen and living space, and an outdoor dining area for warmer weather.
Property in the 17th is probably a good investment, as there are big plans for renewing the arrondissement… but I’ll tell you more about that soon. For a lifestyle choice, I’d go for a two-bedroom apartment of 53 square meters (570 square feet) with parquet and fireplaces in the 18th —Moulin Rouge territory —for €285,000 ($424,000).
Leigh Fergus
Roving Europe Editor, International Living
P.S. If you want to find out where to look in the City of Light for the best property investments, don't miss the March edition of International Living magazine —I'll tell you the average prices per arrondissement, what's happening in the 17th arrondissement, and who your neighbors will be if you settle in the Golden Triangle of the capital.
Subscribe to International Living now.
Editor’s note: For more information about living and buying property in Paris, or anywhere else in France, Leigh will be available to answer your questions at IL’s Ultimate Event in Cancun, Mexico, May 28–31. Book before Feb. 8 to avail of the early bird discount as well as a free hotel room.
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- How to Finance an International Property Investment
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