Real estate in Ile-de-France: the prices of old houses have continued to increase since the end of confinement
The end of confinement and the development of teleworking have boosted the market for old single-family homes in Ile-de-France. A study indicates an annual price increase of 5.4% in the inner suburbs and 4.8% in the outer suburbs in the second quarter of 2020. This trend should continue.
The prices of old single-family houses soared in Ile-de-France during the second quarter of 2020. The phenomenon is valid as well in the cities close to Paris as in the second ring or the municipalities even further away from the capital.
For example, prices have increased annually by 12.5% in Argenteuil, 10.4% in Clamart, 9.1% in Massy or 7.1% in Meaux, indicates the latest study dated Grand Paris notaries relayed by Capital this Thursday, September 10.
An unprecedented situation
Between the second quarter of 2019 and the same period this year, the inner suburbs (Val-de-Marne, Seine-Saint-Denis and Hauts-de-Seine) saw the price of its houses increase by 5.4% on average, against 4.8% for the departments of the outer suburbs (Yvelines, Seine-et-Marne, Essonne and Val-d’Oise). The situation is surprising. “It’s unheard of in the inner suburbs for ten years, reacts the Parisian notary Thierry Delesalle. For the first time, prices will increase less quickly in Paris than in its suburbs. “
Professionals believe that the trend will continue. The average annual price increase for this type of old property could thus reach 8% in October, according to the preliminary contracts of the transactions concluded during the summer. A peak of 11% is even expected in Seine-Saint-Denis.
Teleworking, a determining parameter
The coronavirus health crisis largely explains the phenomenon. After confinement, many Ile-de-France residents sought to acquire a house with a garden, the balcony or the terrace no longer sufficient for them.
The increasingly frequent use of telework has also contributed to the development of demand for single-family homes in Ile-de-France. Buyers have in fact been able to move away from their workplace and thus have access to more affordable prices.