The Hauts-de-Seine market accelerates its growth
In the face of the turmoil experienced in 2020, the Hauts-de-Seine department has shown its resilience and attractiveness in the luxury real estate sector. With an increased demand for larger spaces and outdoor areas, Parisian buyers have expressed their need for a better quality of life during the pandemic. Between upscale neighborhoods and more popular municipalities, in both urban and green, even wooded environments, Hauts-de-Seine offers numerous real estate opportunities in a market where prices average between €8,000 and €12,000/m², with exceptional properties reaching much higher prices.
However, each sector reacts specifically: the municipalities considered the natural extension of Paris (Boulogne-Billancourt, Issy-les-Moulineaux, Neuilly-sur-Seine, Levallois-Perret) display prices close to those of the capital. As for greener towns like Sceaux, Saint-Cloud, or Rueil-Malmaison, they are seeing a surge in the value of their houses. Generally speaking, the location of schools is one of the most striking characteristics of real estate searches in the department.
Hauts-de-Seine West*: A sector driven by its beautiful properties
*Vanves, Malakoff, Montrouge, Sceaux, Bourg-la-Reine, Saint-Cloud, Marnes-la-Coquette, Meudon, Issy-les-Moulineaux, Rueil-Malmaison
2020, the surprise of a significant increase
With an average of about one sale per week in 2020, BARNES Hauts-de-Seine West had a solid year despite a near-total halt in the market during the first lockdown. The price of apartments rose significantly (+18%, averaging €8,393/m² for apartments and +5%, averaging €7,481/m² for houses).
“The market rebounded strongly from May 2020, ongoing projects matured, and the experience of the first lockdown finally convinced the undecided who took the plunge, or more precisely, crossed the Seine, a real physical border in the Hauts-de-Seine market,” explains Christian Seignouret, director of BARNES Hauts-de-Seine West.
While the fourth quarter is traditionally quiet in terms of transactions, BARNES Hauts-de-Seine West received numerous inquiries and made uninterrupted sales until December 31, 2020.
In 2021, after a slowdown, the restart
The western Hauts-de-Seine market is experiencing a certain wait-and-see attitude from sellers at the beginning of 2021, leading to a slowdown in transaction volume. However, prices remain stable as demand exceeds supply. A rather unexpected phenomenon is sustaining this supply weakness: many owners who planned to sell their homes to move into an apartment once their children left are abandoning their plans to maintain a living space capable of accommodating their entire family.
What will happen for the rest of the year? “The enthusiasm continues, even accelerates,” estimates Christian Seignouret. “Especially for beautiful properties around the Parc de Sceaux, which appeal to families attracted by the tranquility of the area and the quality of the school offerings.” As demand far exceeds supply, the price increase observed since 2018 should continue in 2021, although it is possible that a plateau may be reached during the year, as prices remain at a high level.
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Hauts-de-Seine North*: Purchases synonymous with expansion
*Asnières, Courbevoie, Colombes, Bois-Colombes, La-Garenne-Colombes, Puteaux, Suresnes
2020: the arrival of new buyers drove prices up
The year 2020 saw the arrival of young Parisian couples, owners of a 100/120 m² apartment in trendy but very dense neighborhoods of the IX, XI, and XVIII arrondissements. By crossing the ring road and the Seine, they gain an outdoor space or an additional room to serve as an office. This has resulted in a price increase in 2020, with +7%, averaging €8,330/m² for apartments and +8%, averaging €8,031/m² for houses.
2021: the rise continues
More and more couples, both sellers and buyers, find themselves working remotely long-term, disrupting their habits. As a result, the market has already gained +2% on average since the beginning of 2021 for properties with outdoor space: “Apartments sell for around €8,500/m² if they lack outdoor space compared to €9,500/m² if they have a terrace or large balcony,” says Florence Chauvel, director of BARNES Hauts-de-Seine North.
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Neuilly-sur-Seine: Luxury properties are increasingly in demand
2020: A year of continuous increase
Traditionally sought after by a wealthy family clientele for its greenery, preserved neighborhood life, and excellence of its schools, colleges, and high schools, Neuilly demonstrated its strength in 2020 with continuously rising prices per square meter (+4% for apartments at €12,789/m², +5% for houses at €11,265/m²).
2021: Towards new records
The first quarter marked a 10% increase in revenue and transaction volume for BARNES Neuilly. A specific feature of this exceptional market is that the segment of the most expensive properties, above €4 to €5 million, has never been so active. “We have sold 3 houses above €5 million since January 2021, that is one per month,” says Catherine van Aal, director of BARNES Neuilly-sur-Seine. “Clients for this type of property have the necessary liquidity and can decide very quickly, on a whim. It seems difficult to see the Neuilly market skyrocketing in 2021 given its already very high level, but there’s no reason for it to slow down, especially for luxury properties.”
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Boulogne-Billancourt: A rebounding market
In 2020: Boulogne-Billancourt experienced a contraction
The first lockdown significantly slowed the market, without bringing it to a halt. However, from mid-May 2020, activity resumed with increased dynamism. This allowed BARNES Boulogne-Billancourt to finish the year at nearly normal levels, although there was a slight (temporary) decrease in prices per square meter (-4% for apartments at €9,324/m² and -8% for houses at €10,899/m²).
2021 marks the return of the increase
Thanks to very strong supply and demand, prices are stable and seem to be rising again. Sales are concentrated between €10,000 and €12,000/m², meaning slightly higher levels than those in the southern 16th arrondissement, a sector quite comparable in terms of supply, demand, and clientele.
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