Versailles "follows in the footsteps of the capital"
Located 30 minutes from Paris by train, the royal city attracts buyers — particularly Parisians, weary from successive lockdowns — in search of space and greenery. This attractiveness is driving prices upward.
Even with closed castle doors, Versailles is thriving. “Right now, we have ten buyers for every property for sale in Versailles. Our sales are completed in under twelve days compared to forty-five days nationally,” rejoices Eric Sanvélian, director of the ERA l'Immobilière Versaillaise agency, located in the heart of the city, in the highly sought-after Saint-Louis district. “This is nothing like the 2008 crisis!”
In the absence of millions of tourists during this pandemic period, the former royal city attracts Parisians in search of greenery and calm. “It’s no coincidence that we often say that the forest of Versailles and its surroundings have as many trees as residents (editor's note: nearly 88,000 residents)… The gardens are abundant, and that’s what appeals to people,” summarizes the professional.
Nearly 25% increase over five years
True to its bourgeois image, the city of Louis XIV has become the most expensive in Yvelines, of which it is the capital. “The average property price has risen by 0.6% over the past year, but especially by 23.5% in the last five years, between 2016 and 2021… This is less than in Paris (+30%), but Versailles is following in the footsteps of the capital,” notes Barbara Castillo-Rico, head of economic studies at the online comparator MeilleursAgents. As of March 1, 2021, Versailles apartments show an average price of €7,923 per square meter, while its houses average €7,828 according to the site.
Many professionals on the ground already estimate that these amounts are exceeded, with the average price approaching more like €9,000 to €10,000 per square meter. “The price gap with Paris has significantly reduced, now only about €1,500 separates the beautiful districts of the capital from those of Versailles,” notes Eric Sanvélian.
“Real estate has heated up in recent months, much like the stock market,” adds Nicolas Moirignot, director of BARNES Yvelines Sud. And 2021 is already shaping up to be spectacular after a great year in 2020, where prices increased by 10% to 20% in some areas.”
The neighborhoods of central Saint-Louis and Les Prés among the most attractive
Among the most sought-after neighborhoods, the very chic central Notre-Dame area (over €8,500 per m²) tops the list, with Rue de la Paroisse and Place du Marché, two popular spots for buyers due to their restaurants and shops.
“The Saint-Louis district, along with Les Prés, which borders the castle (over €7,800 per m²), is also in high demand,” comments Nicolas Moirignot. Particularly Rue de Satory and Rue Royale, which divides the Carré Saint-Louis in two, with its numerous food shops and caterers… Both central and urban, the neighborhood remains very airy, having retained an authentic character with Directoire-style residences featuring parquet floors, moldings, fireplaces, and high ceilings.”
Harder to find, houses see their price per square meter soar: expect at least €9,000 to €10,000 per m² in these central and historic neighborhoods of the city. A larger number can be found at a more accessible rate (still over €8,200 per m²) a bit further north in the Clagny-Glatigny neighborhood or near the Jussieu and Chantiers areas, farther from the city center and close to railway lines (under €7,000 per m²).
“Considering the local purchasing power, these high prices mean you need to keep your property for at least nine years — compared to six to seven years in Paris — to make your purchase profitable,” emphasizes Barbara Castillo-Rico.
This excellent reputation of Versailles is quite logical. Located only about fifteen kilometers from the capital, “Versailles offers the advantages of a provincial city at the gates of Paris,” summarizes Eric Sanvélian.
Disconnected from Parisian frenzy, but well-served by transport...
“It has the particularity of housing different villages, each with its own center: Notre-Dame, Saint-Louis, Rue de Montreuil… So many different atmospheres, neighborhoods where you can still find the imprint of the bourgeois of old, traders who lived from their activities at the foot of the King’s castle,” adds Nicolas Moirignot. An atmosphere disconnected from the Parisian frenzy without straying too far. Its transport links are also one of its major assets.
In addition to numerous bus lines, three SNCF train stations (Rive droite, Rive gauche, and Chantiers) connect it to Paris — expect a 30-minute journey to Gare Saint-Lazare — as well as to its North and South. The Versailles Chantiers station is already the second busiest station in Île-de-France after La Défense (excluding central Paris) due to its many connections (RER C, Transilien network, TGV, and future Tram-Trains).
And the planned construction by 2030 of a new Chantiers station, adjacent to the existing one, to accommodate the passage of the Grand Paris Express Line 18 should further increase this traffic (the Orly station would be connected in 30 minutes instead of 44 minutes).
... and in schools
Finally, if Versailles particularly attracts families, it is also due to its exemplary school network. It has more than sixty educational institutions, including renowned public high schools such as La Bruyère, Les Châtaigniers, Marie-Curie, Jules-Ferry, and Lycée Hoche, just a stone's throw from Place du Marché.
“From kindergarten to preparatory classes, the school map offers a complete range tailored to the needs of a family,” assures the director of Barnes Yvelines Sud. This undoubtedly explains why the average age of its residents is 39 years.
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https://www.leparisien.fr/yvelines-78/immobilier-la-tres-chere-versailles-marche-dans-les-pas-la-capitale-01-04-2021-8430422.php
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