Paris Neighbourhoods and Real Estate

Paris is a city divided into twenty administrative districts or arrondissements, making the main part of the capital city. Even within every district, there are less easily identified and smaller neighborhoods, oftentimes overlapping the established administrative borders. Getting one’s way in the city’s neighbourhoods is easier by having a look at some of its arrondissements.

The 1st Arrondissement (1st Quarter) of Paris, for example is home to the Louvre Museum, the Jardin des Tuileries, Place Vendôme, and the Forum des Halles, a world-famous shopping center among other attractions. Understandably, this is one of the most expensive residential areas in the city – the price per square meter (property sale) reaches a whopping €8,340, which is around one thousand Euros more compared to the average for the city. The 1st Quarter is a very trendy area, lying at the heart of the French capital’s historic centre. It is becoming very popular with foreigners in France, especially Italians and Americans, who are enticed by the luxury Paris properties the quarter offers. The property market here is so prime that the financial crisis has barely registered in the past year. In fact, only medium-size apartments were affected. The most popular residential area within this quarter is the Quartier des Halles – the majority of residential properties that were sold last year are located here.

If you are looking for Paris rentals, the costs are also pretty steep. The average in this area per month is €31.50/sq m, compared to €26.50/sq m for the city on a whole. A lot of people want to live here but do not have the means, which is why they opt to rent a property. If you have the money to buy a place here, you will get excellent returns after you start renting it out.

The 2nd Arrondissement is where the stock exchange is located. The eastern part of the quarter is home to many wholesale outlets, where people come from all over Europe to buy clothes. You will probably be surprised at this, but not all hotels in these two prime residential areas of Paris are hopelessly expensive. On the other hand, if you plan to buy a house or an apartment, you may find the prices a bit steep. A totally renovated apartment with a habitable area of 80 sq. m., with three bedrooms and two bathrooms can easily cost you close to €1 million. You can expect a contemporary-style property in a luxurious neighborhood, with high ceilings and wooden floors. Some properties come cheaper, for example, semi-detached units, and the price may be as low as €475,000. Then, if you are looking for a place to rent, you can expect to pay between €1,000 and €1,500 a month for a furnished apartment studio. Typically, apartments are fitted with wooden floors, a kitchen area with a dining table, and a sofa bed.

The 3rd Arrondissement is home to Paris's gay neighborhood, what is left of the old Jewish quarter, the Picasso Museum and the Carnavalet Museum. Those looking for Paris condos will find that a two-bedroom condo for six located here costs $388 - $417 to rent for one night. Mid-range hotels are another option for your vacation in Paris. Austin's Arts et Metiers Hôtel offers clean but small rooms, the best of which are facing the front. Hôtel du Marais is a budget little place, which has received mixed reviews. However, its convenient location is hard to beat. There are 38 rooms in total. Each room is equipped with Wi-Fi, in-room telephone, television with international channels, and other amenities.