Paris Property Has Stopped Falling — But Not Everywhere at Once

After two years of correction and hesitation, the Paris real estate market entered 2025–26 in a stabilisation phase: prices have levelled out and are now edging higher in core districts, while activity and rental demand remain robust.
Across the city, average residential prices are now around 10,450–10,500 euros per square metre in early 2026, up roughly 1.8% over twelve months and marking a clear break with the declines of 2022–23.

This recovery is uneven.
Prime central arrondissements show renewed price momentum and tight supply, while more peripheral neighbourhoods are flat or still digesting previous gains.
On the commercial side, the picture is almost inverted: central business district office rents keep rising from already high levels, even as vacancy across the Greater Paris region climbs to multi‑year highs.

Residential Prices: From Correction to Gentle Rebound

Multiple datasets now converge on the same story.
Market analysis from Home Select, based on official DVF notarial data and more than 1,200 transactions, puts the average price in Paris at 10,450 euros per square metre in 2026, a 1.8% rise year‑on‑year.
Their April 2026 market note shows prices “holding around 10,500 euros/sqm on average", with some emblematic central districts — notably the 3rd, 6th and 7th arrondissements — recording modest gains while outer areas remain broadly stable.

Looking back, 2025 was the transition year.
Talvans, drawing on Notaires de Paris pre-contract data, describes 2025 as “the year of the confirmed rebound", with the average Paris price projected around 9,490–9,650 euros/m² by Q4, up about 1.8% from a year earlier after a period of declines.
Meilleurs Agents and Investropa estimates for mid‑2025 cluster in the 9,400–9,900 euro/m² range, with a consensus baseline around 9,500 euro/m² for apartments city‑wide — essentially a plateau after the earlier correction.
By early 2026, the move from roughly 9,500 to 10,450 euros/m² implies a low‑ to mid‑single‑digit nominal gain, not a return to the double‑digit growth rates seen before 2020.

The correction phase was real.
Global Property Guide notes that France as a whole saw average residential prices fall about 0.6% year‑on‑year at the national level in its latest 2025 data and that Paris had already experienced a more pronounced cooling after years of outperformance.
Against that backdrop, a 1–2% annual rise in the capital signals a controlled, rather than speculative, recovery.

Inside the City: Prime vs Outer Arrondissements

Underlying averages, Paris remains a market of sharp internal contrasts.

Investropa’s mid‑2025 breakdown shows:

• A city‑wide apartment range of 9,400–9,900 euros/m², clustering around 9,500 euros/m².

• Emerging or still‑gentrifying areas, such as parts of the 19th arrondissement, starting around 8,800 euros/m².

• The 6th arrondissement averaging 15,500 euros/m², with premium streets reaching 13,000–22,000 euros/m².

Home Select’s 2026 arrondissement‑by‑arrondissement analysis confirms that

• High‑end central districts (3rd, 6th, 7th) are again seeing slight price increases.

• More peripheral arrondissements are either stable or only slowly catching up.

For context, national data put France’s country‑wide average residential price around 2,953 euros/m² in 2025 – roughly one quarter to one third of typical Paris levels.
That gap reinforces Paris’s role as a distinct, globalised market driven by affluent domestic buyers, international demand and structural supply constraints rather than by national averages alone.

On the rental side, the capital remains France’s most expensive market by a wide margin.
Global Property Guide reports average asking apartment rents around 31.10 euros per square metre in Paris, compared with roughly 19.60 euros in Nice and 18.30 euros in Toulouse, with other large cities clustered in the mid‑teens.
Those figures highlight why even modest nominal price growth can support decent gross yields in selected segments, despite high entry costs.

Office and Commercial: High Rents, High Vacancy

The commercial picture is more nuanced and, in some segments, clearly weaker.

Immostat figures cited by Batinfo show that the Greater Paris office market ended 2025 with 6.2 million square metres sitting empty, reflecting another year of rising vacancy.
JLL’s Q2 2025 market dynamics report puts the region-wide office vacancy rate above 10.8%, noting that available supply across the Greater Paris region has “continued to expand” as new stock comes online and occupiers optimise space.

Yet prime CBD office rents continue to rise.
JLL highlights that top‑tier Central Business District offices reached a new benchmark of 1,200 euros per square metre per year in Q2 2025, a 20% increase compared to the same period a year earlier.
Statista’s series on central Paris office vacancy shows vacancy in the city proper also rising into 2024, confirming that even the core is not immune to structural changes in demand.

The result is a split market:

• Central trophy offices: still able to command higher rents and see institutional demand.

• Peripheral and secondary stock: facing slower leasing, more concessions and structurally higher vacancy.

For investors, that means headline rent growth in the CBD can mask weaker conditions across large parts of the region’s office inventory.

Liquidity, Demand and the Macro Backdrop

Several sources stress that activity, not just price, is recovering.
Paris‑focused agency 56Paris describes Q2 and Q3 2025 as periods of “renewed activity” and "rebalancing", with higher transaction volumes and stable prices creating “new opportunities in both residential and commercial sectors” for international buyers.
They characterise the market as more “balanced” between buyers and sellers after the 2023–24 stand‑off, with realistic pricing and greater willingness to transact.

At the national level, the French notaries’ latest official statistics paint a “cautiously optimistic but still mixed picture", combining slower volumes in some regions with stabilisation in others.
Engel & Völkers’ 2026 market report similarly frames Paris as part of a broader French market that has digested rate hikes and is now adjusting to a higher but more predictable interest‑rate environment.

Investropa’s early‑2026 assessment of whether it is a “good time to buy property in Paris” emphasises that:

• Prices appear to have bottomed in 2023–24 and are now rising slowly.

• Rental demand remains strong, particularly for well‑located, smaller units.

• Yields are still compressed by global standards but are relatively attractive for euro‑zone core real estate, especially when financed with moderating mortgage rates.

Crucially, these analyses stop short of declaring a new boom.
The consensus is that Paris has exited a correction into a low‑growth, income‑driven phase, with limited forced selling but also limited scope for speculative capital gains unless macro conditions or supply constraints tighten further.

What to Watch Next

Three dynamics will shape the Paris real estate story from here:

• Rates and credit conditions: Further easing or stabilisation of mortgage rates would support transaction volumes and prices, whereas renewed tightening would hit marginal buyers hardest.

• Office demand patterns: The balance between remote work, corporate consolidation and demand for sustainable, high‑quality buildings will determine whether the current 10%+ regional vacancy stabilises or creeps higher.

• Policy and regulation: Any changes to rent controls, energy‑efficiency requirements or tax treatment of property could materially alter returns, especially for leveraged investors and buy‑to‑let strategies.

For now, Paris looks less like a bubble market and more like a mature, global core city that has repriced to higher rates and is settling into a new equilibrium: prime residential and CBD offices remain scarce and expensive, while more peripheral stock must adjust on price, quality or both.