© AFP / Ludovic MarinThe river Seine and the Eiffel Tower
Purchasing a place in the heart of the City of Light cost buyers 5.7 percent more in 2018 than a year before, according to the data released by the Chamber of Notaries of Greater Paris. Those who wanted to live in the city center had to spend €9,750 ($11,100) on the average per meter. As such, a small one bedroom apartment could be sold for more than $444,000.
More than $11,000 per meter is hardly the most expensive offering, as the price in Paris's Odeon Area was €17,410 ($19,800), having risen 28.3 percent.
Comment: From a lack of space, to foreign investment and property speculation, the reasons for soaring property prices vary but it's notable that most major cities in the West are experiencing property bubbles, and in turn citizens are suffering the exorbitant rents - often costing more than half of their salary:
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- The unfolding European housing crisis
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