Property prices in Paris 'reach record high'

Property prices in Paris have reached record highs, according to latest figures, which may interest people looking to invest in the French capital.

Data from the city's Notary's Association of Paris highlighted that prices have increased 7.8 per cent in the past 12 months, and could be set to rise further as demand outstrips supply, reports Property Wire.

According to the association, the situation in Paris is similar to that across France, where economic confidence following the global downturn has led to property price increases.

However, the body's president Christian Lefebre warned that the interest rates on property, which are currently very low, are likely to rise in the medium term, which will reduce what buyers can pay.

"To live in Paris is becoming a luxury. Apartments are sought after like gold dust," he added.

Last week, John Busby, director at Athenamortgages.com, said there has never been a better time for people to buy property in France as interest rates are so low.
 

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