House-hunting in Paris - still a pricey affair

Everyone knows that the City of Lights can be an expensive place to live, and as in most capitals there always seems to be a shortage of reasonably-priced accommodation for rent and finding a deal when buying a property has never been easy.

For a while of course it was pretty much a "sellers market", and indeed last year was especially buoyant (again) with a reported increase in prices asked (and obtained) from November 2007 to November 2008 of around 12 per cent.

The average cost per square metre across the capital - and there were of course differences depending on the popularity and desirability of the area - was a handsome €8,500.

Or for those of you counting in $US - over 12,000!

With the credit crunch though has come a drop in demand and a corresponding fall in prices, around as much as 10 per cent according to some estate agents.

Still that hasn't stopped silly prices appearing in estate agents' windows (or on the Net) for accommodation that is sometimes no bigger than the proverbial broom cupboard.

Such is the case of one "apartment" currently for sale in the capital's ultra-trendy IV arrondissement or le Marais.

Should you get a chance to take a wander along the rue Rambuteau and stop to press your nose against the window of one particular agence immobilier to see what's on offer, you'll discover the following "charming" LITTLE (to be read in the biggest capital letters possible) flat advertised.



The description: one room, first floor, good location - price tag €47,000 ($US 66,700).

Seems reasonable? Well it certainly isn't a great deal of money, except the "one room" apartment also has in brackets "cabine" or cubicle/booth, which given the 6.6 square metres of "space" would seem more than appropriate although it might well refer to the presence of a shower.

Oh yes, a mighty 6.6m2...so that works out at...let's see €7,100 ($US 10,000) per square metre. Ha ha. A mere snip.

But according to the "details" it doesn't have its own toilet and the new proprietor would have to share one on the landing...presumably with owners of other similarly over-priced but all-importantly well-located "booths".

The trouble is of course that estate agents will probably tell you that any asking price is a "realistic" one so long as the market can maintain it and someone out there is willing to cough up the readies or find the required credit.

And indeed the booth from le Marais, while undoubtedly small, actually falls within the "accepted" range of prices being asked for what (admittedly) might turn out to be more habitable property.

For example there's a two-roomed 40m2 apartment for sale in the same arrondissement for €350,000 or €8,750 per square metre (around $US 497,000 or $US 12,400), and another one with just one room at an asking price of €200,000 ($284,000) for 21m2.

Do the maths and you come out with a rate of €9,500 ($13,500) per square metre, which could lead you to thinking that the "booth" isn't such bad value after all!

Maybe not though.

Just for the record, all prices of course include agency fees. Well aren't you pleased about that.