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Paris provides middle-class families with flats at half price

Paris provides middle-class families with flats at half price

However, there is a catch

As of today, Paris starts offering an affordable housing solution to middle-class families, willing to live in their own property in the French capital. In particular, the first 23 out of 1000 qualifying buyers will be given the chance to purchase properties at half price compared to their market value.

However, the offer comes in the form of a new type of lease with certain limitations.

Affordable housing in Paris: it exists, but for whom?

As of today, Paris citizens interested in acquiring affordable living property in the French capital, can apply on the website of the land-service Foncière de la Ville de Paris. The first 23 housing units (out of a total of 1000 planned) are now on offer, for half the market price.

The first properties will be located in the 14th district of Paris, in the place of a former hospital. They should be completed within three years. Here, the authorities are working on the establishment of a future neighbourhood named St Vincent de Paul.

The offer seems more than attractive, as the properties will be sold at just 5,000 euro per square metre – about half the current market price.

The catch here is that in order to be able to guarantee such low prices, the city will be introducing a new solidary real lease (BRS). The terms of the said lease dissociate the built-up part of the property from the land.

Therefore, for the preferential prize the buyer acquires just the walls and what’s inside, while the terrain itself remains the property of the city. In addition, the acquisition is time-limited with the duration of the ownership being restricted to 99 years.

Owners can resell the property at the same price (accounting for inflation), to people who fall within same the target group (for example, couples with less than 5,000 euros combined monthly income). The properties can also be inherited under certain conditions.

The measure is primarily aimed at middle-class couples who want to expand their families and remain in the capital. According to the deputy mayor in charge of housing Ian Brossat, their goal was to counteract real estate speculation.

Finally, it is also meant as a participatory project as the future inhabitants will be involved throughout the process, from the design to the day-to-day management of the building and the shared spaces.

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