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An article that explains the monthly expenses of a high-end apartment in Paris

​Red Line Intelligence Group

Many clients often ask us about the cost of owning an apartment in Paris. Roughly speaking, there are four major expenses for holding an apartment: expenses for the operation of the apartment itself (property sharing costs, electricity and Internet fees, insurance, cleaning and maintenance costs for the interior of the apartment), major construction costs of the building, and taxes (land tax, residence tax, property wealth tax), and some other expenses (apartment rental management fee, butler service fee).


Today we will take a high-end apartment of 100 square meters and a value of 2 million euros in the Saint-Germain district of the Left Bank as an example to explain in detail what the daily maintenance of the apartment will cost (do not confuse it with the cost of buying an apartment Oh).

01/  The cost of running the apartment itself

  • Shared cost based on apartment's percentage of floor area


It is divided into two parts: the monthly property fee and the renovation fee when the building is undergoing major works. We will explain the cost of major works renovation in the second part "The cost of major works of the building".


First of all, let's look at the property fee: it includes the cleaning fee of the common area, the water and electricity fee for the operation of the building, the salary of the occupancy manager, the elevator maintenance fee, etc. The property fee of a high-end apartment in Paris is about 40 euros/square meter/year. The specific data of course depends on the different levels of services provided by the apartment building (such as whether there is an elevator, whether there are occupancy managers, etc.).


  • Electricity and internet charges


In Paris, the cost of using high-speed internet (> 100 bit/s) is around 30€/month, including the basic TV channel fee (up to 100€/month for a subscription to more channels). The vast majority of Parisian apartments use electricity for hot water, heating and kitchens, in which case the monthly electricity bill is around 250 euros.


Only 1% of apartments in Paris have air conditioning, so air conditioning costs don't count as an "everyday" expense. If an air conditioner is installed, it will cost between 50 euros and 100 euros per month, depending on the frequency of use.


If you install an internet-connected alarm in your apartment, the annual fee for internet connection is around 400 euros.


  • insurance


There are two types of insurance premiums for houses in France: Residential Insurance and Non-Residential Landlord Insurance. If your apartment is located on the middle floor, the annual insurance cost is around 400 euros; if you are a landlord but do not live, the insurance premium is around 200 euros per year (tenants or friends who live in the apartment need to buy additional residence insurance). Insurance premiums for top or ground floor apartments will be a few percent more expensive.


The insurance costs we are talking about here are completely different from the insurance you bought when you applied for a mortgage.


  • Apartment interior cleaning and interior light maintenance fees


In Paris, apartment cleaning costs around 15-20 EUR/hour. Generally speaking, a 100-square-meter apartment needs about 4 hours of cleaning time a week. The light maintenance fee depends on the internal structural features of the apartment, such as the height of the walls, etc. (determining the area and cost of painting). We can average out an annual budget of 0.5% of the condo value.


02/ Major construction cost of building

Major construction costs are another part of the shared costs mentioned earlier and are usually incurred when a building needs major maintenance. Without special maintenance works, the total cost of repainting the facade of a typical Ottoman building is 50,000 euros (the larger the building, the higher the cost of course), the cost of renovating the roof is basically the same . These large-scale projects are generally only carried out about every 20 to 25 years.


03/ Tax

  • Land Tax and Residence Tax


Holding real estate in France is subject to two taxes: the land tax and the residence tax. Land tax is payable by property owners, regardless of whether they live there or not. The residence tax is paid by the occupant of the house, and you can estimate the amount due on this website:


A 100-square-meter apartment in the heart of Paris needs to pay a land tax of about 2,000 euros per year, and the residence tax is about the same level (of course, it is also linked to your income level), but according to President Macron's proposal The new tax law, residence tax may be completely eliminated in 2-3 years.


  • property wealth tax


If your property has a net value of more than 1.3 million euros, the government will impose a tiered property wealth tax on the portion of the property worth more than 800,000 euros. You can get an estimate on the official government website:


Taking the apartment in the article as an example, if you borrow 50% of the total house price (2 million euros) from the bank and repay the loan of 7,900 euros per year, then your property equity is less than 1.3 million euros, and you do not need to pay the property wealth. tax.

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04/ Other expenses

  • Apartment rental management fee and butler service fee


These two costs depend on your day-to-day needs and apartment usage habits.


If you entrust your apartment to a professional company for rental management, you need to pay a management fee of about 6% of the annual rent (before tax); if you need a butler service to take care of your apartment, there will be corresponding expenses.


To sum up, the monthly cost of owning a high-end luxury apartment of 100 square meters in the center of Paris is about 1000 euros. Individual consumption habits and levels are different, and this data is only for reference.


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