One of the most common questions we receive is: What is the real cost of owning an apartment in Paris? With unique regulations for condominiums, French tax laws, and urban planning rules, the expenses can vary greatly from what international buyers might expect. Let’s break down the main ongoing costs of owning an apartment in Paris—separate from the initial purchase expenses—using a 100 m² (1,076 sq. ft.) apartment in a classic Haussmannian building in Saint-Germain as an example.
Apartment-Related Costs: Ongoing Expenses
Condominium Fees
Condominium fees are divided into two main categories:
- Routine Maintenance: Includes cleaning of common areas, building electricity and water, elevator upkeep, and the caretaker’s salary. These fees average around €40/m²/year, but can increase depending on the building’s amenities.
- Major Repairs (e.g., façade restoration, roof repairs): These are separate expenses, discussed below.
Internet and Electricity
- A high-speed fiber internet connection (100 Mbps or more) costs between €30 and €100/month, depending on the package (TV, phone options).
- Electricity costs around €250/month for an all-electric apartment (heating, hot water, cooking), which is common in Paris. Add €50 to €100/month if you use air conditioning, depending on usage.
- Want a connected alarm system? Expect to pay about €400/year.
Home Insurance
There are two scenarios:
- Owner-occupied apartments: Insurance costs around €400/year for a mid-sized apartment on an intermediate floor.
- Rental properties: Landlord insurance (non-occupant insurance) costs about €200/year, with higher rates for ground floor or top-floor units.
Cleaning and Repairs
- Cleaning services in Paris cost about €20/hour. For a 100 m² apartment, you’d typically need 4 hours of cleaning per week, or €80/week.
- Long-term maintenance costs (painting, plumbing, etc.) are estimated at 0.5% of the property’s value per year. For a €2,000,000 apartment, that’s approximately €10,000/year.
Building-Related Costs: Repairs and Upkeep
Major repairs for the building, such as façade restoration or roof repairs, are decided during the annual general meeting and financed through special assessments. Examples include:
- Façade restoration: Around €50,000 for a Haussmannian building, required every 20–25 years.
- Roof repairs: Similar costs, barring significant damage.
The share of these expenses is allocated according to the apartment’s proportionate ownership in the building, also known as “tantièmes.” In short, larger apartments bear a greater share of the costs.
Taxes: What You Need to Know
Local Taxes
- Property Tax (Taxe Foncière):
This tax is mandatory for all owners, regardless of whether the property is a primary or secondary residence. For a 100 m² apartment in central Paris, expect around €2,000/year.
If the property is a secondary residence, some municipalities, including Paris, impose a surcharge of up to 60%. This could increase the property tax to €3,200/year in such cases. - Residence Tax (Taxe d’Habitation):
While this tax has been eliminated for most primary residences, it still applies to secondary homes. Rates vary by municipality, but for a 100 m² apartment, it’s typically similar to the property tax, around €2,000/year.
Wealth Tax on Real Estate (IFI)
If the net value of your real estate assets exceeds €1.3 million, you are subject to the IFI tax. Examples:
- With a mortgage covering 50%: No IFI due.
- Fully paid off property: Approximately €7,900/year on a €2,000,000 apartment.
Other Costs to Consider
- Property Management Fees: Around 6% (excl. VAT) of rental income.
- Concierge Services: For managing your pied-à-terre, concierge services like those offered by Céline Concierge are available. Costs vary depending on your needs.
Summary
For a 100 m² apartment in Paris, typical monthly expenses are approximately €1,000, excluding special assessments or exceptional repairs.
Looking for tax advice or expert contacts to manage your Paris property? We can connect you with professionals to suit your specific needs.