1st Arrondissement - Louvre Property Insight
The 1st arrondissement of Paris, also called the Louvre arrondissement, is located in the very heart of the centre of Paris and it displays one of the oldest quarters of Paris, the Halles quarter. The 1st arrondissement shares borders with the 7th and the 6th in the south, the 8th in the west, the 2nd in the north and the 3rd and 4th in the east. It is moreover located at the right bank of the Seine River and as a consequence it includes the western part of the City Island (Ile de la Cité). The first district is home for 17,745 inhabitants, which is not much.
The first district of Paris is a site of such landmarks as the Louvre, the Tuileries or the Palais Royal. As a consequence the area is a very touristic place and gathers many attractions, shops, some of the finest parks, museums, pubs, etc. However, as the area is mainly touristic, dwellings are not numerous, and as a consequence are rather expensive.
If you want to explore Paris just strolling in streets and feeling the Parisian atmosphere, then the first arrondissement is a good departure point. The large free-car area around the Halles quarter, and the right bank of the Seine River offer both nice walks.
All arrondissements in Paris are divided into four quarters; as follows are the quarters of the 1st arrondissement.
- Quartier Saint-Germain-l’Auxerrois: 1,672 inhabitants. The first quarter of Paris is named after the church it displays, the Saint-Germais-l’Auxerrois church. The area is mainly taken up by the Louvre museum and the Jardin de la Tuilerie, which explains that the only residential area is the end of the City Island and another small part located between the Sebastopol boulevard and the Amiral-de-Coligny street.
- Quartier des Halles: 8,984 inhabitants. It is one of the oldest Parisian quarters, as it was built during the very beginning of the Middle Ages. It was named after the huge farmers’ market, which was replaced in 1969 by a huge underground town. This tremendous architectural project is composed by the largest railway and underground station in the world, and by the largest underground shopping centre (called the Halles Forum) in the world.
- Quartier du Palais-Royal: 3,195 inhabitants. The third quarter of Paris is mainly an administrative area as it gathers the Culture Ministry, the Constitutional Council of France and the Council of State. It also welcomes the Comédie Française, and the Palais Royal theatre.
- Quartier de la Place-Vendôme: 3,044 inhabitants. The fourth quarter of Paris is worldwide renowned for its eponymous square, the Place Vendome. The square gathers some of the most prestigious, luxury, and expensive hotels in Paris. It is also famous for the prestigious jewelers' shops. In the middle of the square you will see the Vendome Column, on the top of which there is a statute of Napoleon riding a horse.
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1st Arrondissement - Louvre Immobilier & Property Market Trends
The 1er arrondissement is one of the most expensive within the city, as the offer in the area is rather low. Indeed, for a property you will need around €8,340/sq m, while the Parisian average is around €7,024/sq m. It is a very fashionable district, situated at the very heart of the historic centre of Paris. It is also an alternative to the rather prohibitive 6th and 7th arrondissement located on the other side of Seine River.
The first arrondissement is becoming more and more fashionable above all amongst foreigner investors, such as Italians and Americans. They love the area as it is very well located and because it offers luxury properties.
The real estate crisis these last months has had a small effect on the first arrondissement market. The slowdown has only affected average apartments, while luxury properties experienced a very slight decrease both in demand and in prices. As the figures above show, the residential part of the arrondissement is the quartier des Halles; in average 60% of the first district properties are sold in this quarter.
As regards rentals, prices also are rather high, with €31.50/sq m/month, while the Parisian average is around €26.50/sq m/month. If you have the funds to buy a property in this district it could give you good rental opportunities, as many people want to live there but they do not have the income, and as a result they rent an apartment. With high demand and high prices, quick return on investment is guaranteed.
To get updated info about the property prices in Paris, please browse our French Property Market Reports published in the News Section every month.
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Characteristics of the 1st Arrondissement - Louvre
Public institutions: as already mentioned, the 1er arrondissement is not a residential area, and it gathers more attractions and business facilities than dwellings. As a matter of fact, you will find in the district many public and business buildings: Banque de France, the Trade and Industry Stock Exchange, the Culture Ministry, the Constitutional Council of France, the Council of State, the Court of Audit of France, the Post Hotel and the Palais de Justice.
Historical heritage: the first arrondissement is a sought-after area thanks to its numerous historical monuments and museums. In the area you will see as many religious buildings as civil ones. Religious monuments include the Notre-Dame-de-l’Auxerrois church, the Holy-Chapel, etc., while civil monuments include the Carrousel Arc de Triomphe, the Vendome column, the Halles Forum (the new shopping centre), the Palais de Justice, the Louvre Palace, the Royal Palace, etc.
Cultural heritage: we can not talk about the first arrondissement without mentioning its unbelievable rich cultural heritage. The district is home of the worldwide renowned Louvre museum, the largest as regards the area (210,000 sq m) of Paris, and one of the most considerable and older in the world. Not only you will be amazed by the impressive art collections (La Joconde, Milo’s Venus, etc.) but you will also be charmed by the beautiful royal palace. The district displays other interesting cultural monuments, such as the Comédie Française and the Chatelet theatre for play lovers, the Arts décoratifs museum, the Orangerie museum (art gallery of impressionist and post impressionist paintings).
Architecture: Paris is a heaven for architecture lovers, and the first arrondissement is definitely not an exception. In addition to historical monuments, already mentioned, you will be amazed by the town-planning and by the impressive squares and parks. Especially two squares stand out in the first district: the Vendome square has a square shape and is worldwide famous as it gathers some of the most prestigious Parisian hotels and jeweler’s shops; and the Victoires square, which is in both the 1st and the 2nd arrondissements, it is a round shape square which has at its heart an impressive statute of Louis XIV.
Green spaces: the Louvre arrondissement is also appreciated as it offers plenty of green spaces. With only 190hectares of area, the district offers 7 gardens and green squares: Carrousel garden, Halles garden, Infante garden, Oratoire garden, Palais royal garden, Tuileries garden and Vert Galant square. The Jardin des Tuileries is the largest and the oldest French style garden in Paris. It stretched from the Louvre to the Concorde square, and from the Seine River to the Rivoli street. It used to belong to the Tuileries palace, which does not exist any longer.
Famous streets: - Rue Rivoli, 3km long and gathers the Louvre and Tuileries palaces - Opera avenue, one of the greatest project of the second Empire. It goes from the André Malraux square (in front of the Comedie Française) until the Opera square (in the 9th arrondissement) - Quai des Orfevres, is located in the City Island and is famous for it is home of the detective division of the French police force, at number 36. - Rue Saint Honoré, located in the 1st and 8th arrondissement, and close by the Tuileries garden, the street houses many museums. It is also famous to be a revolutionary street, as it was at the heart of all the big revolutions in Paris.
Transport infrastructures: the first arrondissement is famous for it includes the biggest underground railway station of the world. The Chatelet-Les Halles station is a real maze, and you would better have a good map of it if you do not want to get lost. The station is directly accessible from the entire Paris Ile-de-France region (but a part of Essonne and Yvelines). It is both a railway station and an underground station. As regards trains, the RER (regional trains), and the lines A, B and C arrive at the station. As far as the underground is concerned, 5 lines arrive in the station: 1, 4, 7, 11 and 14.