Apartments with Outdoor Space in Paris: The Post-Covid Impact on Prices

March 2020 changed the way Parisians look at their apartments. Overnight, a six-square-metre balcony became a vital space. A terrace turned into an office, a gym, a refuge. The rare private gardens at ground level became small urban paradises. Six years later, this collective revaluation of outdoor spaces is reflected in every square metre of balcony, terrace and garden in Paris.

At Home Select, the “with outdoor space” requirement has shifted from a desirable criterion to a near-imperative for a growing share of our clients. In 2019, 30% of our mandates included outdoor space as a priority criterion. In 2026, that figure has reached 55%. The question is no longer whether outdoor space has value, that is a quantified certainty, but whether this post-Covid premium is sustainable, and how a buyer can access it without overpaying.

The Hierarchy of Outdoor Spaces: From Balcony to Garden

Not all outdoor spaces are equal, and the Parisian market has established a very clear value hierarchy.

The continuous balcony is the most common outdoor space in the Haussmann housing stock. A 3 to 6 sqm balcony, typical of 19th-century buildings, generates a premium of 10 to 15% compared to an identical property without a balcony. The impact is more pronounced on upper floors (4th and 5th without elevator, 6th and 7th with) and on quiet streets or those offering a perspective onto green space. A continuous balcony on the 5th floor on Rue de Turenne in Le Marais does not hold the same value as an identical balcony on the 2nd floor on Boulevard de Strasbourg: the view and sun exposure multiply the premium.

The loggia or large balcony (8-15 sqm) enters a higher category. More common in 1930s buildings and post-war constructions (notably in the 12th, 13th and 15th arrondissements), these spaces allow genuine daily use: table, chairs, plants, even a small urban vegetable garden. The premium reaches 15 to 20%, and demand is particularly strong among families who see it as a safe play area for children.

The rooftop terrace represents the Parisian holy grail. A top-floor apartment with a terrace of 15 sqm or more commands a premium of 20 to 30% over the arrondissement’s price per square metre. In the most sought-after areas, Paris rooftops with views of monuments, this premium can reach 35 to 40%. An 80 sqm apartment with 25 sqm of terrace on the top floor in the 6th regularly sells above 1.5 million euros, or more than 18,000 euros/sqm including the terrace.

The private garden sits at the top of the pyramid. With less than 2% of the Parisian housing stock concerned, essentially ground floors and mezzanines in residential arrondissements, a private garden generates a premium of 30 to 50%. A two-bedroom of 70 sqm with a 50 sqm garden in the 16th arrondissement is valued 40 to 50% above an equivalent apartment without a garden. The absolute rarity of these properties makes them quasi-heritage assets, with average holding periods exceeding 15 years.

The Geography of Rarity

The impact of outdoor space on prices varies considerably by arrondissement, in direct relation to the rarity of these spaces in the existing housing stock.

In the central historic arrondissements, 1st, 2nd, 3rd, 4th, outdoor spaces are exceptional. The dense construction of Le Marais, Beaubourg and Les Halles offers very few balconies and virtually no gardens. The rare properties with a terrace (often recent rooftop additions) reach astronomical prices. The premium is at its maximum here, potentially exceeding 40% for a terrace with a rooftop view.

The classic Haussmann arrondissements, 8th, 9th, 16th, 17th, offer an interesting stock of continuous balconies thanks to Second Empire architecture. But terraces and gardens remain rare. The 16th stands out for its ground-floor gardens, notably on the residential streets of Auteuil, where this configuration is relatively more common than elsewhere.

The southern and eastern arrondissements, 12th, 13th, 14th, 15th, 20th, have a more varied stock including 1960s-1970s buildings with spacious loggias and balconies. The premium is less pronounced here (10-15% for a balcony) because supply is less scarce, but it remains significant for rooftop terraces.

The 5th, 6th and 7th arrondissements present a special case: the stock of outdoor spaces is very limited (Haussmann and pre-Haussmann construction), and the clientele, affluent, places a considerable premium on any open space. The hidden gardens of the Left Bank, those verdant interior courtyards invisible from the street, constitute a form of “hidden” outdoor space that also influences the valuation of properties overlooking them.

The Cost-Benefit Calculation for the Buyer

A rational buyer must evaluate whether the outdoor space premium justifies the additional investment. The calculation is more nuanced than it appears.

Take a two-bedroom apartment of 65 sqm in the 11th arrondissement. Without outdoor space: approximately 663,000 euros (10,200 euros/sqm). With an 8 sqm balcony: approximately 730,000-795,000 euros (10-20% premium). The difference of 67,000 to 132,000 euros represents the “price of the balcony.” Divided by 8 sqm of outdoor space, that works out to between 8,400 and 16,500 euros per square metre of balcony, a high amount, but one that reflects the daily use value and the resale premium.

The outdoor space premium holds up better during market downturns than the average price. During the 2022-2025 correction, properties with outdoor space in Paris lost an average of 3 to 5%, compared to 7 to 10% for properties without. This resilience is explained by structural rarity: the supply of outdoor spaces cannot increase in an old and constrained housing stock.

For investors, the profitability calculation includes another parameter: the higher rent that outdoor space allows. A one-bedroom with a balcony in the 11th rents for 100 to 200 euros/month more than an equivalent property without a balcony, an annual gain of 1,200 to 2,400 euros that improves gross yield by 0.2 to 0.4 percentage points.

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The Role of the Property Hunter in Finding Rare Outdoor Space

Properties with quality outdoor space represent the segment where the property hunter’s advantage is most clear-cut. Several reasons explain this.

These properties are overrepresented in the off-market circuit. An owner with a terrace apartment in the 7th knows that demand is overwhelming. They often prefer to entrust the sale to a single agent who selects buyers, rather than managing a flood of visits through listing portals. The property hunter, embedded in the agency network, accesses these exclusive mandates.

The absorption speed is extreme. A property with a correctly priced terrace in a central arrondissement sells in a few days, sometimes in a few hours in certain ultra-competitive areas. Only a property hunter monitoring the market in real time can spot and visit these properties before they go under contract. At Home Select, our 16 property hunters each average 12 to 15 visits per week: this permanent field presence is irreplaceable.

Valuation expertise is the third advantage. Outdoor space is not reducible to a surface area: orientation (south or west ideally), overlooking, quietness, the possibility of development, regulatory compliance (some terraces are actually roof terraces without private use rights): all parameters our property hunters systematically verify to avoid unpleasant surprises.

Is the Post-Covid Premium Sustainable?

Six years after the first lockdown, the answer is unambiguous: yes. The premium on Parisian outdoor spaces was not a passing fad. It has become embedded in lifestyle habits and in the market’s valuation frameworks.

Remote work, even partial (two to three days per week for a majority of Parisian professionals), has durably changed the relationship to domestic space. An apartment is no longer merely a place for rest and social life: it is also a workplace. Outdoor space, which offers a release valve during work-from-home days, has acquired a functional value it did not have before 2020.

Environmental awareness also plays a growing role. In a city where heatwave episodes are multiplying, a north-facing or shaded outdoor space becomes a thermal comfort criterion. Buyers now incorporate this dimension into their evaluation, alongside the energy rating and sound insulation.

The generational factor consolidates the trend. The thirty and forty-somethings who form the core of the Parisian homebuying market experienced lockdown as a formative experience. Their demand for outdoor space is structural, not cyclical. And this generation will be active on the market for the next twenty to thirty years.

For buyers, the conclusion is pragmatic. Paying a 15 to 25% premium for quality outdoor space is not overpaying: it is investing in a heritage asset that will appreciate over time and will resist the next market corrections better. The detailed analysis of prices by arrondissement and data on family apartments confirm this reading: rare properties are those that best maintain their value over time.

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