Before the pandemic, Paris’s property market was growing quickly, with median prices increasing by 5-10% every year since 2015. However, the lockdown put a stop to that, effectively shutting down the property market for two months between mid-March and mid-May. Paris underwent some of the most severe restrictions of any European city during the initial wave of Covid-19. Residents were forced to fill out daily authorisation slips to be allowed outside for a maximum of one hour a day, and only during specific times of the day.

As a result, transactions fell by 80%, according to a survey commissioned by France's property trade body, the National Federation of Real Estate (FNAIM) and now many Parisians have decided it is time for a change and - in a European city known for its compact flats and high population density - residents are looking to move to larger apartments with better access to outside space, or else leave Paris altogether.

Since lockdown ended, many Parisians have decided to move out of the city altogether, emboldened by the rise of remote working. Some Parisians have chosen to relocate to the Paris suburbs of Saint-Ouen, Les Lilas and Montreuil as well as cheaper cities such as Bordeaux, Nantes and Rennes. However, during lockdown, about 200,000 Parisians are estimated to have left the city to spend it elsewhere, according to the national statistics institute (INSEE), and local reports suggest many will not return to live in the capital.