The Luxury Property Market in Paris

Paris is always Paris, and the prestige of the French capital continues to attract attention from international buyers. In fact, most prestigious areas of Paris attract wealthy foreign buyers who account for 50% of property purchases over €4 million and 85% of purchases over €10 million. Multimillionaires from emerging countries such as Russia, Eastern Europe, Brazil and China as well as British, American and Italian buyers continue to invest in the bricks and mortar of a city which is considered a very safe investment and which, unlike some other countries, does not impose any restrictions on foreign buyers.

However, before embarking on the purchase of a property in Paris it is worth finding out the typicial characteristics of the city’s luxury property market.

Rare opportunities to buy in the luxury market

With magnificent hôtels particuliers, top-floor trendy penthouses and sumptuous 18^th century apartments, Parisian luxury property is highly desirable. However it is a market where demand often exceeds the supply, particularly in the areas of Eiffel Tower, Champ de Mars and on the Left Bank which are the most popular locations for international buyers. The problem is intensified by the fact that new property developments are very rare in Paris, especially luxury real estate, and in addition there are very few large properties available.

The large apartments of more than 150sqm are no longer being built but can still be found along the grand Haussmann boulevards in the upscale neighbourhoods of the city. They are highly sought after by rich families (mainly French) who are looking to settle down in a good central area rather than in the suburbs. It is also true that, unless they have been renovated in a modern style, these beautiful apartments dating back to the mid-19^th century often have original features, oversized hallways for example, that could be classed as flaws in modern properties,

The characteristics of the Parisian real estate are well known and developers have difficulty to find space to build new properties within the city centre: opportunities to build are rare and are usually only found in the eastern area of the town. However occasionally new constructions and do spring up in the centre of town, such as the 14 luxury apartments recently built in Rue du Rocher in the 8^th arrondissement, part of the project ‘Paris 7 Rive Gauche’ which involves a redevelopment on the site of an old hospital to create new prestigious properties. Opportunities to acquire properties of this type in central Paris are rare and attract high interest from buyers, underlining the huge demand on the luxury market.

The majority of properties in Paris are historic and most offer the typical features of Parisian homes; with the main rooms overlooking the street on one side and smaller rooms overlooking an internal courtyard on the other. The windows are tall and narrow, and balconies are small with a wrought iron rail. Even more modern constructions generally follow the typology of the existing buildings in the area, in a bid to respect this traditional style.

If you are looking for property in the top areas of Paris take a look at the listings on Te Atrium.

Photo credit: Marie Claire Maison

Choosing your neighbourhood in Paris

This guide focuses on the most illustrious areas of Paris such as the 6^th arrondissement, considered the most expensive district, as well as the 7^th, 4^th, 5^th and 8^th arrondissements; but even within these prestigious districts there are often significant variations in price depending on the exact location of the property.

In the case of some districts, such as the 8^th, the price of property remains more or less the same throughout. However, in other areas, prices may change in accordance with the location within the arrondissement. For example, the 16^th is traditionally divided into two sections; the north around the Trocadéro, la Muette and the Place Victor Hugo is more expensive than the south which is generally more affordable, particularly near Pont Mirabeau. The upscale suburbs to the west such as Neuilly and Boulogne, located next to the Bois de Boulogne, are also popular with the upper-classes, as is Saint-Cloud whose signature elegant homes are highly desirable.

Aside from the inherent characteristics of each arrondissement and neighbourhood, there are also some general things to consider that will determine the ease and enjoyment of your daily life in Paris. Here is a list of questions that it is worth asking during your initial property search:

• How far is it to the nearest metro station (or RER connection)? Is it a line that will be useful and convenient.
• If you are buying a property for your own personal use will it be easy to reach your place of work? The city centre of Paris is renowned for its traffic so find out if the property is located on a road which has frequent traffic jams.
• Are there shops, cafes, bakeries and other amenities nearby? Also consider whether there are any buildings or businesses close to the property that could cause noise or disruption such as schools, bars or nighclubs.
• Does the property have its own parking space? Note that for properties in condominiums parking spaces are often sold separately. If you do not have your own space check that there is sufficient available parking in the area.
• Is there a park nearby? Remember that there are limited open green spaces in the centre of Paris.
• Are there any new developments or plans that could positively (or negatively) affect the value of the property? Find out about new developments and projects visit the City of Paris.
• If you have children, investigate the local schools. Do they have a good reputation?
• Paris is known for its lifestyle and culture and becoming a resident of Paris will open up a whole new world. Take your time to visit the neighbourhood and find out about local activities and places that will contribute to your enjoyment of the city.

Which a district(s) of Paris would you suggest to a buyer of luxury real estate? Do you have any further advice for somebody looking for a luxury property in Paris? Why not share your experience with Te Atrium by commenting below.