VINGT Paris has tracked real estate trends and apartment rental business (including our own portfolio of rental properties) since 2003. Paris is the most visited city in the world, with a steady yearly rate of 27 million tourists and growing. It is rapidly becoming the international cultural and business capital of Europe.
Paris continues to draw a deeply international buying and renting set, attracted to the city’s beauty, culture, rich gastronomic offerings and reputation for intellectualism. Transaction levels have weakened since the onset of the global financial crisis and domestic policy changes. However the fundamentals remain in place driving the market and we feel confident that moving forward, they will continue to underpin price stability among prime properties in sought-after locations.
On the whole demand is greater than supply which explains why prices are so stable. For properties ticking all the boxes (classic features, light, no vis a vis) price range is between 10 000 and 20 000 euros per m², far more if the property is at a prestigious address or with a significant Wow Factor, such as a river or landmark view.
Core sources of demand include wealthy foreign nationals, primarily from Italy, the US and UK who have long been attracted to the city, in particular the Left Bank. Typically with a budget of €1 to €1.5 million, they often invest in centrally-located pied-à-terres. Popular locations include the 6th and 7th arrondissements around St Germain des Près, or the 3rd and 4th in the Marais, enabling them to benefit from an authentic taste of Parisian life. New buyers from Brazil, China and India have also been active in the most expensive areas of Paris (6th, 7th, 8th arrondissements).
In recent years we have seen a rise in overseas buyers investing in Paris for reasons of personal and financial security. Often coming from politically or economically unstable countries, including in the Middle East and other Eurozone countries such as Italy and Greece, they have tended to possess bigger budgets, usually in excess of €2 million, to invest.
Fewer properties available on the market also means that for the buyers we have on our books, looking for two or three bedroom apartments in historic buildings with charm, there is little choice. However, a positive outcome of the current property market conditions is the increased collaboration between housing market professionals, keen to facilitate movement in the market.
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