Paris’s Exclusive Off-Market Luxury Properties: Global Demand Soars
Posted on November 5, 2024 by Susie Hollands
The top tier Paris properties over €7 million, are seldom advertised. Up to 85 per cent of the properties we handle are off-market. In the most exclusive areas, traditionally home to bourgeois French families, the international jet set has well and truly arrived.
The recent election uncertainty has not concerned Non-resident buyers and we have seen sales of above €50,000 per sq m in prime homes over the past year, for example hôtels particuliers (period town houses) with gardens and penthouses with large terraces.
Overseas buyers in Paris have risen to their highest level for the past decade. The seventh arrondissement, notably Faubourg Saint-Germain, is discreetly fashionable and eternally popular, it’s such an iconic neighbourhood with amazing art and antique dealers, top restaurants and truly exceptional shopping. For this and other prime addresses on the Left Bank, French and international buyers are fighting it out.
The French often win because they move faster. However, interest is growing among American and Chinese buyers.
Great views are a must, as are high floors, they’re quieter and brighter — but only if there’s a good-sized elevator. The 6th, 7th, 8th and 16th arrondissements — home to high-end boutiques and iconic restaurants , grand embassies and elegant Haussmann architecture, as well as landmarks such as the Eiffel Tower and Champs-Élysées — remain the most in-demand.
Americans seek properties with authentic Parisian charm on the Left Bank, while Asian or Middle East buyers look for perfectly renovated properties near the Seine or in the Golden Triangle — between Avenues Montaigne, Champs-Élysées and George-V — or Trocadéro neighbourhoods. While large, classic homes are sought after, smaller properties in the right locations sell quickly at asking-price too. Cash buyers tend to dominate the prime Paris market, although some use a mortgage to limit their wealth tax liability.
The Paris 2024 Summer Olympics revitalized the city’s infrastructure, particularly in areas surrounding the Olympic Village in Saint-Denis and northeastern Paris. This large-scale urban development has not only enhanced transportation and public services but also sparked a surge in real estate interest. Investors, anticipating a post-Olympics tourism boom, are betting on the longevity of these upgrades. The enhanced connectivity, modernized facilities, and public transportation improvements, such as new metro lines, make these areas more appealing to buyers and renters alike.
On the cultural front, the Netflix show Emily in Paris has created an alluring, romanticized image of Parisian life, particularly for US buyers. The show’s depiction of the city’s elegant neighborhoods, scenic views, and iconic landmarks has sparked an aspirational lifestyle trend among its global audience. From Emily’s charming Montmartre apartment to the stylish offices in the Latin Quarter, international viewers are enchanted by the lifestyle dream. This media portrayal has helped to elevate awareness for high-end, central properties, particularly in fashionable areas like the Marais and Saint-Germain-des-Prés, where prices have seen a consistent increase.
The appeal of the luxury fashion world can’t be understated for wealthy international families. Whether buyers are attracted by the fashion houses, the standard of education or the literary cafés – there’s a neighbourhood for each of them. Paris is international, they feel part of the city.
