On November 13 a ceremony was held in Paris’s Bataclan concert hall to mark the one-year anniversary of the terrorist attacks that killed 130 people in the city. Susie Hollands was invited by the Times to comment on the state of the Paris property market after 12 months of understandable uncertainty.
The full article can be read here on the Times online site (registration required) but Susie’s comments are summarised here.
Nervousness after the attacks weeded out the less serious buyers, yet other clients told Susie, ‘Paris is Paris. There’s never going to be a time when I’m not going to want to come.’
The city benefits from buyers holding whichever currency is performing well and, with the US dollar strong, Americans have been very active — the trend is likely to continue after the Trump-Clinton election result — but Paris also attracts Egyptian and Lebanese buyers. Singapore provides a steady flow, and the French are buying property like hot cakes since the rate drop.
The €500,000 to €1 million sector is especially active. Supply is limited because everyone, from international buyers to domestic downsizers, wants compact [807 sq ft], two-bedroom apartments for under €700,000 for a pied-à-terre. Offers at these asking prices have not been seen for years.
The 9th arrondissement [Right Bank] is in demand, along with the ever-popular historic Le Marais [3rd and 4th] and the 11th — the overspill from the Marais, where fashionable restaurants are opening. The Bataclan is in this district.
In the €3 million to €5 million range, where American buyers are dominant, the 6th and 7th arrondissements of the Rive Gauche’s intellectual and artistic heartland are top of the list. Confidence is also rising in the 16th, where prices dipped sharply. Everyone wants light and views and they are willing to pay top dollar to have both.
In general, the city’s property market is picking up, buoyed by mortgage rates, which have dropped from 2.7 to 1.7 per cent, and the prospect of change with the French presidential elections in April.
As regards finance for international buyers, there was some fairly significant movement in both GBP/EUR and GBP/USD after the US election result. Although financial markets have calmed, there is obviously going to be some uncertainty and perhaps turmoil as the new president takes office and further down the line Brexit kicks in – both impacting global finance.
VINGT Paris is well-placed with financial adviser partners to help interested buyers (and sellers) make informed decisions: