There is definitely something of a buzz in the air around Paris at the moment. As well as tourism enjoying record figures, with an estimated 40 million visitors to the city during 2017, business is booming – bolstered by the thriving tech and start-up scene. Then there’s the fact that the Olympics are on the horizon too.
Not surprisingly, all this is being reflected in the buoyant property market as well – with prices in Paris increasing by 6.7% when compared with the third trimester of 2017. In fact, we are now at an average of 9,796€ per square meter – an increase of some 1,000€ per square meter in just two years – with 40% of Paris apartments now sold at more than 10,000€ per square meter compared to 28% in the same period of 2017.
“Aside from the fact that Paris is one of the best places to live in Europe, the key driver behind all this has been lack of availability,” says founder and CEO of VINGT Paris, Susie Hollands. “While the city has become an increasingly popular place to live, work and do business, this has not been reflected by any increase in stock. This means there is intense competition for every apartment, with each one finding a buyer very quickly, as they are such a strong investment.”
What is more, six of the 20 arrondissements are now averaging over 11,000€ per square metre – and the 4th arrondissement has increased by 16.3% in the last 12 months, the steepest rise of them all. Meanwhile, there has also been an increase of around 200% in demand for luxury rentals.
As well as the reasons already mentioned for all this, Paris also looks set to triumph as Europe’s post-Brexit trading hub, as international companies, asset managers and some of the world’s biggest banks steer their EU operations away from London to the French capital. In short, as Europe itself prepares for Brexit, it seems that Paris is very much usurping London as the place to be right now. As such, VINGT Paris recently opened an office in London, in partnership with sister company Rokstone, to cope with the demand from the Capital.
“This really is a very exciting time to be in Paris,” says Susie. “Of course, it’s always been a beautiful and inspiring city, but it certainly seems to be having a bit of a ‘moment’ just now. Whereas in the past it could be quite a difficult city to live – at least on a practical level – it is now a far more international, outward-looking and visitor-friendly place. In summary, Paris has become a truly global city for the 21st century.
“Here at VINGT Paris, as the leading estate agency for internationals looking to move to Paris, we are ready and waiting to help. Based in the centre of the city, we are right at the heart of things, and often know about apartments on the market before anyone else. Plus, we can also guide you through every step of the process, making the purchase of your Paris apartment an easy and enjoyable experience throughout.”
For those who are considering moving to Paris from abroad, you may also be interested to learn that France recently scooped the number one spot on the 2018 Quality of Nationality Index – knocking Germany off the top spot for the first time in seven years. Produced by Henley & Partners, a global leader in residence and citizenship planning, the report examines what makes one nationality better than another. As well as taking into account internal factors (such as economic strength and human development), it also looks at external elements (including visa-free travel and the ability to settle and work abroad without cumbersome formalities).
“So, there we have it; it’s official,” adds Susie. “France is one of the best places to live in the world – and there can be few better places to choose than here in Paris!”