You can read our updates on the ever evolving COVID situation but we’re dedicating this edition of #VINGTLoves to better understanding what impact this event may have on Paris’ real estate market.
As real estate professionals, our business and way of effectively serving our clients and community has been impacted so we’re pivoting to ensure we continue to deliver the excellent service and information clients have come to expect from us, allowing you to continue making informed decisions during these times of uncertainty. We hope you find this information valuable and we’re always open for feedback, ideas or questions, on any topic. You can send us a note here
The city is in full lockdown so we’ve hit the pause button for in-person showings and open houses. In-person showings and open houses are on hold for the immediate future. We are doubling down on digital content and continuing to be your eyes and ears on the ground
When meeting with prospective sellers or landlords, we emphasize that the first showing for their property will happen online. This has not changed! In fact, we’re preparing for an increase in reliance on digital elements to showcase property. This will include an increased use and promotion of virtual tours (3D walkthroughs), video and photography. Paid digital placement for ads will be increased.
We know Paris very well and we’ve developed a keen understanding of the nuances of neighborhoods, streets, buildings and the lifestyle afforded by the combination of those elements. We have sold a dozen or so properties and rented countless apartments sight-unseen. While little beats the emotion of standing in a property, our communication combined with our hyper-local neighborhood expertise, experience in construction and renovation, allow us to paint a clear picture for prospective buyers or renters.
We’ve been asked many times how has the market is responding from a listing/inventory perspective. As you likely know, Paris has been running on a short supply of quality inventory. In terms of deals and distressed sellers, we are unlikely to see this in Paris but as the saying goes, Cash is King, especially during economic downturns.
We feel the shortage of listings is going to be exacerbated in the near future. We’re seeing a slow in new property coming to market as sellers feel out the new environment although not too many property have been withdrawn. The good news? People will need to sell, buy and rent in Paris regardless of the economic, social or financial situations. The pace at which people rent, buy and sell may slow in the near-term as buyers are less likely to be out visiting properties. We were on the cusp of the Spring market as the pandemic was striking so there likely are properties that have postponed listing of which we cannot account for. Delayed listings could result in an influx of inventory in a few months when the situation normalizes.
OK, we don’t actually have a crystal ball so have to base our predictions on the information we do have at hand. Paris and the surrounding suburbs benefit from a robust economic trifecta consisting of culture, luxury goods, education and tech + investment firms. This has historically helped to buffer the city’s real estate market from major economic downturns both short and long.
To learn more about these and other exciting pre-market opportunities, please send us an email, WhatsApp text/call or call. If you’re not already part of our social-media communities, we’d love you to join us on LinkedIn, Facebook, Instagram and Twitter, where we’ll be continuing to share regular updates, and here on our website. In due course, we will also be extending all this with new podcasts, videos and virtual visits. In short, we feel it is more important than ever that we all stay connected just now.
Once again, thank you for being a part of the VINGT Paris family during this challenging time. We are enormously grateful for your custom and loyalty, and look forward to helping out in any way needed. Our team will be available as usual to discuss any concerns you may have around the market, and you can get in touch with us here.