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Real Estate Market - A record first quarter for apartment sales in the capital's most prestigious districts

A RECORD FIRST QUARTER FOR APARTMENT SALES IN THE CAPITAL’S MOST PRESTIGIOUS DISTRICTS

Market Report - Paris, April 14th 2021

 

During the first quarter of 2021, an exceptional activity in the property market at prices in excess of 2.5 million euro has allowed our agencies to beat all of their historical records for turnover over a similar period.

 

In fact, our sales of private mansions and Parisian apartments marketed at over 2.5 million euro have increased by... 74% compared to the average for the first quarters over the past three years.

 
It is notable that this progression has been achieved despite the absence of American buyers who traditionally represent the major share of buyers from abroad in our agencies. Although customers from the Middle East, and in particular from Lebanon, have not entirely disappeared, it is in the majority French clients who have compensated - and more – for the absence of international buyers in this segment of the luxury real estate market.

Neuilly – Bois. An over 220 sqm apartment with a garden. The feel of a private house. Price: 4,250,000€

  

Sales of family apartments marketed at between 1 and 2.5 million euro followed the trend, yet to a significantly lesser extent with a near 5% increase compared to the average over the first quarters of the last three years. The shortage of supply in 3-bed family apartments at prices ranging from 1 to 1.5 million euro has eased slightly for the first time in many years. This type of apartment has traditionally not only been rare on the market but has also been in high demand.

 
While sales in most of our agencies in the capital have increased, it is in the 6th and 16th Districts that growth has been the most significant. To the west of the capital, our Neuilly agency has doubled its turnover while our new Versailles agency has got off to a flying start. In Provence, the market is also very active.

Paris 16th District- La Muette. An over 300 sqm private mansion with a garden. Sold on its first visit.

 

This strong increase in sales in luxury real estate may be explained by:

• the attraction of real estate, considered to be a safe haven. Buyers are aware that supply is frozen in Paris as there is currently no new build in the capital’s most prestigious neighbourhoods. Not only real estate assets are in short supply, but also the attraction of the stock market and interest-bearing products has been seriously affected by recent events.

• the attraction of real estate, an investment that is put to use each and every day. Many buyers are looking to move in order to benefit from an outdoor area – a terrace or a garden - and/or additional comfort. Successive lockdowns have clearly changed the way we live.

 

Parisian real estate, and particularly luxury real estate, has once again proved that it can resist, and even when a major crisis suddenly rears its ugly head.

 

Charles -Marie JOTTRAS
President
Daniel Féau & Belles demeures de France


Nicolas PETTEX-MUFFAT
General Manager
Daniel Féau & Belles demeures de France

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