EVEN WITHOUT FOREIGN BUYERS, LUXURY REAL ESTATE IS BLOSSOMING IN PARIS
BFM BUSINESS - MARIE CŒURDEROY 07/08/2021
In real estate’s luxury segment, private mansions and apartments with terraces or gardens are increasingly sought-after.
(BFM Immo) - Luxury real estate specialist Daniel Féau has just published its figures for the first half of the year, and it is clearly the "top-of-the-range" segment that is blossoming. With an increase of 151% compared to the same period in 2019 (that is to say before the Covid-19 pandemic) the total amount of sales over the first six months of the year for assets at prices in excess of 3 million euro has grown as never before.
In the field of real estate, a desire to possess an outdoor space is witnessed across the range, and above all in the luxury real estate segment where private mansions and apartments with terraces or gardens are by far the most keenly sought-after. And when buyers can't find this outdoor space in this city, they head for the desirable suburbs. Properties in Neuilly, Boulogne, Saint-Cloud, Saint-Germain-en-Laye or Versailles often only stay on the market for a few days. According to Féau, sales have never been so quick for assets with outdoor areas. This dynamic is all the more exceptional and unexpected as, with foreigners still largely absent, it is mainly thanks to French buyers that the market is so active.
Back to the chic districts and suburbs
In the capital, it is the 6th, 7th and 16th Districts that have seen the most demand for upmarket real estate, and to the west of Paris in Neuilly, Saint-Cloud and Versailles, post-pandemic sales have doubled.
There is however a segment which is progressing significantly less than the others. For the first time in years, the demand for 2 or 3 bed apartments at prices between 1 million and 1.5 million euro, traditionally the range with the greatest imbalance between supply and demand, has, if not hit the brakes, at least eased off the accelerator. This lull is fairly easy to explain. Such assets often have no outdoor space. Buyers looking to invest this type of budget therefore prefer to leave the confines of the capital or put more money into their project.
