Interesting article in the Financial Times this week about the Paris Property market, which is describes as a tale of ‘deux villes’.
It says that prices are falling in outer areas where supply is high, but prime central arrondissements remain competitive and expensive
The article includes comments from Home Hunts director Tim Swannie, as well as some of our partners and also one of our clients who bought a beautiful penthouse in the city.
“At the top of the market, Tim Swannie of Home Hunts says interest is growing among Middle Eastern, American and Chinese buyers: “Views are popular, as are high floors, they’re quieter and brighter — but only if there’s a lift.” The central and western 6th, 7th, 8th and 16th arrondissements — home to high-end boutiques and restaurants, embassies and elegant Haussmann architecture, as well as landmarks such as the Eiffel Tower and Champs-Élysées — remain popular.”
“Agents say cash buyers tend to corner the prime Paris market, although Swannie adds that some buyers use a mortgage to limit their wealth tax liability. Wealth tax is payable for overseas buyers with French property worth more than €1.3mn, but mortgage debt is deductible from the valuation.
American Helen McDowell had owned a home in the south of France since 2016 before deciding she wanted a base in Paris too. “The Left Bank feels perfect to me, I knew exactly where I wanted to be, down to about two or three specific streets. Saint-Germain is such an iconic neighbourhood with amazing restaurants, cafés and shops.” After initially looking for a small pied-à-terre, she ended up buying a three- bedroom penthouse with a roof terrace and a view of the Eiffel Tower. While the anticipated flood of bankers moving from the UK to Paris since Brexit is more of a steady trickle, it has had a wider effect on international demand with buyers from further afield choosing Paris over London as their European base, says Swannie. And, if a UK crackdown on non-doms drives some wealthy foreigners out of Britain, Paris is an attractive alternative with France offering comparable “impatriate” regimes.”
You can read the article online here, but as it is behind a paywall, you can also see it here – Why Paris property is a tale of ‘deux villes’
If you are interested in Paris Property or properties across France, Spain, Monaco or Switzerland, visit our website – www.home-hunts.com