What is a luxury property in Paris?
What characterizes in the first place is its location. A lavish penthouse of 500 m2 in Courbevoie will never replace a 200 m2 on Montaigne avenue or a flat overlooking the Luxembourg garden in the 6th district. The French client, such as international, is primarily in search of a beautiful building, haussmannian-type. Recent condominiums well located are not left. But, they have to be exceptional to satisy demanding customers.
Large volumes and high ceiling are the first criteria. The surfaces must be generous, bright apartment with balcony preference. The premium goes to the terraces (50 to 200 m2). It is very appreciated for owners having terrace parties during summer time. Private roof terrace with panoramic view is a must. And a must is often priceless. Each apartment high-end must respond to the provision of high quality. Home automation, bath tube, sauna and concierge are no longer options.
A demanding client
The luxury customers are very demanding. They may sign a huge check up 40 000 € per square meters, but will not engage in any price. The housing must be noticeable and flawless. The entrance ticket to Paris luxury real estate starts at 3 millions €. Foreign buyers are prepared to buys flats or townhouse in cash.
Foreigners increasingly present in Paris
Foreign buyers represent 40 % of luxury real estate deals. In some areas like Ile Saint-Louis, the percentage can be more.
Who are they ? They are Italians, Americans, Spaniards, and English. The British, already very present, are closely followed by the Russians. The Middle East customers are back since the outbreak of oil.
Some of them are ready to rise in price reaching to take the case in the sought after areas. The foreign customer is obviously not attracted by the same location and the same type of building. Neuilly-sur-Seine acquirers are a bit different from Montaigne avenue or Georges V avenue buyers. |
I - The luxury real estate market