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Paris Property Appeal

Paris Property Appeal

11.10.19

The high-end property market in Paris continues to attract a vast number of international buyers, who are competing with an equally strong local market, for the best properties in town. Last year Leggett saw a 15% increase in the number of properties sold and a rise in prime property prices of around 5%. Their agents are reporting that stock levels are currently at a historic low in the city and that buyers are now literally queuing up to ensure they’re first in line to purchase properties even before they hit the open market.

Interestingly, much of the overseas demand is apparently coming from the UK, as France continues to dangle attractive tax breaks in front of the Brexit bankers. It has been widely reported that companies such as Goldman Sachs and Bank of America have been moving their staff from London to Paris and the Bank of England predicts, that the City of London could potentially lose around 5,000 financial services jobs.

The major accounting practice, PWC, estimates that a UK expat in France, with an income of 1m euros, could take home more than 180,000 euros extra, than that person would at home. There are two other factors that can explain the global appeal of Paris to property investors:

  • Firstly, finance facilities remain at historically low levels, with average mortgage rates at under 1.5%.
  • Secondly, prices in Paris still remain remarkably good value when compared with other global capitals such as New York, London, Hong Kong, and Singapore.

The Leggett Prestige Paris office, is situated on one of the two naturally formed, prestigious islands in the middle of the Seine, called Île Saint-Louis, from where they say, they are changing and updating window displays on a daily basis, just to keep up with demand.

There is a massive feel-good factor in Paris right now, with the Grand Paris Infrastructure project considered a real game-changer for the city; the upgrading of its transport network and generally improving the accessibility and attractiveness of the suburbs.

Not forgetting, Summer 2024 when Paris will be hosting the Olympics Games, expected to generate over 10bn euros for the economy, together with the creation of some 250,000 jobs across the region. Hotels, restaurants, and bars will be full to overflowing!

The Leggett Prestige agency staff, whose local knowledge of the city is second to none, are perfectly placed to guide you effortlessly through the viewing and buying process:

LEGGETT PRESTIGE

17, rue Saint-Louis en l’Île, 75004 Paris

Telephone: 01 40 46 06 20

www.leggettprestige.com

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