Love and Luxury: Buying a Home in Paris
Luxury real estate has been a growing market in the last decade, due to a combination of increasing potential buyers with a high net worth, as in Dubai, one of the richest cities in the world and with one of the most number of billionaires; the popularity of a mindset of upscale living; and the development of properties suitable to the taste of this exclusive clientele.
What makes a luxury property?
There are many factors that contribute to a property being labeled as luxury, the main being the price point being well above the average in that city. Locality matters, in terms of safety and proximity to amenities, schools and businesses is the property close to schools and businesses. As properties are usually bought as a home or investment, the tax competitiveness and potential for growth are also important factors. Finally, there is an emotional aspect even for the more seasoned buyers, in terms of culture, activity, and demographics.
As for the property itself, luxury is also about the materials for its construction and its interior design; for example, marble countertops and industrial appliances are always looked favorably upon. What sets one home apart from other properties is also dependent on what the buyer wants. Be that a vineyard, a place for a yacht, a room with no reception for wireless network, a smart home, concierge services, in-building amenities, or an interior green space, these features increase the value of the property, if it so prized and trendy.
For this year, the top five cities in the world for luxury real estate are Paris, New York, Tokyo, Los Angeles, and Hong Kong.
The darling of luxury real estate
It is no surprise that Paris has climbed to the top of the list of most desirable cities for the purchase of luxury real estate. Paris has a strong historic and tourist appeal and boasts of a healthy economy. There are many neighborhoods (arondissements) in Paris, but the cultural heritage and the renewal program begun in the 19th century resulted in most properties having beautiful architecture and high-quality construction. As a result, sales in the most expensive areas have surpassed €2,727/square foot.
Family homes are usually based around the central bank, while younger individuals prefer the livelier neighborhoods in the center and east of the city. Areas surrounding Paris, such as Neuilly-sur-Seine and Boulogne-Billancourt, are also of interest for those looking for a larger property and comparable prices. Regardless of location, the hottest properties on the demand seem to be those that are ready for move-in, with amenities of international standard and with security measures, such as surveillance systems, in place.
The ongoing development to modernize Paris, including its public transport system, as well as make the city environmentally sustainable through cycle paths, has made the City of Love the darling of luxury real estate. French locals, expatriates, and foreign nationals have been in the market in 2019. French buyers have tended to focus more on the quality of life and accessibility of homes to city amenities, while foreign buyers are likely to prioritize the prestige of the address and an unforgettable city experience, unless they are practical and have a better knowledge of Paris.
Buying property in France, particularly in the capital, can be challenging without being familiar with the locale and culture. Engaging the help of experienced agents is the best option when seeking to purchase real estate, whether as a home or an investment. À bientôt!
