By the Engel & Völkers Team
Far beyond the allure of its gourmet food and romantic walks around the Eiffel Tower, the charisma of Paris attracts globetrotters the world over for being a mecca of rich culture, history and internationalism—and its investment opportunities reflect it.
Our most recent report on residential properties in Paris indicates a strong market outlook with the number of property sales rising by 17 percent year-over-year. Compared to sales prices in the previous year, the amount per square foot has and will continue to grow this year due to positive economic conditions, low-level interest rates and increasing demand from international investors.
David Scheffler, CEO of Engel & Völkers France, states that "the market upturn of the last two years has continued in Paris in 2018.” He adds, “We expect demand to increase in Paris, particularly in the luxury segment, and prices to continue rising accordingly.”
The 4th, 6th, 7th and 16th Arrondissements round up some of the most exclusive residential addresses and neighborhoods in the city with domestic and international buyers primarily from Europe, the U.S., and Asia vying for prospective secondary homes or capital investment with rental opportunities.
Aside from their unique historic origins, each Arrondissement showcases its own characteristics: the 4th Arrondissement with its view of famous sights such as Notre-Dame and Sainte-Chapelle, the 7th Arrondissement for Saint-Thomas d'Aquin, awe-inspiring architecture and beautiful avenues and the “greenest” most serene 16th Arrondissement for its view of the Eiffel Tower. The 6th Arrondissement proved to be the most expensive location where properties close to the Odéon national theatre cost as much as 28,000 euros per square metre. In the first half of 2018, townhouses sold for as much as 25 million euros.
From Haussman-style apartments with sandstone facades and charming balconies to renovated flats with lofty ceilings and exposed beams, homeowners gravitating toward this variety of luxury properties include Paris’ upper echelon such as French business and political elite as well as international clientele.
Also accounting for the 2024 Summer Olympics taking place in Paris along with the French government’s large-scale infrastructure project “Grand Paris,” interest in the city's property market is not forecasted to slow.