Gulf state buyers snap up French luxury property
Middle-eastern buyers are particularly interested in luxury property in Paris and throughout France. According to one source, these international buyers scooped up virtually all of the properties priced over40 million euros in the last 6 months.
Their appetite for theseproperties is such that, according to Barnes, multimillionaires from Qatar, Saudi Arabia and the United Arab Emirate have bought up every French property worth over 40 million euros in the last months.
Paris is particularly the focus of Gulf fortunes. More generally, Paris has moved up from the 10th to the 7th spot in the ranking of cities most appealing to the world’s largest fortunes, according to a Barnes study on luxury real estate buyers.
According to Barnes, they have seen a “surge of customers” from Dubaï, Qatar, Saudi Arabia and other Middle Eastern states over the past six months, all interested in high-end properties in the capital. Throughout France, luxury real estate is a “safe haven” for wealthy Gulf families.
Experts believe that this renewed appetite for luxury French real estate on the part of Middle Eastern buyers points to another phenomenon: Gulf oil families beginning to realize that the countdown on the depletion of oil wealth has begun, and it is time to place capital elsewhere. The beautiful Haussmannian apartments in Paris — a city with enduring appeal and rich historical and cultural charm — and other high-end property across the rest of France — a country enjoying political stability and a relatively strong economy — seem to be one such alternative investment.
Photo credit: RedSavannah