Demand for High End Property In Paris Continues to Climb
The eurozone crisis isn’t fazing international property buyers in Paris. In fact, in the second half of 2011, the Paris real estate market posted the highest sales numbers of all European countries, according to a report by CBRE.
Paris continues to be a ‘safe bet’ for international investors looking for a pied à terre or vacation home, as opposed to investing in a more fragile equities market. Today, 95% of high end properties in Paris (those valued at €6.7 million and over) are owned by overseas investors.
In fact, super rich overseas property buyers now dominate sales of high end property – typically defined as the top 5 per cent of the most valuable homes – in Monaco, Paris and London, buying properties that may only be in use for a few days a year. Rich international buyers are likely to own an average of four properties which they visit throughout the year.
“I am not surprised that these top-end markets are so international in terms of their buyers. The reality is the super-rich who buy these properties live increasingly global lifestyles,” said Liam Bailey of Knight Frank.
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