The market for super-luxury properties in Paris remains buoyant
Super-luxury properties in Paris with a price tag of €10 million or more remain highly sought-after, according to property experts. Most buyers at this level are ultra-high net worth foreigners with assets of more than €25 million. This trend is predicted to increase.
Towards the end of 2013, luxury properties saw a slight correction in prices from very high price levels. But the super-luxury market continues to forge ahead. Understandably, this is a small market with a restricted stock of properties, so a limited number are sold in Paris every year.
Around 90% of buyers are foreigners who have made their money in industry or new technology start-ups. Alongside the Russian and Arab buyers who have been in the market for some time, increasing numbers of Brazilians, Chinese and Indonesians are tempted by a property in Paris.
What type of property could you buy for these kinds of prices? As an example, a large apartment in a 17th century block by the river in the 6th arrondissement (district) was sold earlier this year for a cool €46,200/m2.
Although most sellers are private individuals, the French state has also been selling off real estate in this category. A princess from Brunei recently acquired a mansion of 3,000 m2 in the Invalides neighborhood (7th arrondissement) for a total price of €60 million. The property also had a private garden of 3,000 m2 – a rarity in Paris.