With rising prices in the high-end districts of London and its suburbs, and a pound now valued closer to the euro, Parisian real estate can play its trans-Channel clients as it pleases. Especially since “Paris prices are starting to stabilize, meaning fewer transactions,” says Jean-Pierre Braun, director of Immobilière du Château.
“But the market is still strong, since there’s more demand than supply.” Particularly for quality properties in Paris, always much loved by the English. “Many rent in Britain but come and settle in Paris, Neuilly-sur-Seine or Boulogne-Billancourt.” They move here with substantial purchasing power, looking for something really attractive, “basically a property in good condition which does not need work,” says Richard Tiberghien, director of Etude Doumer and Etude Wagram. “They may be willing to pay 5 to 10% more for the perfect home.”
His agency, for example, recently sold a completely renovated 55 sq. m. three-room apartment in avenue Carnot with a view of the Arc de Triomphe, for €495,000. “It was a couple looking for a home in Paris because they wanted to enjoy the atmosphere.” Somewhere decent you could put down your bags irrespective of where in Paris, but still with some preferences. “The English like the village feel to a Paris quartier and they tend to find it in the Ternes-Monceau area, with its beautiful buildings, and lively shopping street,” says Richard Tiberghien. “Ditto for the Victor Hugo or Bellefeuille neighbourhoods.
They also go for classic views such as around the Trocadéro, the Eiffel Tower or over the river Seine.” But there are fewer and fewer high-quality properties on offer. This makes for more unpredictable transactions “when it comes to a beautiful building in a fine location, whose amenities match the purchase price,” warns Richard Tiberghien. “The slightest defect can drive the price down.”