The capital has become the most attractive city in the world in terms of luxury real estate, thanks in particular to the strong interest of foreign customers.
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HASWhile real estate prices in Paris have been generally eroding for two years, those of the most expensive properties continue to climb. And the capital has become very popular. It has risen to first place among the most sought-after cities for their real estate, according to the Barnes City Index 2023 real estate ranking, relayed by The Parisian. A list established according to the ratings of the cities among the richest, a population whose heritage exceeds 30 million dollars (27.5 million euros) in net assets.
The reasons for the success of Paris: “its heritage, its culture and its economic vigor”, specified the agency. With the high point of the organization of the 2024 Summer Olympics. For the first time, the capital is ahead of Austin, Tokyo, Miami and Geneva, then at the top of the 2022 ranking.
Eastern Paris opens up to the luxury market
In Paris, the areas most popular with foreigners, such as the Marais or around the Arc de Triomphe and the Eiffel Tower, were the most in demand. And, surprise, the success of the series broadcast on Netflix Emily in Paris has made certain areas of the city even more attractive. “Paris and more particularly the left bank have become a holy grail for international customers, assured Laurent Demeure, president of Coldwell Banker Europe. Fifteen years ago, it was the Paris of Amélie Poulain that was acclaimed, today it is that of Emily in Paris. »
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The interest of the wealthy now extends to the whole of the capital. The luxury market, confined to certain districts of Paris, is now developing in the twenty arrondissements and mainly in the East. “The Parisian market is poised to soar to new heights for truly exceptional properties. The symbolic threshold of 40,000 euros/m² has been crossed several times since 2020 and sales approaching, or even exceeding, 50,000 euros/m² are foreseeable by the end of 2023”, indicated the general manager of Barnes, Richard Tzipine.
The return of foreign buyers, with the end of sanitary measures in many countries, is contributing to the sharp rise in the luxury market in Paris. Buyers from Western Europe (British in the lead, followed by Germans, Belgians and Dutch) and North America represent 63% of foreign buyers and 57% in terms of spending.