Towards an escape from the Golden Triangle?

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Towards an escape from the Golden Triangle?

Covid-19: Concern grows among residents of the Golden Triangle

After the vandalizations of the demonstrators, the coronavirus crisis, and now the anger of the PSG supporters, many residents are considering moving away from the Champs Élysées and its mythical surroundings.

For the moment, no escape from the Golden Triangle is expected, but demand is declining and tourists can no longer come in the midst of border closures. The population of expatriates and foreigners is diminishing and the climate of crisis limits the arrival of buyers. As Frank Sylvaire, Paris of Paris Ouest Sotheby's International Realty explains, "We are currently experiencing a break and some customers are waiting for the end of the anxiety-provoking climate before selling or not selling their property".


Should we expect a drop in prices?

In addition to a slowdown in sales, we are seeing a drop in prices of up to 10% per square meter. In addition, the COVID crisis has led to a search for more natural and wooded areas such as the Bois de Boulogne or the Parc Monceau. Frank Sylvaire points out:"This summer, we sold 4 hotels of 270 to 400 square meters in Neuilly-sur-Seine for between 3.5 and 6 million euros. Three of the four buyers lived in Paris. People want to breathe. This shift in the market will accelerate in the autumn". This thirst for space also translates into a quest for a more spacious property, which is boosting real estate figures.

Find the whole article ​here​.

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Dear clients,
 
Even in these difficult times, we stay by your side!
 
Although our brokerages in France are forced to close again for the time being, all Sotheby's International Realty ® teams in France and Monaco continue to work and remain at your disposal (by phone, email, SMS and video conference) to assist you with their unrivaled know-how and global resources!
 
Do not hesitate to contact us: Our local specialists are there to support you with all your luxury real estate needs. Today more than ever, luxury real estate remains a safe haven and an excellent long-term investment!
Take good care of yourself and your loved ones!
 
Your Paris Ouest Sotheby’s International Realty team