Luxury real estate: 2020, a surprisingly resilient year despite containment and the Covid-19 crisis

  1. Home
  2. >
  3. Press
  4. >
  5. Luxury real estate: 2020, a surprisingly resilient year despite containment and the Covid-19 crisis
 Luxury real estate: 2020, a surprisingly resilient year despite containment and the Covid-19 crisis

Sotheby’s International Realty France - Monaco posts results for the first half of 2020 virtually identical to those of last year. Alexander Kraft, its chairman, gives an extremely positive assessment of the first 8 months of the year.

The state of health of post-confinement prestige real estate
The results are surprising, last year offered incredible results and this year the turnover is 435 million euros, almost as much as last year (449 million euros). Also, Sotheby's made 157 sales throughout the metropolis, averaging about 1.55 million euros.

The three main reasons for this sales revival  
The French are in search of space, whether it is a larger property or an outdoor space, so they are increasingly looking for a better location or a second home to recharge their batteries. Finally, teleworking is redefining the requirements and desires of buyers.

A movement spread over various parts of France
French customers are interested in many popular markets in France. On the sea and ocean side, the cities of La Baule, Le Touquet or Dinard seduce while the lakes of Annecy and Bourget seduce lovers of lake regions. Also, on the countryside side, the regions of Brittany and Normandy have conquered the French clientele. 

The evolution of prices
The stability of the demand allows to avoid a fall in prices despite a possible negotiation of about 5% to 10%. Thus, Sotheby's International Realty has been able to make good sales such as an 8-million-euro apartment in Paris 16, a house in Caluire for 5.25 million euros.

Find the entire article here.