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Posted on 03/02/2021

Prestige real estate is maintained thanks to french people


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Prestige real estate is maintained thanks to french people
The COVID-19 has caused a halt in property sales, however, prestige real estate is seeing its prices hold steady and its figures are not affected by the crisis. Indeed, while generalist retailers such as Orpi or Century 21 are suffering from a drop in sales due to this complex year, luxury real estate does not seem to be affected by the crisis. In fact, the absence of the usual foreign clientele has been countered by the growing desire of the French fortunes to afford larger properties. Charles-Marie Jottras, president of the Daniel Féau network, emphasizes that the clientele seeks above all to secure their money in their primary residence, which will be more valuable than a second home. Beyond an economic reason, confinement has developed a desire for space, which is why the clientele is generally foreign and now consists of French people, who account for three-quarters of buyers.

Some properties sold without negotiation, others eternally unsold

At Barnes, sales were driven by a desire for refuge. As with Féau, the need to secure the assets also comes into play, but it is also a value of refuge for the family, a place of rest. This increase in demand was out of balance with a lower supply, but this was readjusted at the end of the year. As a result, buyers' demands are higher for goods with defects. In fact, while the sales of goods worth more than 5 million have increased by 125%, the other, cheaper goods are more difficult to sell. In fact, just as buyers buy a defect-free property at the price or with little negotiation, properties of lower prestige see their prices fall and negotiations become longer. Beyond the Paris region, sales in Normandy and the PACA region have increased, due to this desire for space and refuge. In the hyper-luxury sector, the Michaël Zingraf Christie's International Real Estate group realised 107 sales, 4 of which exceeded 7 million euros. An exceptional sale was also recorded, that of the "Grand Jardin", the only private property on the island of Sainte-Marguerite, facing the bay of Cannes, with an estimated value of 45 million euros.

Regions that are attracting more and more

The Covid-19 crisis has also animated an already buoyant sector. Alexander Kraft, managing director of Sotheby's, observed a rise in interest from foreign buyers of Parisian property and among the French, he observed a desire to escape to Normandy or Brittany. Indeed, according to a survey by Propriétés Le Figaro, 69% believe that the top-of-the-range property market will survive or even benefit from the crisis, particularly due to the initial need to move to the provinces. 50% of them are looking to obtain a villa, 26% particularly in Brittany or Normandy. Beyond these popular regions, Provence is also attracting, with an increase in interest in this region of 2 points. The desire for space and especially large plots of land suggests that the market will continue to flourish.

To read the full article, click here. 

Paris West Sotheby's International Realty, specialist in luxury and prestige real estate in Paris

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