Preferences Preferences To safeguard0
Contact us
Paris Ouest (Paris 16ème - Victor Hugo)
Sotheby's International Realty
Paris Ouest (Paris 16ème - Auteuil)
Sotheby's International Realty
Paris Ouest (Paris 17ème - Etoile Monceau)
Sotheby's International Realty
Paris Ouest (Neuilly-sur-Seine)
Sotheby's International Realty
Paris Ouest (Hauts-de-Seine - Yvelines)
Sotheby's International Realty
Paris Marais
Sotheby's International Realty
Paris Est
Sotheby's International Realty
Send an email

Preferences

Currency

My research
  1. Home
  2. >
  3. All news
  4. >
  5. Press
  6. >
  7. High-end real estate survives the crisis
Posted on 03/02/2021

High-end real estate survives the crisis

LIBRE ECO

Share this link
High-end real estate survives the crisis
Although the clientele is more demanding on certain Parisian properties, the market for prestige real estate is holding steady. Alexander Kraft, head of the real estate subsidiary of the luxury house Sotheby's, is surprised to see his turnover increase by 5% compared to the previous year in the midst of the crisis. What's more, Sotheby's is not the only network to benefit from this. In fact, the Barnes and Daniel Féau networks have certainly recorded a drop in sales of Parisian goods and a stabilisation of prices, but sales in the provinces are on the rise. Indeed, the towns of Biarritz and Deauville are increasingly popular with wealthy buyers.

Alexander Kraft emphasises the effects of confinement, the latter having developed a thirst for space among buyers who are now looking to acquire properties with outdoor spaces such as a balcony or garden or simply larger properties. This is due to a more inward-looking lifestyle due to confinement, which has developed a desire to increase the quality of life in the main residence. There is therefore a desire to increase the living space, to have an office for teleworking but also an outdoor space to ventilate, even during confinement.

Useful assets as a refuge

The consumer real estate networks feel the same need among buyers, without noticing an increase in demand. This is more pronounced among wealthier people, who are more eager to find larger properties. Indeed, some sales are concluded remotely, without visiting beyond the virtual. This underlines the rush to sell and the urgent desire for a larger property.

This desire for space is added to a desire to secure one's capital. Rather than investing in shares such as gold, for example, buyers prefer to buy goods as a safe haven. The fluctuation of shares during the Covid makes real estate seem like the safest investment.

The health crisis has nevertheless slowed down the usual clientele, namely the British, who cannot travel to buy property in France. Alexander Kraft remains optimistic, however, that sales will rebound when foreigners will be able to enter France again. In fact, continued sales supported by French customers could lead to a significant increase in sales once foreign customers are added.

To read the full article, click here. 

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

The latest articles

An Exceptional Manor for Sale in Brittany with Paris Ouest Sotheby's International Realty
Read more

An Exceptional Manor for Sale in Brittany with Paris Ouest Sotheby's International Realty

In Brittany, a magnificent and exceptional manor is currently for sale, offering a breathtaking view of the Bréhat archipelago. Located in the charming commune of Ploubazlanec, this property spans a vast 8-hectare estate, presenting a unique opportunity for lovers...

Read more
 A Historic Estate in the Heart of the Hudson Valley
Read more

A Historic Estate in the Heart of the Hudson Valley

Discover the timeless elegance of the Hitchcock Estate, located in the picturesque Hudson Valley in Millbrook, New York. This historic estate, recently listed for $65 million, is a true gem of luxury real estate. In addition to its impressive financial value, the...

Read more
An Architectural Oasis in Cap Ferret: Exceptional Property by Sotheby's International Realty
Read more

An Architectural Oasis in Cap Ferret: Exceptional Property by Sotheby's International Realty

Cap Ferret, a favored destination for nature enthusiasts and luxury seekers, is renowned for its fine sandy beaches, dense pine forest, and tranquil yet sophisticated ambiance. This idyllic setting now hosts a new gem in the realm of prestigious real estate. ...

Read more