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. Prestige real estate: buyers seek to improve their quality of life and invest in a safe haven
Posted on 03/12/2021

Prestige real estate: buyers seek to improve their quality of life and invest in a safe haven

MY SWEET IMMO

Share this link
Prestige real estate: buyers seek to improve their quality of life and invest in a safe haven
"The year 2020, one of the most complicated years since the end of World War II, ended with a very strong boost in activity with a sales volume of €394 million in Q4 alone, a 35% increase over 2019. "Alexander Kraft, Chairman and CEO of Sotheby's International Realty. Surprisingly, 2020 is a year that is reviving prime real estate. Just when you thought that containment would bring down real estate numbers, the search for a better quality of life and a way to secure your money has caused sales to explode.

3 prestige sales every day

Out of 706 sales Over the year 2020, the Sotheby's International Realty France - Monaco network completed 706 prestige sales, an increase of around 10% compared to 2019 (with 645 sales). The average price was €1.29 million, a 17% decrease compared to 2019 which is due to the strong growth in activity in the provinces. As a result, the French agencies achieved a total sales volume of over €1 billion. Alexander Kraft explains, "This sales volume of around €1.06 billion shows that the prestige property market in France has weathered this historic crisis better than ever. "

Growing success of regional markets

Containment, as mentioned earlier, has boosted interest in prestige real estate in the provinces, as the French look for a second home. Teleworking has led to a desire for more space, either by extending the interior or by having an outdoor space.

The 54 agencies in the network have made numerous sales, particularly in the south of France in Provence and the Côte d'Azur, in the ski resorts of Megève and Méribel, and in cities such as Lille and Lyon.

Despite a desire for space and greenery, a dynamic market in Paris

In contrast to 2018 and 2019, Paris was not the most active market in France," says Alexander Kraft. In Neuilly-sur-Seine, eight mansions and houses were sold for an average of €5 million. In addition, sales of high-end properties, ranging from 10 to over 40 million euros, are on the rise. 40 million in Patis and a sale of €20 million in Neuilly-sur-Seine.

In regional markets across France

The South of France was particularly attractive to wealthy clients, with the Côte d'Azur recording a sale of €8 million, a flat sold for €7 million in Biarritz and Corsica recording a sale of €5 million for a beautiful property. In the West, Brittany is also popular, with a château sold for €4 million.

International: same trend worldwide

Sotheby's International Realty is recording very good results worldwide. For example, in New York, city residences are falling in price but suburban residences are rising in price. In Europe, particularly in London, sales are picking up, while Italian clients are looking for a vacation home. A record sale was recorded as the most expensive in history in Colorado for $57.25 million and in Virginia a property sold for $45 million. Finally, the year ended with the sale of producer Susan Sarandon's duplex for $7.9 million.

2021, what prospects?

The year 2020 suggests that prices for properties without exceptional features or with a defect will stagnate or even decline as they did this year. Prices for second homes will remain stable. Alexander Kraft concludes "We have noticed a growing interest from foreign buyers who are enquiring about the Paris market in particular. While a few have completed their purchase after virtual visits, the majority are asking for information about a possible visit when the health situation allows. We hope that 2021 will see the return of foreign buyers among others."

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
Chatou: A new haven of elegance and value just outside Paris
Read more
Chatou: A new haven of elegance and value just outside Paris

A fresh wind blowing through the Yvelines Long viewed as the quiet garden of western Paris, the Yvelines region is experiencing a revival in its property market. While Versailles and Rambouillet have undergone price corrections, it is Chatou that’s now capturing the…

Read more
A secret country house in the heart of Paris: Rare opportunity in villa des Ternes
Read more
A secret country house in the heart of Paris: Rare opportunity in villa des Ternes

Tucked away from prying eyes in the sought-after 17th arrondissement of Paris, a charming townhouse is currently on the market, listed exclusively by Paris Ouest Sotheby’s International Realty, a leading expert in luxury real estate in Paris. Located within the…

Read more
The Golden Triangle: Parisian Luxury at Its Finest
Read more
The Golden Triangle: Parisian Luxury at Its Finest

In the heart of Paris’s 8th arrondissement, bordered by Avenue Montaigne, the Champs-Élysées, and Avenue George V, lies one of the most coveted areas of the French capital: the Golden Triangle. This iconic district—synonymous with luxury, refinement, and French art...

Read more