Real estate: the health crisis soars the luxury market

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Real estate: the health crisis soars the luxury market

LES ECHOS

Posted on 04/06/2021

In 2021, the luxury real estate market has never been doing so well. The market already used to be dynamic, but Covid-19 and remote working have increased the sales and buyers have changed their search criteria. They are very exacting and focus on properties with exceptional qualities: high-quality material, nice ceiling height, breathtaking view of the Eiffel Tower… but most of all with an outdoor space. Terrace, balcony, garden… are key elements which allow to provoke a sale. Thus, the buyers rush to the west of Paris. “For the same property, we receive three or four offers with cash payment and without condition precedent”, Sotheby’s International Realty Hauts-de-Seine manager Jean-Charles Engel explains.

Townies’ lifestyle change. Because of remote working, the desire of escaping has increased. The possibility of working from home until 5 days per week drives some people to invest in properties with the comfort of a principal residence. Spaces dedicated to living, practicing hobbies or working are all sheltered under the same roof, compartmentalized and designed for all at any time of the day. A good Internet connection and the proximity of roads, service and shops have to be added. “Investing in a luxury property well located is a relevant strategy in light of the situation and the evolution of the real estate values”, Jean-Charles Engel says. Online searches for unusual properties, houses and even castles have increased. Megève and Courchevel, the west coast from Deauville to Saint-Jean de Luz, are among the most prized place, despite the lack of properties, as owners refuse to give up their estate.

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