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.

Read the whole article here. 

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