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Posted on 18/02/2022

The rise of prestige real estate, the dance of figures in 2021

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The rise of prestige real estate, the dance of figures in 2021
With an average of almost 4 sales per day, the turnover of Sotheby’s International Realty went from €1,032 billion in 2020 to €1,456 billion in 2021. Alexander Kraft, CEO, explains this spectacular rise as follows: “The French turned to prestige real estate because of covid crisis: they felt that they needed to improve their quality of life and bet on a safe investment.” Indeed, an increase in interest for exceptional properties has been noticed, contributing to the increase of the average price of 13% to reach €1.45 million. In Paris, but also in the south of France, which appeals to European, and again, since last Summer, American buyers.

Regarding the prices, there is a general stagnation. Exceptional flawless properties are sold at a normal price, unlike classic properties with or without defaults which are sold a little less than their price. Concerning the budgets, sales between 5 and 10 million have increased a lot in 2021, in province included. Thus, Sotheby’s International Realty France Monaco sold a property in Paris for more than €13 million, and more than €10 million in Neuilly-sur-Seine.

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