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  7. Real estate: the Parisian ultraluxury doesn't know the crisis

Real estate: the Parisian ultraluxury doesn't know the crisis

Le Monde

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Real estate: the Parisian ultraluxury doesn't know the crisis

On the Parisian real estate market, the ultraluxury does not know the crisis. Indeed, prices remain on the rise, unlike those of the top-of-the-range market. In some districts, prices can even exceed 30,000 euros per square meter, provided that the property is sold ready to use.

These exceptional properties meet international standards: surface area of ​​at least 200 sq. m, terrace, air conditioning and nice view. Buyers are ready to buy a property at the price without negotiation as long as there is no default. On the other hand, for an apartment on the first floor, without a terrace, located in a noisy area or lacking in light, the price is systematically negotiated and revised downwards. This is how the sale of an apartment can sometimes take several months.

On the other hand, in the market for goods under 3 million euros, buyers are more sensitive to changes in prices and loan rates. "Apart from ultraluxury, which is protected, prices are settling for properties under 3 million euros, and the market for this category of property should begin to turn around in 2023”, Frank Sylvaire, associate director of Paris Ouest Sotheby's International Realty notes.

But who are the buyers in ultraluxury? “It is mainly Americans who are buying in Paris today,” Frank Sylvaire explains. The reason ? The exchange rate, which is much more favorable to the dollar compared to the euro, thus allowing American customers to considerably increase their purchasing power.

 

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