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Paris Property Market Rises with 20% increase in prices

Edited by J M Eaves from an Article by Sarah Kendell appearing in HKT 10 May 2011

The price of  apartments in Paris continues to rise, with one real estate firm reporting a 20% rise in prices over 2010 alone, with more rises expected over the rest of 2011.

Analysts says the constant stream of foreign buyers looking for robust European investment opportunities, allied to the fact that locals are hanging onto their existing real estate, has created a demand-supply imbalance in the market.

Paris property remained buoyant throughout the global recession, so the savvy Parisienne owners kept hold of their gems, while clients from all over the world started buying, and are continuing to want a piece of the secret.

Apartment prices in Paris rose 20% last year, bringing average prices to around €15,000-€25,000 per square metre.

The property market in the French capital has surged ahead of the rest of the country – whilst the National Institute of Real Estate Agents reported a 12.07% year-on-year growth to Q3 2010 in Île-de-France, the region that encircles Paris, there was only an 0.6% growth in French real estate prices across the board.

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Prime Property Prices increasing on the French Riviera

Property prices are increasing on the French Riviera, with the average price for a prime property (over 1 million euros) in the region having increased by 0.27% since March. According to Estate Net France, the number of prime properties coming onto the market has also risen to 5.2% from March to April.

The average price for a prime property on the French Riviera now stands at €2,228,923 which is up from €2,222,818 in March. Prices still have a little way to go before they meet their previous peaks, but it does seem as if consumer confidence is returning.

Although there are more properties coming onto the market now, the number of villas and apartments for sale has dropped from 8795 in November 2010 to 8261 in April 2011. The most expensive area in the French Riviera is Cap Ferrat which is home to Andrew Lloyd Webber and has 94 prime properties currently on the market. The average price of properties for sale in Cap Ferrat is around 26 million euros.

Of course buying a property in the French Riviera doesn’t have to be this expensive. There are more affordable properties, and French mortgages are currently among the cheapest in the world. What’s more you can get your mortgage pre approved, which makes for a better bargaining position once you have found your perfect property.

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This area will always be popular, not least because of the natural beauty of the area and the average of 300 days of sunshine every year. On top of that the area is well served by low-cost airlines making it ideal for long weekends away.

“French leasebacks should be part of every investor’s portfolio” states French Investment Property Specialist

Charlie Williams of French investment property specialists Propspotter says the report spells positive things for the market in the coming year. “It looks as though France has made a successful recovery from the global downturn”, says Williams. “The Notaires report predicts growth in France outside Paris will be between 3% and 5% in 2011.”

For investors looking for a secure prospect with little initial outlay costs, Williams recommends properties within the French leaseback scheme, in which the developer leases the property back from the buyer for a fixed number of years. “French leasebacks should be part of every investor’s portfolio”, he says. “[They offer] a guaranteed yield circa 4% which increases 2% annually with indexation, combined with low rate mortgages and no capital gains tax after 15 years. Your investor’s average €300 monthly shortfall will turn into several hundred thousand euros’ tax free equity.”

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