NUMBER ONE FOR BUYING PROPERTY AND LIVING IN FRANCE ParisPROPERTY GUIDE Find Your Dream Home PARIS PARIS PARIS PARIS €650,000 €830,000 €1,900,000 €2,700,000 FIRST FOR BUYING PROPERTY & LIVING IN FRANCE Property Guide Paris Paris Property Guide With Paris property prices soaring, further boosted by the ‘Macron effect’, confirmation of the 2024 Olympics and now the last-minute Brexit rush, this could well be the moment to buy. Here, we tell you all you need to know… By Caroline Harrap PARIS With high ceilings, wrought- iron balconies and elegant aris is always a good idea, or so said Audrey façades, Haussmannian Hepburn anyway. Well, it looks like she wasn’t apartments are among the alone in her view, if the property figures for the last city’s most desirable year are anything to go by. According to the latest Preport from the Notaires de France, the legal specialists who preside over property transactions in the country, there were record volumes of sales as well as price rises across many cities, but Paris was one of the key hotspots. In fact, year on year, the figures show a price rise of 5.5 per cent for apartments in the city, with the average cost now an eye-watering €8,450 per square metre, and no sign of this trend abating. So, what are the reasons for this? Well, aside from the enduring allure of the French capital, it seems the stars have aligned to make this a very good moment for the Paris property market. First, there’s what is being called the ‘Macron effect’, with the young president putting the revival of the economy at the heart of his plans, thereby creating new confidence in the market. Then, hot on the heels of Macron’s arrival, came confirmation that Paris would be hosting the 2024 Olympics, bringing with it the prospect of a whole raft of investment across the city. And, lastly, there’s the small matter of Brexit; rather than deter British buyers, the triggering of Article 50 seems to have hastened many potential purchasers into a frenzy of action, in the hope of securing their life abroad before it’s too late. Even putting aside the current auspicious circumstances, the Paris property market has been seen as a safe long-term investment for some time now. For one thing, there’s the simple fact that demand far exceeds supply in what is ➤ “Aside from the enduring allure of the French capital, it seems the stars have aligned to make this a very good moment for the IMAGE © FOTOLIA © IMAGE Paris property market” 2 WWW.FRENCHENTRÉE.COM/PROPERTY WWW.FRENCHENTRÉE.COM/PROPERTY 3 Property Guide Paris Paris Property Guide “Whilst it’s true that the weaker Pound has been a blow to some Brits, those renting out their properties have reaped the rewards of a stronger Euro” However, the beauty of Paris is that it is such a small city that you don’t need to be in the most popular districts to enjoy the best of what’s on offer. And, in fact, many of the more up-and-coming arrondissements, such as the trendy 10th, the rapidly gentrifying 18th and the increasingly popular ‘boho’ 20th, have a particular charm of their own. What is more, with the Olympics now confirmed for 2024, this will herald new investment across the entire city, bringing with it improved infrastructure, better facilities and an increased emphasis on sustainability. The jury is still out on whether we will see the Seine clean enough to swim in, as is hoped by the mayor, Anne Hidalgo, but it’s certain that the Games will bring huge benefits – and not just to the city itself but also to the outer suburbs. One of the key focal points, for example, will be the area to the north-east of the city, Seine-Saint-Denis, where the Olympic Village will be located (more on that below). Then, if all that wasn’t enough, there’s also the Grand Paris project. Set up under Nicolas Sarkozy’s presidency in 2007, with the aim of better integrating the city with its surrounding suburbs, this ambitious urban development will see a major expansion of the Métro into the peripheries of Paris. Along these routes, the aim is to have strategic sites of enterprise, with a mooted 70,000 new homes a year planned. So, suddenly the outer suburbs, once overlooked by the international buyer, are looking increasingly attractive – and, unlike in the city itself, it’s still possible to bag a bargain there too. “These days, we are working more and more in the suburbs,” says Nadine Giblin, co-owner of Paris property company, Groupe COGIB, which is based in the 9th arrondissement. “Even aside from the Grand Paris plan, the Clockwise from a relatively small city, meaning the market is very resilient suburbs are very easy to reach by public transport and the above: The Damoye courtyard in the even when recession bites. Then there’s those low interest prices are so much cheaper. To give an idea, down in the Bastille District has rates, which can make a French mortgage a very attractive famous forêt de Rambouillet, just that bit further out, we sell a villagey feel; a proposition. And whilst it’s true that the weaker Pound has plots of land that are 350 square metres from €150,000. What view of the Eiffel Tower comes with been a blow to some Brits, those renting out their properties is more, builders offer beautiful houses, exactly designed for a steep price tag, have reaped the rewards of a stronger Euro. every taste. So, you can have an eco-friendly house, made though some from wood, for less than €100,000 for 80 square metres. A argue a glimpse of the Dame de Fer is ALL SET TO BUY new house, with a little garden and a barbecue, in a quiet, priceless So, let’s say you’re all set to purchase your Parisian pied- friendly environment between nature and the city, is a very à-terre – which areas should you be looking at then? Well, attractive proposition. if money is no object, you may well wish to go for one of “Nearer the périphérique/Métro, forget Neuilly-sur-Seine the perennial favourites, such as the leafy avenues of the and Levallois-Perret where the prices are like in Paris. swanky 16th, the medieval streets of the Marais or the However, Saint-Ouen is still affordable, at €4,500 per square classic Parisian neighbourhood of Saint-Germain-des-Prés. INFO PARIS FOTOLIA, © IMAGES metre, though becoming very popular, and Aubervilliers ➤ 4 WWW.FRENCHENTRÉE.COM/PROPERTY WWW.FRENCHENTRÉE.COM/PROPERTY 5 Property Guide Paris Paris Property Guide WHAT ARE THE MAIN PROPERTY or Pantin could also be a good choice. If you prefer the Left: Haussmann TYPES IN PARIS? chic west of Paris, you can find beautiful millstone houses was tasked by Napoleon III to carry in Chaville, near Sèvres, which are further away but so out a huge urban HAUSSMANN HAVEN charming, for less than €5,000 per square metre.” renewal programme The Paris we know today is largely and design wide avenues lined with down to Georges-Eugène A WORD OF CAUTION imposing apartment Haussmann, commonly known as Of course, while it’s true that market conditions are looking buildings such as Baron Haussmann, who was very favourable just now, there are some important things to this one appointed by Napoleon III to carry out bear in mind – especially if you are buying as an investment a massive urban renewal programme in the 1800s. rather than as a place to live. For a start, there are now Introducing wide avenues lined with imposing buildings and strict rent caps in place across the city, meaning that it can wrought-iron balconies, these classic Parisian apartments take several years to recoup an investment, especially if are now among the city’s most desirable properties. you buy in one of the more expensive areas. Also, a word of caution about those planning on renting out their place for INDUSTRIAL LOFT short-term holiday lets through companies such as Airbnb. With the ever-growing demand for Owners are only allowed to do this for a maximum of four apartments, the creative reinvention months a year, and only if it is their principle place of ➤ of commercial spaces has really taken off. Generally open-plan, these expansive properties tend to be larger than conventional apartments – and are often decorated with second-hand, vintage and even found objects – a INSIDER INFO curiously French trait where no-longer needed furniture is left on the street for the taking. WITH THE NEWS THAT PARIS WILL HOST THE OLYMPIC GAMES IN 2024, 100 YEARS AFTER FRANCE LAST HÔTEL PARTICULIER STAGED THE EVENT, THOSE WITH A hôtel particulier is a historic private A KEEN EYE ON THE PROPERTY mansion, comparable to the MARKET HAVE BEEN PAYING CLOSE British townhouse, dating as far back ATTENTION TO THE KEY SITES. as the Middle Ages. Once owned by Unlike the campus-style setting that we wealthy French families, they remain saw at London 2012, the Paris Olympics the embodiment of French prestige property. These days, will see venues dispersed across the city La Campagne, in the 20th, is an urban oasis they usually tend to have been converted into hotels or and beyond. divided up into multiple apartments, which at least means So, while the historic heart of Paris will will be created. that more people can enjoy them.