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Perspective
23/01/2016
The proportion of buyers from the Middle East has increased significantly in recent months. According to Barnes Realty’s prestige network, Qatari, Saudi or Emirati multimillionaires rounded up all French goods sold more than 40 million euros.
(LaVieImmo.com)- Paris has made its way back into the crosshairs of affluent property-investors. The French capital went up the ranks from 10th to 7th place in the ranking of the most popular cities of the great fortunes of the world, according to a study by Barnes on the luxury real estate market. Unsurprisingly, London and New York rank among the top 2 of the ranking despite the overall price per square meter increasing.
Barnes’ main findi is that the proportion of buyers from the Middle East has increased significantly in the recent months. This is particularly true in France, and more so in Paris, where they have witnessed a wave of customers coming from Dubai, Qatar or Saudi Arabia. These customers buy big and they don’t buy cheap, hence the spectacular growth of the market for goods worth more than 4 million euros.
Customers in the Middle East crave goods of over 40 million euros
Barnes’ number of sales of said goods have tripled, and they aren’t the only players in the game that have experienced said returns, as all luxury real estate specialists are confirm: there is a big wave of customers coming from the Gulf countries. They are the ones who make up most of the ultra-luxury market, say professionals of the industry. Because today all luxury real estate specialists are unanimous: there is a real rush of customers from the Gulf countries. They are the ones that make most of the market and still one of the ultra-luxury, say industry professionals.
Indeed, Middle Eastern buyers represent 100% of customers who purchase properties of over 40 million euros. How does one explain this wave of customers? Due to the simple fact that luxury real estate is the new safe haven for the affluent. Ultimately, in a context where oil prices continue to decline, rich families from the Gulf are investing heavily in France’s high-end properties.
As summarized by an industry specialist, “the Parisian real estate market is to affluent Middle Easterners what the Livret A is to French citizens, a safe investment with guaranteed returns.”
This wave of Middle Easterners began with the Arab Spring and their investments multiplied when oil prices declined. One of the members of this wave even took part in the most expensive transaction in history when he purchased the famous Louis 14 castle in Yvelines through Daniel Féau for a whopping 275 million euros.
© La Vie Immo.com - published on Barnes International on 23/01/2016
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