The year 2016 looks promising for luxury real estate

© Radio Monaco - published on Barnes International on 25/01/2016

By Camille Chappuis

In France, luxury real estate and departed the year looks promising for such specialists as prices have fallen sharply since 2007.

Affirmation of professionals in this niche industry who advance one main reason: the Russian and Middle Eastern clients, who had inflated prices in the last few years, up to freeze the market today are much less numerous.

Since 2007, the luxury property prices have been divided by two or even three. Result ? The sector's sales jumped 50% in Paris alone.

Overall, the real estate network Barnes sold last year, 2.2 billion euros of assets in France, Monaco or Switzerland, including 1.4 billion euros in France. This represents a 27% increase in one year.

If one looks at Sotheby's, sales have experienced a real leap year: + 155% in the last quarter of 2015. And for Alexander Kraft, CEO of Sotheby's France and Monaco, it is neither more nor less a 'return to normality' on the high-end market.

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