Buying a luxury apartment in Paris: BARNES, the 'capital' asset

Everything you need to know before starting your search for property in Paris... In this city whose praises have so often been sung in music and cinema, Barnes can help you avoid the pitfalls to better identify what you are looking for and meet your requirements.

Buying an apartment in Paris: between iconic sites and personal criteria

An upmarket apartment in a Haussmannian building in Saint-Germain-des-Prés? A bold loft conversion in a former boutique in the very trendy Le Marais neighbourhood? A cosy yet spacious pad on the picturesque Butte Montmartre that has been immortalised by so many painters? Or a luxury pied-à-terre on the historic Île Saint-Louis affording a stunning view over Notre-Dame and the Seine?

Planning to buy property in Paris can sometimes be a vertiginous endeavour given the wealth of reputed neighbourhoods, prestigious sites and monuments, legends and myths... And even when you think you’ve made your choice by focusing your sights on a luxury apartment in Paris, there are still a few pitfalls to avoid.

With the help of the Barnes experts, you can gain a better understanding of the realities of the property market (in particular when buying an apartment in Paris), and weigh the advantages and disadvantages of the most popular arrondissements and neighbourhoods in order to narrow down your search criteria. Depending on whether you have school-age children and on your work and mobility needs (proximity to public transport), location will be the deciding factor. Other criteria such as the view, the local leisure facilities and your general habits (small shops, healthcare establishments, green spaces, etc.) should also be taken into account. But have no fear, the Barnes teams are on hand to select the properties with the best location and features that most suit your tastes (level of comfort, architectural style, etc.).

And this quest for the Holy Grail holds an appeal in itself: in the words of French author Jules Renard’s, Paris is just a few letters short of paradise! 

The symbolic €10,000 per sq.m threshold when buying an apartment in Paris

It’s a common prerequisite when buying any property, whether a luxury apartment in Paris or a student flat in the provinces: knowing your budget and the current market situation.

The symbolic €10,000 per sq.m threshold was reached a few months ago in central Paris, although this remains an average. According to the figures from the chamber of notaries based on completed transactions, contrary to popular belief, the differences are not that considerable from one arrondissement to the next. The most highly priced area is the 6^th arrondissement with an average of €14,500, while the most affordable is the 20^th with an average of €8,980 per sq.m. However, in light of the changes over the past five years, the difference is starting to narrow (previously less sought-after arrondissements have showing an increase of 30% over this period).

This is one of the most frequent traps for those looking to buy an apartment in Paris: price can differ wildly from one street to another and even from one side of the street to the other! The presence of an underground metro line, the general condition of the building and its façade, the proximity of visual or noise nuisance (living next to a museum may seem appealing but comes with considerable pedestrian traffic) and of course the storey (which may or may not offer a clear view) are all decisive factors. Not to mention the undeniable advantage of balconies or terraces (or even rooftops) and squares or parks, the importance of which was particular felt during lockdown as a result of the health crisis in spring 2020!

Buying a property in Paris for a few months or for a lifetime

The very definition of a luxury apartment in Paris covers varied aspects depending on your lifestyle, your personal tastes, and where applicable, the reasons behind this property purchase: expectations are different depending on whether you’re looking for a place to stay for a few months a year or whether you’ve decided to buy an apartment in Paris as a permanent home.

A great connoisseur of the capital, Ernest Hemingway, wrote: “If you are lucky enough to have lived in Paris as a young man, then wherever you go for the rest of your life, it stays with you, for Paris is a moveable feast!” Although that may be true, it’s advisable to spare yourself the groggy morning-after once the headiness of the glitzy nightlife and romantic evenings has faded with the light of day.

Thanks to their network and their knowledge of the market and the subtle geography of Paris, our Barnes consultants can put together a personalised selection in line with your property acquisition plans. They make it their business to understand your definition and expectations of a ‘luxury apartment in Paris’: especially when the devil is in the details. Buying an apartment in Paris may lead to sometimes unexpected questions that while trivial for some are crucial to others. For example, the presence of one or more garages, cellars, maid’s rooms, the possibility of changing the layout (to free up space in a bedroom), the quality and reputation of the tradesmen who carried out the renovation, etc.

Luxury apartments in Paris: examples to whet your appetite

Under €1 million: don’t rely on the stated average of 10 to 14,500 euros per sq.m. Buying a property at this price, if you want a certain level of standing, means for the most part pied-à-terres that have at best one bedroom in addition to the living room. But which are located on the chic main streets (such as this apartment at €816,000 for 46 sq.m on the Champs-Élysées) or in neighbourhoods coveted for their peace and quiet and central location (like this 2-room apartment with fantastic volumes in a stylish building near Lutetia at €730,300 for 46 sq.m).

Under €2 million: this budget allows for larger surface areas when buying an apartment in Paris. For example, this a 77 sq.m duplex with 2 bedrooms near Parc Monceau, in the 17^th arrondissement, where wood and stone combine in a peaceful and almost rustic (or ‘chic bucolic’) setting. Price: 1.28 million. In a different genre, a 185 sq.m loft is listed at 1.78 million in the 10^th arrondissement overlooking a private courtyard. With its contemporary style and glazed living room, it may not meet the traditional picture postcard image of a luxury apartment in Paris, but it does have originality... and space! Or for a more classic yet trendy look, this 4-room apartment in the 16^th arrondissement on the top floor with a terrace and panoramic view... And to top it off: a private lift. Price: 1.8 million.

Over €2 million: As you may imagine, the higher the budget, the more premium the property. Either location is the key asset: like this upmarket 3-room apartment on the riverbanks with a stunning view of Notre-Dame (in the very select 4^th arrondissement, with an asking price of 2.8 million), Or the priority is on surface area and style, such as a 4-room 153 sq.m apartment in a beautiful Haussmannian building at the heart of the Latin quarter (price: 2.99 million).

When it comes to buying property in Paris and in particular a luxury apartment, put your trust in experts who know that ‘peace and quiet, luxury and opulence’ are always an option in Paris. You just need to know where to look...