Despite the health crisis, the luxury real estate market has remained active both in terms of transactions and rentals.
Although lockdown brought the property market to a halt, it also had the effect of shifting expectations among the French. Greenery, space, an exterior... people living in big cities are now craving the countryside. Which is why many started looking for a property in rural areas straight out of lockdown.
A two-tier market has emerged in Paris depending on the type of property for sale. “Since mid-May, we have concluded some twenty flash sales (less than 72 hours) for high-quality properties, overlooking a garden or a monument, in a prime location, with an exterior, etc.”, explains Thibault de Saint-Vincent, President of BARNES. “In contrast, large properties, over 300 sq.m (3,230 sq ft) with no added extras, overlooking a courtyard or dark, are not attracting interest. In these cases prices need to be lowered by 30% to convince buyers. For example, in the same building, a superb 140 sq.m (1,507 sq ft) apartment with a stunning view could sell for €13,500/sq.m (€1,255/sq ft) while another 280 sq.m apartment on the second floor overlooking a courtyard will go for €10,000/sq.m (€930/sq ft)”.
© Propriétés Le Figaro - published on Barnes International Realty on 28/09/2020
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