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Market analysis
22/01/2021
The health crisis has shaken up the top city index, which has seen the traditional big names knocked off in a surprise turnaround.
The attraction of Paris in the eyes of the very wealthy clients (with between €1 and €30 million to their name or more) has seen a sudden leap... backwards. Of course, the opposite would have been difficult, as the City of Light came in pole position in 2019. One year later, Paris has slumped into seventh place, according to the index established by the BARNES luxury realty network.
The numerous strikes (‘gilets jaunes’, public transport, etc.) paired with the COVID crisis are major factors in this fall, although the capital has managed to retain its place in the Top 10.
“The Paris property market has held strong and the city is still a dream destination”, says Thibault de Saint-Vincent, President of BARNES. The French capital is not the only noticeable absence on the podium. None of the 5 cities that have vied for the top spots for decades claimed a place in the Top 3 or even the Top 5 this year! That’s New York, London, Hong Kong and Los Angeles.
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© Le Figaro Immobilier - published on Barnes International on 22/01/2021
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