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Market analysis
26/09/2022
The luxury property market now covers all 20 arrondissements.
For decades, the luxury property market was limited to a certain few arrondissements in the West and Centre of Paris. But that has now changed, with all 20 arrondissements now encompassed according to BARNES, which comes armed with supporting figures. Nothing short of a revolution, and a sign of a new and likely lasting approach to Parisian life.
The trend observed since 2018/2019 has accelerated since 2020, with high-end sales now taking place in all 20 arrondissements, as Richard Tzipine, Managing Partner of BARNES, explains: “Demand is naturally different depending on the sector in question. On the one hand, there are the most coveted, historic arrondissements like the 6th, 7th and 8th, which remain sound values on the whole (see the price table per arrondissement). And on the other hand, the new in-vogue neighbourhoods, in the 19th and 20th arrondissements for example, are more clearly limited to a single street or square. What we’re seeing, both for a French and international clientèle, is a new way of approaching property acquisitions in Paris. Based on a more personal tendency, similar to a bespoke format”. The transformation of traffic conditions in the city centre and the move away from cars as the main form of transport have a part to play in this phenomenon. Buyers now rationalise in terms of journey time, having realised that they can cross Paris by bus, metro or bike in 20 minutes. This has significantly broadened their field of vision.
“What we’re seeing, both for a French and international clientèle, is a new way of approaching property acquisitions in Paris.” Richard Tzipine, Managing Partner of BARNES
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