The 8th arrondissement of Paris, the first choice of HNWIs

It’s undeniable, says Philippe Joffre, director of BARNES Saint-Honoré. The 8th arrondissement of Paris is a favorite of HNWIs (High Net Worth Individuals). This wealthy clientele is particularly fond of the historical side of Paris, the one signed by the legendary Haussmann.

The trifecta of the 8th

Although among the chicest, the 8th arrondissement of Paris has many sides. It can be zoned according to the 3 different atmospheres found on its beautiful streets and avenues in the center of Paris, on the 'Rive Droite' or right bank of the Seine, and attracts a diverse clientele, Philippe Joffre tells us.

The first is family-oriented. Families are particularly interested in investing in beautiful Haussmann buildings and hôtels particuliers or private mansions near the charming Parc Monceau, a cherished recreational grounds for children and joggers. Spacious luxury apartments on Rue de Courcelles, Avenue de Friedland, Boulevard Malesherbes, and Boulevard Haussmann are quite popular. Residents of the 8th arrondissement are more than pleased with the selection of reputable schools nearby, such as the École Active Bilingue, Lycée Chaptal, and Fenelon Sainte-Marie. They also enjoy the district’s safety, not to mention the shopping streets near the Ternes neighborhood. Philippe Joffre revealed to us that 58% of clients interested in the 8th arrondissement are also looking at properties in the 17th arrondissement.

Next is the glamour of the famous Triangle d’Or district, which is highly coveted and sought after by a very affluent clientele attracted to the emblematic character of the 8th arrondissement and its monuments, museums, the Grand Palais, etc. You’ll also encounter the business world, headquarters of big banks, law firms, advertising agencies, in addition to a population of foreigners that live in the 8th a few months out of the year. Transients from the Middle East enjoy their holidays in palaces on Avenue George V or Avenue Montaigne and buy large luxury apartments with enough space for their families. Italians, even the English, adore the luxurious extravagance of the Champs-Elysées and Avenue Montaigne with its prestigious shops and lavish cars.

Find the third and final side of the 8th arrondissement in the neighborhood of the Élysée, also known as the Madeleine. There you’ll come across a European clientele in search of apartments in 17th or 18th-century buildings. This area is also a little more touristic, perhaps because to simply stroll around Rue du Faubourg St-Honoré is one of the most enjoyable activities Paris has to offer. A bonus, our BARNES office is located on these mythical streets, just a few steps from the Palais de l’Élysée and Hôtel Le Bristol.

What types of property do HNWIs buy?

Consider this: The 8th arrondissement is to Paris what Fifth Avenue is to Manhattan. Which is to say very high-end. Therefore, HNWIs are looking to buy beautiful apartments in luxury buildings in the neighborhoods of the 8th. They could be move-in ready, furnished, in their original condition, or in need of renovations. Our clients like to use their own architects and decorators to work on their residences.

Here’s another small confidence from the director of BARNES Rive Droite: When HNWIs contact our teams to buy a pied-a-terre, they are typically looking for an apartment with 3 bedrooms (at least) for the entire family.

HNWIs have high purchasing power. The 8th arrondissement is reputed for prices topping the market. Property prices are disparate, depending on zone. The average price is between 12,000 to 13,000 euros per m2. However, the Triangle d’Or is unique, with prices that can easily reach 25,000 to 30,000 euros per m2.

In one word …

We asked Philippe Joffre to have a go at our little BARNES Confidence game. Our request: Define the 8th arrondissement in one word. His immediate reply: Multicultural. The perfect word to illustrate one of the most prestigious arrondissements in Paris.