One of the largest Canadian pension funds has acquired a property in Paris’s rue Blanche (9th arrondissement – district) from the Carlyle Group for €263 million.
This is the first in a series looking at some of the sumptuous palaces and mansions for which the City of Light is rightly famed.
Located opposite the Louvre in Paris’s central 1st arrondissement (district), the Palais Royal has a long and colorful history. It has been home to royalty and aristocracy, once contained a shopping and entertainment complex, and is now owned by the French State. And it is no stranger to controversy.
This is the next in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil. An interview with Jonathan Blot, master pastry chef and creator of Acide Macaron.
This brand new setting at 10 Rue du Bac in the 7th arrondissement (district) is the showcase for a shop filled with dazzlingly-colored pastries. This is the world of Acide Macaron, which I discovered during my recent interview with Jonathan Blot, master pastry chef and creator of the brand.
Question: I am thinking of buying a property in Paris and am considering taking out a mortgage to do so. How do I go about this?
French mortgage rates have never been so low, but they may not remain so for very much longer. If you are considering a mortgage, it makes sense to contact banks or a mortgage broker early on. This enables you to identify your borrowing capacity upfront and act quickly to secure your ideal property.
This is the seventh in our series of posts looking at major projects that are enhancing parts of Paris.
An extraordinary new building, the Fondation Louis-Vuitton pour la Création (Louis Vuitton Foundation for Creation), is scheduled to open in Paris’ Bois de Boulogne on October 27th.
The long-awaited reopening of the Picasso Museum is scheduled to take place on October 25th 2014, the 133rd anniversary of the Spanish-born artist’s birth. The re-launch was originally planned for June 2014. We reported on it back in April as part of our series on major projects that are enhancing parts of Paris.
The Arche de la Défense is a distinctive sight on the Paris skyline and one of the emblems of the city. This enormous glass and marble cube is 25 years old this year and is about to undergo a major face-lift.
This cozy 1 bedroom apartment, with balconies offering views of Parisian rooftops, is located in Montmartre near the town hall of the 18th arrondissement in a lively and up an coming neighborhood. It is situated on a quiet street lined with Haussmannian buildings, yet is close to transportation, restaurants and shops.
The French State is one of the biggest holders of state-owned property in the world. It held €59,384 billion of real estate at the end of 2013 and continues its policy of divestment. In 2012, its property assets were valued at €60,064 billion.
The world’s biggest sovereign investment fund, Norges Bank Investment Management, has bought Le Madeleine building in Paris for €425.6 million ($570 million) from a fund managed by Blackrock Inc.
The Concorde Opéra Paris hotel is undergoing a significant restoration program, prior to re-branding as the Hilton Paris Opéra in September 2014. The hotel remains open during the renovation work, which is scheduled for full completion in early 2015.
This is the next in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil. An interview with Philippe Chupin, founder and creator at SIECLE, a gallery and shop that sells tableware, home accessories, and gifts.
This is the sixth in our series of posts looking at major projects that are enhancing parts of Paris.
The largest cultural and sporting complex in France, Arena 92, is currently scheduled to open at the end of 2016 in Nanterre in Paris’ western suburbs. The stadium is under construction on a former sports ground near the arch of La Défense.
The Peninsula Paris Hotel will open its sumptuous doors on August 1st on Avenue Kléber in the 16th arrondissement (district). The hotel is located near the Champs-Elysées and is a stone’s throw from the Arc de Triomphe.
This is the fifth in our series of posts looking at major projects that are enhancing parts of Paris.
Parisian millionaire Cédric Naudon is transforming the Rue du Vertbois in the northern Marais neighborhood into a gourmet and design destination. The project, nicknamed ‘La Jeune Rue’ (the young street), aims to combine ethically sourced food with high quality design.
Next up in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil, is an interview with Emmanuel Monnoyeur, manager of Chez Androuet.
An interview with our collaborator Christophe Chastel, who owns and runs Guest Apartment Services, a luxury rentals company based on Paris’s Ile St. Louis.
An interview with our collaborator, Rosemary Flannery, who has been a Parisienne since 1989 and gives private guided tours of Paris’ museums and monuments
This is the third in our series of posts looking at major projects that are enhancing parts of Paris.
The Eiffel Tower, Paris’s most famous landmark in the 7th arrondissement (district), celebrated its 125th anniversary on March 31st this year. It is also undergoing a makeover that will transform its first level. One of the more spectacular aspects, a glass floor, will be open to visitors in the fall.
Everyone has heard of the Palace of Versailles, one of the most sumptuous palaces ever built and a monument to the power and wealth of the Sun King, Louis XIV. The chateau of Vaux-le-Vicomte is smaller and less well-known but is a gem in its own right. And it was the inspiration for Versailles in many ways.
This is the third in our series of posts looking at major projects that are enhancing parts of Paris.
Located on an historic site in the Marais neighborhood of the 3rd arrondissement (district), the covered marketplace le Carreau du Temple reopened in March 2014 following a major restoration.
We posted recently about a series of interactive maps of Paris in the 16th century. Now move on a couple centuries and zoom in on the city as it was in the 1730s, 50 years before the French Revolution.
This is the second in our series looking at major projects that are enhancing parts of Paris.
Art lovers will be delighted that the Picasso Museum in Paris’s Marais neighborhood is to reopen to the public in June 2014. The art gallery has been closed for five years for a major renovation and restoration program. The €52 million project will increase the museum’s size from 2,300 m2 to 3,800 m2. An additional 10 rooms will bring the total number of exhibition spaces to 34.
Next up in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil, is an interview with founder and director of art gallery Galry.
The 7th arrondissement (district) is renowned for the numerous antique shops and art galleries concentrated in the Carré Rive Gauche (an area famous for antiques and decorative arts).
Art gallery Galry has been at 41 rue de Verneuil since 2011. It’s distinctive for its modernism and diversity. One sunny March day, I went to meet Stéphanie Moran, its founder and director, to find out more.
Have you ever wondered how Paris might have looked in the 1500s? Now you can take a virtual walk through the city with a series of 3D maps developed by Grez Productions and based on a range of historical sources.
An interview with our collaborator Michael Herrman, a prize-winning architect who has created residential projects in Paris. He also works on projects around Europe and in the US.
This is the first in a series of posts looking at major projects that are enhancing parts of Paris and restoring others to their former glory.
The redevelopment of the former wholesale food market, les Halles de Paris, in the 1st arrondissement (district) continues apace. Part of the makeover includes an undulating glass canopy to cover the Forum des Halles, the partially-underground shopping center. The canopy is scheduled for completion later in 2014.
Next up in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil, is an interview with gourmet grocers Marie and Angel at Ibérique Gourmet.
I recently visited deli Ibérique Gourmet to seek out some typical Spanish delicacies. Marie and Angel’s shop opened in 2012 at 3 rue Paul-Louis Courrier right next to the rue du Bac in the 7th arrondissement (district). They explained to me the art of Spanish cuisine and told me about their top quality products. In their brand new bistro-restaurant Tourette, close by at 70 rue de Grenelle, they transform their products into appetizing dishes.
Things are heating up in Paris as we approach the municipal elections in March. As part of her pitch, Socialist Party candidate for Mayor Anne Hidalgo is supporting a proposal to transform Avenue Foch into a pedestrian zone.
The Prefect of Paris and the Ile-de-France Region have given authorization to the Russian government to build a Russian Orthodox spiritual and cultural center on the Quai Branly in the 7th Arrondissement (district).
France may have led the way in imposing capital gains tax (CGT) on sales of second homes but the UK is now following suit.
Next up in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil, is an interview with Perrine Ciantelli, waitress at le Cinq-Mars.
Renting your apartment to a film company as a location or for a photo shoot can be rewarding. How do you go about it and what are the issues?
The way Paris looks today owes much to Baron Georges-Eugène Haussmann, Prefect of the Seine in the mid-19th century. The long, straight boulevards, magnificent open spaces and elegant façades that are everyone’s image of modern Paris arose from the ashes of tortuous medieval alleyways and overcrowded slums. Few houses had running water and disease was rife.
Next up in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil, is an interview with cabinetmakers Laura and Yvan at the Ebénisterie Tapisserie de la rue de Verneuil.
Next up in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil, is an interview with master chocolate maker Hubert Masse of Le Cacaotier.
La Samaritaine, one of Paris’s iconic landmarks, is to be reborn following an ambitious makeover project. The famous department store, first opened in 1870, is situated between the Pont Neuf and the rue de Rivoli, close to the Louvre Museum. The 1st arrondissement (district) is the city’s luxury shop window, with some sought-after addresses.
Ask anyone which monument most symbolizes Paris and the answer is almost certain to be the Eiffel Tower. Since its completion in 1889, the 1,063-foot ‘Iron Lady’ has dominated the skyline of the City of Light and drawn millions of visitors. Not everyone appreciated Gustave Eiffel’s masterpiece at the time but now it’s one of the world’s best-loved sights. Continue reading “A piece of the Paris landscape goes under the hammer as Eiffel Tower steps are auctioned off” »
Next up in the series by our office manager Faustine Cressot, giving you regular glimpses of the neighborhood around her desk on the rue de Verneuil, is an interview with organic gourmet grocer Lucio Hornero.
Located at 43 rue de Verneuil in the 7th Arrondissement, l’Epicerie Générale, established in February 2011, offers the finest organic French fare from carefully-selected local producers. The selection reflects the owners’ passion for rustic, authentic food with a sound environmental track record and a minimal carbon footprint. This is gourmet with a conscience. Continue reading “Around Faustine’s desk on the Rive Gauche: organic gourmet food shop l’Epicerie Générale” »
Our office manager, Faustine Cressot, introduces a new series about the neighborhood around our office on rue de Verneuil with her view of Paris, her adopted home.
I am French but Paris is my second home too. I come from a small village in the French countryside, near the Swiss border. Nothing compares to the moment I first turned the key and opened the door into my own Parisian apartment. I have explored the city for the last four years from my home in the 3rd arrondissement (district), the historic Marais neighborhood. It is now full of foreign restaurants, trendy boutiques rubbing shoulders with mansions, and museums. The Marais also boasts some of the oldest surviving medieval architecture in Paris. Continue reading “Around Faustine’s desk on the Rive Gauche: when the dream becomes reality” »
Apartment buildings are subject to shared co-ownership expenses (charges de copropriété). Co-owners in Paris pay on average 48.9 euros/m2 per year for a building with all of the amenities below. For a 50m2, this adds up to 2,445 euros per year. But it’s worth noting that many buildings do not have the full range of facilities. Moreover, there are many ways of keeping these costs under control. Continue reading “How to reduce the cost of co-ownership charges in Paris” »
The city of Paris and the Paris Region Lab have announced the selection of 30 projects that the city will fund under the Green Innovations Initiative launched in March of this year. The Paris Region Lab is an association created by the city of Paris, whose mission is to promote creative and innovative public and private initiatives in Paris.
Speaking to French weekly Les Echos on Wednesday, Budget Minister Bernard Cazeneuve expressed his hope to continue the strong pace of sales of state-owned property for the coming three years. 547 million euros in revenue from such sales was realized in 2012. “Between 2007 and 2011, the state realized about 4 billion euros in sales. This program has contributed about 15% of the debt reduction” that France has realized in the last years as we already explained in March 2012.
I have recently bought an apartment that included a chambre de bonne, with the intention of renting that out separately. The room has its own toilet and shower, and from what I understood about city regulations, was large enough to be rented out for residential use. But when I was showing it to interested renters, one of my neighbors told me that the co-owners had voted several years ago to include a clause in the building rules forbidding the top floor maid’s rooms from being rented out separately (nearly all the owners in the building have one). Is this a valid restriction? Is there anything I can do to overturn that?
As part of the jubilee celebration of the 850th anniversary of Paris’ Notre Dame de Paris, nine new bells were installed to replace four dilapidated bells in the renowned cathedral in the heart of the city. The new bells first rang on March 23rd, in time for Palm Sunday and Easter week. The sound of the new bells is impressive. Continue reading “Bells are ringing in tune on the Ile de la Cité in Paris” »
Within weeks of proposing a temporary 20% reduction in capital gains tax on second home sales in France the government has reversed course, increasing the tax on large gains instead. Of course tax rates on long term capital gains are likely to change before today’s buyers need ever worry about them, but for the moment non-EU owners of second homes could be on the hook for taxes of over 50% on capital gains if they sell. Continue reading “Capital gains tax increased on second home sales in France” »
French President, Hollande, has apparently ordered all French shops, offices and public buildings to extinguish their nightlights between 1 a.m. and 7 a.m. as of July 2013, causing businesses dependent on tourists to wonder if the city is being penny-wise and pound-foolish with these cost cutting measures. Continue reading “Hollande budget cuts: Will the city of lights go dark?” »
Question: A client in process of buying a place in Paris just asked us to update him on the current status of capital gains tax in France. Miranda says preparation can be key to minimizing tax. Continue reading “Ask Miranda: Capital gains tax for non-resident second home owners in France – what’s the latest?” »
Imagine descending into a labyrinth underneath Paris via a manhole cover just next to the Arc de Triomphe, in the dead of night, to meet up with your buddies to dance, participate in a theatre production, or finish a mural that has been months in the making…That’s the secret life of the Parisian underground societies. It’s a world most never get to see.
One of our most sought-after fractional ownership properties located in the heart of the Marais now has one last share available. The 800 square foot (75 m2) apartment consists of two bedrooms, a gorgeous dine-in kitchen, beautiful interior décor, and most importantly- a sunny terrace in the back overlooking green space. A rare gem in Paris.
Paris is known for its Haussmannian style apartment buildings, classic crown moldings and generally small living quarters. In the next year, this perception may change, as Paris sees the completion of over 30 brand new real estate developments. From total building refurbishments, to demolition and modern apartment construction, we have compiled the crème de la crème when it comes to new real estate developments in Paris.
What could be better than living on a boat? What about living on a boat in Paris? This gorgeous, 220m2 houseboat or péniche offers the opportunity to watch life go by on the Seine river from your own terrace. Continue reading “Unique Paris real estate: Live on the Seine in your own péniche” »
With plans to build the Hermitage Plaza towers in Paris’ La Défense business district, Paris will soon trump London as home to Europe’s tallest building. Each of the two skyscrapers, towering in at 320-meters-tall, was designed by Continue reading “Paris plans Europe’s tallest skyscrapers in La Défense” »
According to a new report by real estate advisor Savills, foreign investors were responsible for 40% of real estate investment during the first 3 quarters of this year, up from 30% in the same period of last year. While Middle Eastern funds were dominant with 15% of all transactions, investment from Chinese, Swiss, Swedish and Dutch investors also grew strongly during the period. In fact, Germans were the only ones pulling back from France, having made 8.5% of the investment in the first 3 quarters of 2011 they accounted for only 3% this year.
Located not far from the Bois de Boulogne and Jardin de Ranelagh in Paris’ 16th arrondissement, this one bedroom Paris apartment boasts a very rare 90m2 terrace and beautiful sunlit rooms. The 88m2 apartment is in a modern building, and is close to many of the neighborhood’s charming shops and markets.
Question: I own an apartment in Paris. I am a US citizen. I want to become a permanent resident in France. Once I achieve residency, if I sell my apartment to purchase another apartment (bigger), do I pay capital gains tax? Is there a minimum time for the residency requirement?
Is there any chance that if we stall on selling till 2013 that we can pay a reduced rate on capital gains tax? We have owned the property since 2008 and have spent a lot renovating it, but we do have an offer on the table now?
The owners of this fabulous apartment in Paris looked for two long years, living full time in Paris, before landing this apartment in an outstanding historic building dating from the 17th century. Originally, all the rooms opened one into another through connecting doors aligned near the windows, with no hallways, the way buildings of that period were designed.
On the garden level (up 3 steps) of a beautiful 1900 building, this classic family apartment is flawless. The building is enhanced by impeccable common areas maintained by a concierge. Continue reading “Paris luxury apartment for sale: Rue Desaix, 75015” »
We often get requests for Paris hotel recommendations, particularly from clients coming to Paris on their real estate shopping trip. In an article last year, our friend and Paris blogger Heather Stimmler-Hall scouted out her picks for 10 of the best boutique hotels on the Left Bank – that won’t break the bank. To round out her list, we add our personal choice of the best boutique hotel in all of Paris (river bank and piggy bank aside).
The French property market has been a good investment for many foreign buyers over the last year with prices of flats and houses rising in the most sought after areas. Prices in the Paris region have risen by between 3.8% and 6.2% for houses and flats, according to data release by government controlled Notaires de France. Continue reading “French real estate luring foreign buyers” »
Sales of Existing (Ancien) Apartments
According to the most recent sales data available, from May to July 2012, 36,000 apartments were sold in Ile de France, marking a 21 to 22% decine compared to transactions concluded in the same time period in the two previous years. Continue reading “Paris Real Estate Prices: Official Paris Notaires Market Update 2nd Q 2012” »
In response to the stark reduction in the volume of real estate sales nationwide and the resulting loss in capital gains tax revenue, President Hollande proposed to reduce the capital gains tax on real estate sales – for a limited time. Continue reading “Selling real estate in Paris? 20% capital gains tax reduction proposed by French government for 2013” »
Following an in-depth look at housing market behavior across Europe in recent years, the research arm of Savills Real Estate found that only Italy might be in for future drops in real estate prices. Continue reading “European real estate prices not inflated, Savills report concludes” »
The 26th Biennale des Antiquaires in happening now in Paris, with 122 galleries displaying some of the world’s most exquisite fine jewelry, art, and antiques. If you’re in the market for a new slew of diamonds, the perfect piece to round out your art collection, or some period interior decor items to fill your new Parisian apartment, the Biennale is the place to be this week.
The Beaux Arts architecture of the Grand Palais, with its high-arched glass ceilings, is the perfect setting to highlight the art and jewelry exhibited within. This year’s set was designed by Karl Lagerfeld, with the intent of creating a miniature Paris inside the impressive Beaux Art exhibition hall. Try visiting on a sunny day so you can appreciate the full beauty of the locale, the art, and of course, the diamonds. Continue reading “Biennale des Antiquaires Paris: Designed by Karl Lagerfeld for the Grand Palais” »
Over the last months, the French media has been reveling in gloomy news about the French economy and more specifically about expected trends in the real estate market. But their predictions of a downturn ignore some fundamental facts. It’s a great time to invest in Paris real estate and here’s why: Continue reading “7 Reasons why Paris real estate is a great investment” »
This private mansion has fallen under controversy in the last five years as its new owner, a brother of the Emir of Qatar, has embarked upon restoring it. Located on the tip of Île Saint-Louis, in the 4th arrondissement, the Hotel Lambert, designed by architect Louis Le Vau was originally built between 1640 and 1644 for the financier Jean-Baptiste Lambert
With the publication last Friday of the Amended Finance Law (Loi de Finance Rectificative 2012), the French government instituted an “extraordinary wealth contribution” retroactively effective as of January 1, 2012. Continue reading “Changes to the wealth tax laws make structure and timing of property purchase key to good value” »
The August lull that sends most Parisians running to the beaches for vacation did not slow the French government from passing important “rectifying” changes in the taxation of real estate gains, rental income and net wealth. Continue reading “End of exemption from social charges on real estate income of France’s non-resident property owners” »
Rental income and sales of investment property or second homes by French residents have always been subject to social security contributions (payroll taxes). The previous rate of 13.5% was raised to to 15.5% on July 1st of this year. Unlike in the United States, gains realized from the sale of a primary residence are not taxed at all. Continue reading “Capital Gains Tax laws in France: substantial hikes to affect non-resident owners” »
Dolly Daou refinds Paris in her new Melbourne home.
Despite living in Australia most of my life, my francophone origins have meant that Paris has always held a special place for me. In 2007, finally catching my first glimpse of Paris from the air, I thought to myself, “this is home”. Continue reading “Finding traces of Paris in Melbourne, Australia” »
Mayor Delanoë continues to press his position that rentals of under one year (9 months to students) are unlawful unless the apartment in question has “commercial”, rather than “residential”, status. Like minds disagree as to whether this position is correct and sustainable in the courts, but either way there are some things that can be done to avoid problems.
There are quite a few changes coming to the banks of the Seine river in upcoming years, including one that will transform the highway along the right and left banks into pedestrian walkways. Continue reading “Paris giving the Seine back to the people with pedestrian walkways” »
Paris and New York are often compared for their sought-after real estate and interesting market characteristics. But there are some startling differences as well. Navigating the real estate market as a foreign buyer can be stressful if you don’t know the ropes. Continue reading “Paris vs. New York: The Sale of Two Cities” »
History may be repeating itself in the Paris real estate market today. At the peak of the market turmoil in 2008-2009, following the global credit crunch, sellers and buyers took a wait-and-see attitude, hoping that prices would see a marked decline. That didn’t happen, Continue reading “Paris Real Estate Market May See History Repeat Itself” »
PPG has an expansive network of real estate agents around the world, and is always plugged-into the latest news and updates from other markets. With today’s global economy, knowing how other markets are faring is important and insightful. Continue reading “Agent Profile: Julia Hoagland of Brown Harris Stevens talks about the New York real estate market” »
Bon Appetit Magazine featured an online Paris guide series back in May, and we love their suggestions for the best tables to snag on your next trip to Paris. They sat down with the food critics/bloggers behind Le Fooding and got their inside scoop on “where the cool kids are eating“, drinking, and taking it à emporter.
Whether you happen to be visiting Paris on the 4th of July, or an American ex-pat who has settled in the City of Lights, there are plenty of ways to celebrate American Independence Day when you’re not on American soil. Continue reading “Happy Independence Day! Where to Celebrate the 4th of July in Paris, France” »
Each summer, in the golden glow of the early evening light, thousands of people emerge from their apartments, dressed all in white, and head to a secret location for the picnic of all picnics. Continue reading “The Super Chic, Super Secret Dîner en Blanc Tomorrow” »
Question: Have there been any recent changes or are any coming to the “3 percent tax”, as applied to an SCI, either with regard to the rules or the forms that must be filed each year? Continue reading “Ask Miranda: Have there been any changes to the “3% Tax” on an SCI?” »
Question: Hi Miranda, 1) Another American I know has an organization that helps American’s find apartments for a “finder’s fee” of 2.5 %, saying she is not a real estate agent. How do you differ? Continue reading “Ask Miranda: Finders Fees and Licensed Real Estate Agents, What’s the Difference?” »
Question: From the point of view of US IRS reporting, what kind of “Company” is an SCI? A Partnership? A Corporation? OR? Continue reading “Ask Miranda: What kind of corporation is an SCI?” »
Every summer in Paris, as soon as the weather turns nice after a harsh winter, terraces are full of patrons sipping on rosé wine, and parks are full of picnics. Here’s our round up of the events beyond the cafés that you should be sure not to miss if you’re in the City of Lights this summer. Continue reading “The PPG Guide to Events & Exhibitions in Paris this June” »
Ernst & Young released a study this month surveying a significant grouping of active French real estate investors. According to the report, 77% of investors surveyed believe that France will be an attractive investment market in 2012. Continue reading “86% of Investors Believe Residential Real Estate Prices in France Will Increase or Remain Stable” »
One hot topic following the election of President François Hollande is his plan to impose rent controls on French apartments. Continue reading “Rent Control: What’s the future of rent prices in Paris?” »
The last ten years have seen tremendous market growth in Paris, both in commercial and residential real estate. At the nadir of the market turmoil in 2008-2009, the greatest impact on Paris real estate Continue reading “Outlook for Commercial Real Estate in Paris Looks Strong Through 2012” »
Located on the first floor (American 2nd) of a charming 18th century building in Marais style, this 807 square foot 2-bedroom, 2-bath apartment features a private terrace on a secluded courtyard. Nestled in the heart of the historic Marais, just a stone’s throw from the magnificent Place de Vosges, the apartment at rue Malher is the perfect spot for those seeking a relaxing and luxurious home from which to explore Paris. This charming apartment features a beautiful 100 square foot private terrace overlooking a secluded courtyard. Continue reading “Virtual Visit: Rue Malher Fractional Ownership Property” »
Paris is the sixth-most-favoured market overall, and its retail, office, and hotel sectors are highly rated by investors looking for acquisitions. Investors reported that Paris and London offered the best opportunities in 2012. “The market has scale, liquidity, a reasonably protected legal framework, and a diverse range of tenants.” Continue reading “Paris Ranked Best in 2012 Urban Land Institute Investor Survey for Real Estate Investment in Europe” »
A residential development on the banks of the Seine offers Marais lovers a change from historical apartments.
With François Hollande as President, the first Socialist President elected since Mitterand, many are wondering how this will affect property values and taxes, as well as what other changes might be in store.
The higher rate of capital gains tax imposed on those who live outside of Europe’s borders is coming under important legal scrutiny. Non-resident owners of French property are liable for capital gains tax in France upon sale. They may also be liable in their home country, but in most cases bilateral tax treaties will France provide relief for the tax paid in France.
Question: Is there a way to sell a second home property in France and “roll” the gain into another second home property without paying or paying a small capital gains tax? Continue reading “Ask Miranda: Capital Gains Rollover” »
The eurozone crisis isn’t fazing international property buyers in Paris. In fact, in the second half of 2011, the Paris real estate market posted the highest sales numbers of all European countries, according to a report by CBRE.
Paris real estate prices went up 1% in March after several months slightly down according to MeilleursAgents.com. Prices are up in much of the area surrounding Paris as well. Continue reading “Paris Real Estate Prices Up 1% in March After a Slight Decline” »
Answer: I had to go to Wikipedia for this one because I didn’t know. After all things were not in good shape after the revolution! Wikipedia says Napoleon III, and engineers such as Michel Chevalier or entrepreneurs like the Pereire brothers, believed that Continue reading “Ask Miranda: Haussmann’s Paris” »
Wealth Tax Reform
Beginning in 2012, if your net wealth in France exceeds €1.3m, the total value is subject to wealth tax. Previously €800K could be exempted, but not anymore. If your property is valued at less than €1.3M no wealth tax reporting is required. The good news is that Continue reading “2012 Wealth Tax Update” »
A number of factors are exerting downward pressure on the Paris real estate market, including tax reform, rising interest rates and the Euro zone crisis. But, global factors, such as an influx of buyers from Continue reading “Market Update: What’s in Store for 2012 and Beyond?” »
Answer: Hi, please let me know how to reach you. We often find properties for clients who have been renting short term, but decide they would like to own their own pied-a-terre and rent through the agency they have built that relationship with. We understand what makes a great rental property. I would be happy to talk with you about how we can work together. You can reach me at Contact@parispropertygroup.com.
For more questions regarding Paris real estate check out our FAQ.
There comes a time in every love affair when you look beyond the charm and the beautiful face and learn whether the real substance is there. With Paris there is always more to learn. Paris is a collection of villages, each with it’s own charm, personality and history. Once you’ve discovered this Paris you’ll never want to go back Continue reading “Paris: Beyond the Boulevards” »
Part of the process of buying an apartment in Paris is knowing that once you’ve purchased it, there will most always be some renovating, touching up, and personalizing to do before it really feels like home. Continue reading “Betsy and Alon Kasha turn their Parisian Pied-à-Terre into a business” »
We’re pretty familiar with the HGTV crew through our past appearances on their TV show, House Hunters International. But our most recent episode, where we help the founder of our sister company find a luxurious apartment in Paris is one of our favorite episodes of all time. Continue reading “PPG on HGTV- House Hunters International” »
The economic crisis in Europe seems not to have deterred foreign buyers from investing in Paris real estate.
According to Euronews, French real estate agents are reporting sales of luxury Continue reading “Foreign buyers keeping luxury real estate in Paris on the rise” »
Paris has been named one of the best performing cities for real estate investment following it’s impressive price growth in 2011. Continue reading “Paris real estate posts exceptional gains in the second half of 2011” »
A true fairy tale- one of the world’s most beautiful princesses is selling her Mediterranean villa for a cool €21 Million, or $28 Million. Continue reading “Dream French Riviera Estate for Sale $28 Million” »
According to Jones Lang LaSalle in its 2011 Global Capital Flows report, there was US$411 billion of direct commercial investment globally in 2011, a 28% increase over 2010. Continue reading “$14 billion of Paris real estate sold in 2011; real estate purchase volumes up worldwide” »
Barracks, land, old prisons, offices, mansions, houses and apartments: over the next 3 years, the French government is planning the sale of nearly 2000 properties in Paris and throughout France, for an expected 2.2 billion euros in revenue. Continue reading “French government selling more real estate in Paris and around the country” »
The New York Times featured a telling story last summer of a young couple moving from London to Paris, bringing their Paris real estate dream to life. As property prices in Paris have soared in recent years, bolder buyers are moving away further and further away from Continue reading “Factory Turned Chic Parisian Apartment” »
In May of 2011, the President of PPG contributed a post to the lovely HiP Paris Blog…it tugs on the heart strings of making your real estate dreams in Paris come true. Have a read: Continue reading “Making Your Real Estate Dream Come True: by Miranda Bothe” »
When dealing with multiple currencies, setting up a mortgage safeguard to hedge against currency fluctuations is an important part of any smart investment strategy. Working through mainstream banks to do that can be time consuming and inconvenient. Continue reading “Foreign Currencies & Mortgages” »
Guide to French Mortgages
Eligibility & criteria
All of the mortgages sourced by French Mortgage Broker International Private Finance are in Euros and secured against French residential property. French mortgages are full status and therefore proof of income and outgoings are required to submit an application to a lender. The maximum loan to value available is 90% of the purchase price which can include estate agent’s fees but not notaire’s fees. Continue reading “Guide to French Mortgages” »
Despite the hard times that have faced France and the European economy in the last year, real estate in the French capital is still providing a safe and sustainable investment. Prices in Paris rose a historic 2.7% in the last quarter of 2011, making Paris reputably some of the most expensive ‘bricks & mortar’ in the world. Continue reading “Which neighborhoods are luring foreign buyers to Paris?” »
Paris, France, is an unusually coherent architectural creature. Paris’ modern buildings have developed gradually out of earlier styles; palaces and mansions have survived by transforming into apartments and shops, and most streets harbor a range of buildings from various centuries. Our Paris guide traces Continue reading “Paris Buildings: A Brief History” »
Property taxes are everywhere in the world, but in France, there are two particular types you need to know about. First, the taxe foncière, a property tax for which the owner is liable, and a taxe d’habitation, for which Continue reading “Property Tax in Paris: Not as expensive as you thought” »
A poll on Figaro Immobilier yesterday asked readers to cast their vote on whether or not the Mairie de Paris (Paris City Hall) is right to want to limit the number of furnished apartment rentals in Paris. This topic is hot in the press right at the moment, Continue reading “Hot Topic: Does the Mairie of Paris have the right to limit apartment rentals?” »
A study released by The Move Channel shows that the majority of French property searches online are focused on the Southern region of Provence, the Alps, and Côte d’Azur. This may come as a surprise to most, but the region has many beautiful features, perfect for a vacation home. Continue reading “Southern France and Paris as Property Investments” »
Floor: 4th floor (with elevator)
Size: 140 m2 (1507 square feet)
Price: € 1,895,000
A stunning, 1507 square foot, two bedroom, three bathroom apartment with a view of the Eiffel Tower in Paris’ elegant 7th arrondissement. Continue reading “Paris apartment for sale: Rue de Grenelle 75007” »
IKEA built a dwelling of 54m2 inside the Auber station of the Paris metro. Continue reading “IKEA builds a home in the Paris metro” »
A historic building, part of the gorgeous Palais Royal in Paris’ 1st Arrondissement, that dates back to the times of Cardinal Richelieu in 1629, was recently renovated by New Yorker Amanda Sykes. After convincing the French bank who has owned the building for years and years that she could rent the apartment and oversee the renovations, Sykes put her design skills to work. Continue reading “Restoration of a Historic Paris Apartment” »
High end real estate has taken off after the financial crisis of 2010 in cities like Paris, London, and New York. Prices rose 20% in Paris between January 2010 and January 2011, according to Nestoria. But how is this so when the economic outlook is so dark? The answer is massive foreign investment.
Your apartment in Paris is a big investment. Focusing on a few key details can help maximize your return when it’s time to sell. Setting a high, but attainable price is a good first step that will help your property to go quickly with a flurry of bidders. Taking steps to minimize your capital gains tax should be another important focus. Proper preparation can help you navigate the process from a position of strength.
Have an extra $50 million to spend? Well, even if you don’t, it’s fun to imagine buying your own private mansion in one of Paris’ premiere neighborhoods. This historic 10,700 square foot, 10 bedroom, 10 bathroom private mansion located near Place des Victoires has been renovated into separate luxury apartments while preserving the architectural details, including imposing fireplaces, wood and plasterwork, some dating back hundreds of years. Continue reading “What real estate $50 Million can get you in Paris” »
Recently we had a chance to catch up with Penny Drue Baird, author and interior designer extraordinaire. She enjoys working with clients on both sides of the Atlantic, with a particular love for Paris. We were glad to have a chance to sit down and speak with her. Continue reading “Snapshot: Catching up with Penny Drue Baird” »
An interesting look at who owns investment property that is rented out short term in France and who their renters are. Perhaps unsurprisingly over 80% of all short term rental apartments are owned by French, followed by Italian, American and Swiss owners.
The client, an attorney from the Philippines, hoped to find a pied-á-terre on a quiet street near the charm and bustle of the 6th arrondissement. Continue reading “Before & After: Rue du Près aux Clercs” »
A new law enacted July 2011 significantly alters existing tax and trust rules in France. The new law affects the wealth tax, gifts and inheritances and trusts beginning in 2012, and in some cases is applied retroactively. Tax will now be imposed on all wealth in France over Continue reading “Higher tax bills coming: New law closes loop holes on French wealth tax” »
Having the right information and choosing the right ownership structure can be key to maximizing the potential of your property investment. Continue reading “Maximize the potential of your property investment” »
These Australian clients (she’s a food writer and restaurant critic, he’s an engineer and businessman) were referred to us by another client. They wanted to find a 2-bedroom apartment in an eclectic, up and coming neighborhood that would have an authentic feel, away from the tourist zones. Continue reading “Before & After: rue des Martyrs” »
Clients from the Philippines, a lawyer and a businessman, sought a very rare combination: a 2 bedroom, 2 bath apartment with major Eiffel Tower views. Now a beautiful Paris vacation rental, the central hub of the apartment is the kitchen, the rest of the space Continue reading “Before & After: Avenue Rapp” »
“We love paris property group – You all were just wonderful! We were so extremely impressed with the efficiency and competence of everyone on your staff. It was a pleasure working with you, Kathryn and Jerome.”
Los Altos Hills, CA
Property owners who spend less than 184 days a year in France and do not pay income taxes in France are considered “non-resident.”
Non-resident owners are expected to: Continue reading “After I have settled into my apartment, what are my continuing obligations?” »
Prior to the signing of the final purchase agreement, the notaire will send the buyer a completion statement Continue reading “How is a real estate purchased completed in France? Do I need to be in France for the final signing?” »
Despite his threat to vigorously prosecute and end short-term rentals in Paris, to date Mayor Delanoë’s office has done little more than cause a scare. Capital magazine, a Paris-based monthly, interviews Jean-Marc Agnes, President of the Association of Professionals Holiday Rentals (APLM), to get the latest Continue reading “Paris Mayor Delanoë sets his sights on owners of multiple vacation properties” »
The essential purchase process is divided into two stages. First, the purchase is formalized by a preliminary contract that may be prepared by a notaire – a promesse de vente - or by an estate agent or privately between the parties – a compromis de vente.
In either case, the seller is obligated to sell immediately upon signature, whereas Continue reading “What are the necessary steps for purchasing a property in France?” »
Agency fees are included in the advertised listing price for a property. Listing fees are ordinarily about 5%. The purchase can be structured Continue reading “Who pays the broker fees? Buyer or Seller?” »
Property purchase in France requires the seller to provide to the buyer the results of 6 required diagnostic examinations of the property: Continue reading “What should I know about property inspection in France?” »
In France, no capital gains tax is paid on the sale of a primary residence. However for second homeowners big changes are looming. Continue reading “Big capital gains tax changes in store for second home owners in France” »
The allure of living in a Paris pied-à-terre for a week or month, and paying much less than for a hotel room, has created strong demand for vacation rentals in Paris. But its growing popularity has raised the ire of hotels and residential property owners. Continue reading “Paris tries to keep apartments from being rented by visitors” »
One hundred years ago, a 19-year-old artist named Picasso settled into an atelier along the cobblestone streets of the 18th arrondissement in Paris. Today, Picasso’s first Montmartre workshop has been converted into an apartment and is now on the market for €1,500,000. Continue reading “Picasso’s first workshop for sale in Paris” »
Normally, property in France doesn’t come cheap. But thanks to judicial reforms, there are a number of small-town courthouses priced to sell. Continue reading “How you can own a piece of the French countryside” »
A flurry of articles in the French and international press (including the New York Times) created an outcry about a year ago about a crack-down by Mayor Delanoë’s office on short-term rentals of Paris apartments. Continue reading “Short term rentals in Paris: what’s the story?” »
You’d like to buy property in Paris, but you’re not sure whether it’s also the right investment property. For many buyers, particularly in the most coveted neighborhoods, short-term rentals provide great income to offset costs and expenses. It’s important to understand what the key components are that create lasting value. Continue reading “Is your Paris pied-à-terre also a great investment?” »
The assemblée générale de copropriété is the annual business meeting of the co-owners association in a building. The meeting is called by the building management company, or syndic, who also presides over the meeting. Continue reading “What is an assemblée générale de copropriété? ” »
There is no capital gains tax on the sale of a primary residence in France.
For a secondary residence owned either individually or through an SCI, the amount of capital gains owed at the time of sale is determined by Continue reading “How much capital gains tax will I have to pay when I sell my French property?” »
A compromis de vente is a mutual obligation of the buyer (to buy) and the seller (to sell). Literally translating as “a promise to sell,” the promesse de vente is a unilateral obligation to sell.
There are two substantial drawbacks to a compromis de vente: Continue reading “What is the difference between a compromis de vente and a promesse de vente?” »
Whether the parties sign a compromis de vente or a promesse de vente, the preliminary contract will always contain the following terms: Continue reading “Who is committed to what at the signing of the preliminary contract?” »
The buyer should normally expect to pay fees and taxes of about 6.5-7.5% of the purchase price. These break down roughly as follows: Continue reading “How much are Notaire fees on the purchase?” »
French banks will lend up to 85% of the assessed value of the property and renovations to most non-resident buyers. Continue reading “Is it possible for a non-resident buyer to finance real estate in Paris?” »
The notaire is a public official with legal training (but different from a lawyer) who prepares and registers official acts such as wills and property ownership transfers. Notaires enjoy a very privileged and highly respected position in French society. Continue reading “What is the role of the Notaire?” »