Foreign buyers keeping luxury real estate in Paris on the rise

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 property in Paris at an all-time high, and at all-time-high prices. Many of these buyers, they say, are international clients, often from Brazil, Russia and the Middle East.

“Many foreign customers, who come to invest, see Paris is a safe bet,” says Paulo Fernandes from Sotheby’s International Realty. This strong international interest in Paris real estate has contributed to the 17% rise in property prices over the last year. After record sales in 2011, Paris agents are hoping for an even better year in 2012.

So how high can prices go? A spacious apartment with a fantastic view of the Eiffel Tower is on the market for 46 million euros, or 60,000 euros per square meter. La vie est belle sur la Tour Eiffel . . .