Hotel de Garsaulan apartment in Paris sells for 49,000 euros per square meter

A riverside apartment on the third floor of a Hotel Particulier has sold for almost 50,000 euros per square meter, something estate agents are calling a historic record for the city. 

Estate agency Philippe Menager and Nicolas Hung oversaw the sale of the 256 m2 apartment on the banks of the Seine, which fetched 12.56 million euros, on October 2. That’s 49,000 euros per m2, a price so high as to be practically unheard of even in the chicest parts of Paris where prices in the higher-end market typically reach 20,000 per m2.

The apartment, situated on the Quai Malaquais in the 6th arrondissement, has unmatchable views of classic Paris monuments, lying across the river from the Jardins des Tuileries and the Louvre museum. It sits in the Hotel Particulier de Garsaulan, opposite the Pont des Arts and a stone’s throw from classical Paris.

The buyer, reportedly from China, has remained anonymous and will enjoy an apartment recently renovated by American interior designer Ed Tuttle, whose previous works include the Park Hyatt Paris-Vendome Hotel in the 5th arrondissement. The apartment includes a hammam, large salon for receiving guests and a master bedroom, as well as a separate chambre de bonne (which was excluded from the price per m2 calculation).

While out of the ordinary, the price paid is indicative of the extraordinary price growth Paris continues to see in 2017. Annual price growth reached almost 8% recently, and more recent figures show that the city has no signs of slowing, with short supply and huge demand resulting in explosive growth.