Expert Insight, Breaking News, and Insider Stories on Real Estate in Paris
New York and Paris most in-demand for luxury property, London lags behind
New York and Paris have claimed the top two spots for most coveted luxury property in Barnes annual survey. London has lagged behind again as Brexit casts doubts among property investors.
London is now ‘paying the price’ for Brexit, as the city continues to lose its heralded status among luxury property investors. For the first time it has been surpassed by Paris, New York and Paris in the Barnes Warburg annual ranking of global cities’ attractiveness for luxury property.
In the previous survey, Paris came in at 5th trailing London and New York, respectively at 1st and 2nd – but now New York has gained the top spot, London has slipped to 4th and Paris has rocketed up the rankings to come in at second. Barcelona has also suffered because of its own political rumblings. It’s almost like populist politicians have no regard for their domestic property market!
The Big Apple is ranked at number one despite a negative political climate around Trump’s first year of presidency; though his tax cut might have helped.
Barnes cites Macron’s election and the city’s triumph in the race to host the Olympics in 2024 as particularly important for the city’s reputation. The lifting of the state of emergency also helped the market, which saw prices at the high-end grow 10% in 2017, beating the wider market.
Certain demographics are returning to the city. Be it Russians or Asians, emerging market millionaires are looking to snap up classic Parisian real estate near the Tour Eiffel, the Marais and even Neuilly.
Barnes notes: “In certain arrondissements, foreign buyers have been involved in one third of transactions.”
On prices, president Thibault de Saint Vincent says there has been an alignment of the New York, London and Paris markets: “When it comes to exceptional luxury property prices, we’re seeing between 25,000 and 50,000 euros per m2, explained by the same clientele looking at each city’s properties.”
The full report will be published in the next few months.
Contact Paris Property Group to learn more about buying or selling property in Paris.
