Expert Insight, Breaking News, and Insider Stories on Real Estate in Paris
Paris luxury properties being sold within minutes
Despite today’s current political and social climate, the luxury real estate market in Paris is breaking all records. Some Parisian properties are being sold in minutes flat, at prices that can exceed 20,000 euros per square meter.
2019 is shaping up to be a favorable year for real estate in Paris. Real estate professionals reported 2018 price increases ranging from from 4 to 7% throughout the city, with the Parisian high-end real estate market operating at full capacity. As far as this sector is concerned, the numbers are dizzying. According to Barnes, average price points for these prestigious properties listed above €1 million increased by 10% in 2018. The price per square meter is now around €11,100 and several historic records have been broken: a property sold for €20,000/m2 in the 18th arrondissement in Montmartre, and one sold for €25,000/m2 in the Marais. Sales volumes are also up, around 8%.
Even more impressive, some of these real estate transactions are taking only a few hours, or even a few minutes. These “flash sales” are on the rise: in 2018, the Barnes network sold 152 high-end properties in less than 72 hours in Paris and Ile-de-France region (compared to 74 in 2017). The ultimate record: a property in Paris’ 7th arrondissement that sold for more than €20,000/m2 in 5 minutes. Other notable flash sales include:
- A 155 square meter, 2nd floor duplex on rue des Haudriettes (Paris 3) that sold for €2,395,000 (€15,452/m2) in 24 hours
- A 42 square meter, 2nd floor apartment on rue des Saint-Pères (Paris 7) that sold for €880,000 (€20,952/m2) in 5 minutes
- A third floor apartment at 165 m2 on rue du Général Foy (Paris 8), sold for €2,280,000 (€13,820/m2) in 30 minutes
- A 5th floor, 104 m2 apartment with a 20 m2 terrace in Batignolles (Paris 8), sold for €1,480,000 (€12,983/m2) in 24 hours
- A 251 m2, 5th floor apartment on Place de Mexico (Paris 16) that sold for €3,040,000 (€12,112/m2) in 24 hours
- A 160 m2, 7th floor apartment near La Muette (Paris 16) that sold for €2,275,000 (€14,220/m2) in 24 hours
- A 300 square meter private mansion with a 50 square meter terrace in Tocqueville (Paris 17) that sold for €4,250,000 in 24 hours
- A 164 square meter, 2nd floor apartment in Les Sablons (Neuilly-sur-Seine) that sold for €1,950,000 (€11,890/m2) in 24 hours
- A 125 square meter, 1st floor apartment on Pont de Neuilly (Neuilly-sur-Seine) that sold for €1,380,000 (€11,040/m2) in 24 hours
- A renovated, 1930’s house at 140 square meters on a 610 m2 plot of land in Le Vésinet (Yvelines) that sold for €1,085,000 in 24 hours
- A house measuring 220 m2 on a 300 m2 plot of land in Courbevoie (Hauts-de-Seine) that sold for €1,950,000 during the first visit.
Several factors explain the good health of this sector. Much like the rest of the real estate market, the luxury real estate market is benefiting from low interest rates. However, this particular sector also benefits from the Brexit effect, as many French expatriates in London are beginning to return to the capital, especially to western Paris, as are other foreign nationals. According to Barnes, a whopping 25% of buyers in the Marais are English.
Source: IMMOBILIER : CES BIENS D’EXCEPTION VENDUS EN QUELQUES MINUTES À PARIS
Contact Paris Property Group to learn more about buying or selling property in Paris.