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Luxury real estate in Paris soon to be more expensive than London

According to market predictions by luxury real estate specialist Coldwell Banker, the price per square meter in the capital could become the highest in Europe by the end of 2022.

 

Soaring property prices in Paris are the new norm, and the luxury real estate market is no exception.  High-end, luxury properties are affected to such a degree that between now and 2022 prices for luxury properties in Paris could surpass those in London.  While in the French capital, the record-high average price of €10,000/m2 was beat this past summer, in the English capital, prices are decreasing.  “Chic neighborhoods like Mayfair or the area around Hyde Park are particularly affected,” notes Coldwell Banker, who recorded a decrease of 2.3% in the heart of London last year.

It is highly plausible, then, that luxury real estate in Paris could very well become more expensive than that in London in three year’s time.  “I am convinced that in terms of prices, Paris will surpass London by the end of 2022 and become Europe’s luxury real estate capital,” predicts Laurent Demeure, President of Coldwell Banker France and Monaco.  According to predictions from the luxury real estate specialist, in 2021, the price per square meter of a residential family apartment could reach €14,480 in Paris, against €14,420 in London.

Let’s also not forget that Paris was ranked among the five most expensive cities in the world for luxury real estate by high-end property expert Barnes.  The French capital entered the top five for the first time ever, coming in fifth place behind Hong Kong (1st), New York, Los Angeles, and Toronto.  Paris has indeed witnessed some particularly dynamic years, with prices increasing by 8% in 2018 alone.  Brexit has also contributed to the increase, inciting more and more French expats in London to return to France with their families.  These groups have a relatively high purchasing power and often decide to settle in the expensive 16th arrondissement, sought out for its high quality of life.

 

 

 

 

Sources: L’IMMOBILIER DE LUXE BIENTÔT PLUS CHER À PARIS QU’À LONDRES ?Hong Kong, New York et Paris dans le top 5 des villes les plus chères du monde

Contact Paris Property Group to learn more about buying or selling property in Paris.

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