Expert Insight, Breaking News, and Insider Stories on Real Estate in Paris
Paris real estate market update: April 2020
In light of the current situation surrounding COVID-19, we’re having to adapt to the new normal so that we can continue providing you with the exceptional service and unbiased counsel you’ve always expected from us. While you can read our current market updates on the blog or sign up to receive our email newsletters, we wanted to dedicate this update to outlining the ways we’ve shifted to continue helping you achieve your real estate goals in this unprecedented time.
Strengthening digital communication
With Paris in full lockdown, we’ve had to suspend any in-person showings and open houses for the time being. Although there’s nothing like physically stepping foot on a property to seal the deal, almost all of our clients’ first-time property “viewings” are virtual ones, taking place online. We will thus be fully exploiting our digital capacities, from online ad space and photos and videos to 3D virtual tours, to continue promoting properties despite the situation.
Continued on the ground service
As your trusted partner on the ground for over a decade, we also pride ourselves on our thorough understanding of the city and the unique makeup of each of its different neighborhoods. We’ve sold properties before sight-unseen, with our clients visiting their property for the first time after furnishing and decoration. This deep-rooted experience, combined with our Paris real estate market expertise, and our network of first-rate financial, legal, design, and management resources, will allow us to continue offering you unbiased and forward-looking information as we work together to meet your real estate objectives during this uncertain time.
A lot of people have been asking how the market is faring during the lock-down, especially from a supply standpoint. As of now, new property listings have decreased as sellers hesitate, while most current listings remain on the market. We’ve seen very little withdrawal. Many final sales transactions that were expected to take place in March and April have been postponed.
According to MeilleursAgents, the months of March and April alone have accounted for 20% of annual sales during each the last five years. As a result of the shut down due to Covid-19 this spring, the city is not expected to reach its record one million sales mark, as it has succeeded in doing for the past two years.
Although the current situation has temporarily slowed the market in the short-term, Paris is unique in that its market will continue to turn in the long-run, regardless of economic, social, and financial circumstances. There will always be people looking to buy, rent, or sell in the city, especially considering its offerings of cultural and historic sites, luxury brands and boutiques, universities, and tech and investment firms, which have greatly softened any economic blows the city has incurred in the past.
We can expect the market to pick back up again after the virus runs its course in a few months, with an influx of listings and the renewal of visits and sales activity once the quarantine has been lifted. According to MeilleursAgents, the epidemic will be contained in time for summer, and the real estate market should be back in full swing come September.
In this context, mortgage demand may surge after the crisis. We advise potential buyers to take advantage of this time at home to prepare their dossier and to take virtual tours of properties online.
Get in touch
We’d like to thank you for your continued loyalty and trust in Paris Property Group. We’re here to help in any way we can, and offer our exceptional service to give you peace of mind, especially during this uncertain time. It’s more important now than ever to keep our digital lines of communication open. To learn more about our properties or get in touch with us in any capacity, please don’t hesitate to contact us. If you haven’t already joined our social media family, we welcome you to follow us on LinkedIn, Facebook, Instagram, and Twitter for the most up-to-date news. Don’t forget about our online blog where we’ll also be posting updates regularly.
Thank you once again for being a part of the Paris Property Group family. We wish you all peace of mind and good health as we face this situation together.