Want a luxury flat in Paris? We tell you what to consider.
The majority of property for sale in the centre of Paris is desirable to foreigners – most is old and romantic and conjures up images of a world gone-by. Nonetheless, not everybody is content to be wooed by a small pied-à-terre, some investors are looking for that something special and Paris is certainly the place to look.
Estate agent Philip Hawkes sells three to five townhouses a year at the upmarket price of €3-6 million. As the price suggests, townhouses are extremely rare in Paris and, as most estate agents will tell you, the likelihood of getting your hands on one is slight.
But this is not a reason to despair – if you are looking for that special something then you will certainly be able to find a luxury apartment to match your taste.
So what constitutes a so-called “prestige property” in Paris? According to David Amanou, director of District Immobilier, an estate agency with offices in the 4th and 7th arrondissement, a property must fulfil three criteria to be classed as luxurious.
“First, and most importantly, is the geographical situation of the property,” says Amanou. “The apartment must have an exceptional address.”
The Ile St Louis, St, Germain-des-Près, avenue Montaigne, around the Champs-de-Mars or the Eiffel Tower are all important addresses.
In short, people looking to buy an exceptional property should look in the 4th, 6th, 7th or 8th arrondissement, advises Amanou.
View of the Seine
“Second, the property has to have a beautiful view,” he confirms.
This often means a view of the Seine twisting its way through Paris and addresses along the “quais” on the Ile St Louis are key spots for prestige investors.
Other investors might prefer a view of one of Paris’ famous monuments such as the Notre-Dame church, the Eiffel Tower or the Invalides, the impressive gold-domed building where Napoleon is buried.
“A beautiful building is the third criteria,” says Amanou.
Architecture, unsurprisingly, is all important and most prestige property in Paris tends to date from somewhere between the seventeenth and nineteenth century depending on the arrondissement.
Now to the all important question – how much will you have to pay?
A prestige property is unlikely to be on the market for less than €13 000/m2 and if you desire to purchase an apartment along the “quais” of the Ile St Louis be prepared to pay between €20 000 – €25 000/m2, warns Amanou.
What size of apartment you want to purchase is obviously up to you, but Amanou suggests that somewhere around 150-160m2 or bigger is probably a good size to aim for.