Prestige real estate: confident, the buyers are there
In 2015, luxury real estate in Paris is finding its feet again. Focus on buyer profile and the most sought after properties.
After a couple of sombre years, the French, and in particular, Parisian, luxury real estate market is back on form. The price of prestige property in Paris reached a low point this spring. French and foreign (Americans, English) buyers are active, and opportunist. Such is the view of the authors of the 3rd edition of a study of the luxury real estate market published in June by the website Lux-Résidence.com.
Based on a survey of a pool of purchasers (with annual income of over €160,000) of prestige property (luxury homes with a view), this study offers an insight into their profile and motives.
The typical buyer
In France, these buyers are on average over 50 and professional (executives, self-employed, etc.). A third have purchased a prestige property in the past two years.
The majority own multiple properties and seem ready to go shopping again. The market downturn, low interest rates, and fiscal stability are all factors that prompt them to dive back in ‘in the next 12 months’.
Even though the property available on the market is trickling off, these purchasers feel that they still have choice.
Sought after properties
A principal residence, a second home, and more recently, a rental investment. This study unveils that these buyers are involved across the board in terms of property type. They don’t shy away from property in need of complete renovation so long as it’s structurally sound with a view to personalising and adding value to the property.
France is an attractive prospect
Finally, according to this study, France is in third place in the rankings of the most attractive countries in terms of property investment, behind Spain (1st) and Portugal (2nd). Arriving ahead of the U.S.A. (4th), Italy (5th), Switzerland (6th) and England (7th).