Move Over French, Make Room for the Foreigners (with Money)
French Property Insider Volume XI, Issue 41 Thursday, October 10, 2013 • Paris, France
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For sale in the 16th (photo courtesy France 24)For sale in the 16th (photo courtesy France 24)
According to a report not long ago by the national news channel, France 24, the demand in Paris for upscale properties is picking up thanks to the 'upheaval' in the Middle East. Wealthy Arab investors still see Paris as a good destination for their excessive funds and are snapping up large properties in chic districts -- as much as 44 million euros for one property in the 16th.
With concerns over the situation in Syria, both the Syrian and the Lebanese communities in Paris are growing. London is benefiting as well from their concerns. Middle Easterners know they will be welcomed in both cities.
They are not the only buyers of luxury properties. Anyone wishing to get their money 'offshore' into a real asset, and not a bank account which is required to be reported to the tax authorities is considering a purchase in Paris of properties over the 1 million euro mark. With property prices on such properties soft or reduced, investors are further tempted to take advantage of this golden opportunity.
From a tax perspective, even Americans are realizing that the new Socialist-imposed tax measures won't apply to them. The Russians and Chinese are adding fuel to the property purchase fire in Paris, while other areas of France are still suffering as the French are reducing their numbers of second homes.
I doubt the French authorities are happy about the foreigners moving in when the French themselves cannot afford to own, but the downturn in the market (thanks to their own new tax measures) is driving this natural turn of events.
Last week, the Chambre de Notaires de Paris reported that sales and prices remain low in the Capital and Ile de France, but with some increases as of the end of July. Paris remains relatively stable compared to other parts of the Ile de France with the price per square meter at 8,260€ -- the same level it was at in December of 2012, but the Chambre de Notaires is predicting a small decrease of prices in Paris according to the pre-sale agreements now being signed.
This further supports the consensus that now is a good time to invest in property in Paris while prices and lending rates are low.
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