Tonight, I’ll be on the opposite side of Oliver Gee’s questions about “Why Paris?” It’s the first live-and-in-person podcast I’ve ever done, and it’s a product of Oliver’s brainchild, The Earful Tower.
“Why Paris” is a BIG topic. So, Oliver and I will try to focus, on not only why people want to visit Paris, live in Paris, or dream about Paris, etc., etc., but why Paris is a good place in which to invest…that is, buy property.
Q: “Let’s start easy: Why all the fuss about Paris?”
That’s a good question. Have you answered this for yourself? Everyone I know who has moved to Paris from North America or elsewhere outside of France asks themselves this very question. I ask it of myself just about every day, but not just why Paris had such an attraction for me (from the moment I set foot in the City of Light), but why I stay after all these years! And if I were to leave, where would I go? What other city on the planet can replace Paris?
I know my own answers. I have a long list that starts with the sheer beauty of the city. But, do you know yours? I’m sure we’ll be touching on why Paris is so special to me, but also to all Parisians, as it seems to be held as dearly in the hearts of Parisians as New York is for New Yorkers.
The bottom line for me is that while I have looked far and wide, I still have never found another city in the world I’d trade for Paris. Period.
Q: “Is it a good place to invest in?”
You already know the answer to that!: YES.
I made my first investment 18 years ago when I purchased the rental apartment in which we were living. The property is now worth five times what I paid for it in 2000, so, as a result of this, I’ve had the good fortune of purchasing four additional properties by taking “equity release” loans…or what you might call “lines of credit” to add to the portfolio. It was like playing a game of monopoly with real banks, real money and real properties! And it’s called “leveraging.
“Q: “Why is Paris a good investment?”
Besides the fact that Paris is one of the most visited cities in the world, or that Paris is one of the most beautiful and historic cities in the world, and a whole host of other reasons, Paris is FINITE. The city officials, as well as its residents, don’t want Paris to grow up or grow out. The “périphérique” defines the borders. The height restrictions define the skyline. That means that there’s little room for it to expand and therefore property organically becomes more valuable since it can’t grow with the population or the demand.
Q: “What are the risks?”
There are none. Not really. The French cross their T’s and dot their I’s plus there is a lot of consumer protection built in to a very complex and administrative system. Mistakes made are more often your own than anyone else’s. If you don’t hire professionals to assist you, then you’ve just made your first and biggest mistake.
Q: “Let’s talk areas: Good areas? Areas to avoid? Up and coming? Where would YOU buy?”
I suppose the question relates to the 20 districts of Paris, those within the périphérique…so let’s just limit Oliver’s question to Paris. The answer is NONE. There are none to avoid, not really. But central Paris, particularly the more historic parts, are clearly less risk and will hold their demand and therefore their values well, whereas other districts may fluctuate in popularity.
Where I would buy is not the same as where someone else would buy for different reasons, so rule out nothing! “Tout est possible.” Those who read Parler Paris know I love my little Haut Marais hamlet, but the truth is, everyone I know loves where they live, regardless of where it is in the city. Each neighborhood has its personality, its assets and liabilities, but once you become a part of the “quartier,” you’re sure to fall in love with it.
Q: “What are the biggest mistake expats make?”
That’s easy: not hiring professionals to help them make important and expensive decisions, as well as help them through the process, which is so inherently different than from where they come.
Come to the podcast to hear a much more in-depth version of these answers! If you want to attend, best to go register NOW! It’s at 7 p.m. at Café Méricourt, 22 rue de la Folie Méricourt, 75011 Paris.
Here’s how you register.
Or wait for the podcast to be announced on the Earful Tower! We’ll let you know when you can hear it.
A la prochaine…
Adrian Leeds Group
(By Patty Sadauskas)
P.S. In early May we will be taping another House Hunters International episode in the beautiful French city of Bordeaux! And we’re looking for apartments or homes in which to film! If you have a one or two-bedroom property in the heart of Bordeaux and would like to see it immortalized in this popular TV show, please email me immediately