Despite the strikes and the yellow vests movement, Paris became, last year, the city preferred by international clients to invest in real estate, ahead of New York, Tokyo, Los Angeles and Hong Kong.
By Luxus Plus
Despite its permanent events and traffic difficulties, Paris is also the world capital of tourism and a privileged pole for investors from all over the world. Now, Paris has also become the preferred real estate market for the world’s wealthiest people.
Every year, the BARNES luxury real estate network analyses a very specific segment of individuals and families. These are the “High-Net-Worth Individuals” and the “Ultra High-Net-Worth Individuals”. To be eligible for either of these 2 categories, one must have assets between one and thirty million dollars (or more). There are currently 265,000 of them worldwide. By 2023, they are expected to exceed the 350,000 mark and their cumulative wealth will then amount to more than $40 trillion.
For a few years now, the French capital has featured prominently in this list. Fifth in the 2019 survey, it only took a year for it to move to the top, ahead of New York, Tokyo, Los Angeles and Hong Kong. This does not surprise the president of BARNES, who said: “We had been pressing him for several years. Paris combines historical and tourist interest and enjoys a very good economic health. Moreover, it is a world exception, celebrating its fourth consecutive year of rising transactions and prices, now averaging over €10,000 per square metre”.
As for the rest of the podium, New York remains in second place, “a sign of its stability and undeniable attractiveness” and Tokyo, a new entrant directly promoted to third place, is benefiting from an exceptional real estate upturn, a situation undoubtedly reinforced by the prospect of the 2020 Summer Olympics.
Paris is thus confirming its potential, thanks to its high-quality real estate offering in almost all of its districts. This makes the capital of France a rare case on the map of major international cities. All the districts, even the most affordable, offer stone buildings resulting from the work carried out by Baron Haussmann during the 19th century.
“Moreover, Paris has reached a level in 2019. Indeed, the average price per square metre has officially exceeded the symbolic €10,000 mark for all its transactions, all districts combined. In the very high-end segment, more and more sales are approaching or even exceeding another symbolic bar, that of €30,000 per square metre,” adds Thibault de Saint Vincent.
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