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2021 is shaping up to be a good year for the prestige property market as well as for old property. Renewed interest, price decreases or the attractiveness of the province are factors that help explain the vitality of these trends.
The trend is confirmed for the year 2021 : prestige properties and old properties are experiencing a new vigour. For the former, it is driven by price falls which, according to the latest Barnes International note, vary from 10 to 15% for prestige properties with defaults, while older properties are benefiting from historically low loan interest rates.
This easier access to credit has enabled wealthy families to buy and invest in high-end property. Similarly, for several months now, we have seen the return of foreign buyers and high-level expatriates (sportsmen, entrepreneurs, etc.). Thus, in 2021, the volume of transactions carried out by Barnes International has increased by 70% compared to 2020.
It is above all the provinces that are benefiting the most from the dynamics of this market. As a result of successive confinements, many inhabitants of large cities increasingly feel the need to move to the outskirts or to the provinces. With teleworking, the French are becoming more inclined to outsource. Medium-sized cities, with 50,000 to 100,000 inhabitants, have high-quality properties at attractive prices.
The countryside also attracts a clientele that wants to leave the city. This clientele, above all wealthy, is looking for prestigious properties of great value, such as castles. They are concerned about heritage and often invest in major restoration work that can cost up to one or two million euros.
The seaside resorts as well as the mountains are not left behind, and benefit from this trend. For the former, it is their quality of life, as well as the presence of important infrastructures that enable them to attract a wealthy clientele. The mountains are experiencing the development of an increased phenomenon of semi-main residences, which the owners only enjoy for a few months of the year, but which they can use for work or to meet with family and friends. The pandemic has also forced many resorts to reinvent themselves to compensate for the closure of ski slopes. Thus, the development of new activities, both in summer and winter, has enabled the high-end alpine property market to find a new clientele.
The market is also being driven by the return of investment funds, often French, who commission agencies to acquire quality properties in the capital or in other popular and renowned locations. Their budgets can vary from 50 to 300 million euros.
Read also > MANHATTAN LUXURY REAL ESTATE MARKET AT ITS HIGHEST LEVEL SINCE 8 YEARS
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2021 is shaping up to be a good year for the prestige property market as well as for old property. Renewed interest, price reductions and the appeal of the provinces are all explanations for the vitality of these trends.
The trend is confirmed for the year 2021 : prestige properties and old properties are experiencing a new vigour. For the former, it is driven by price falls which, according to the latest Barnes International note, vary from 10 to 15% for prestige properties with defaults, while older properties are benefiting from historically low loan interest rates.
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2021 is shaping up to be a good year for the prestige property market as well as for old property. Renewed interest, price reductions and the appeal of the provinces are all explanations for the vitality of these trends.
The trend is confirmed for the year 2021 : prestige properties and old properties are experiencing a new vigour. For the former, it is driven by price falls which, according to the latest Barnes International note, vary from 10 to 15% for prestige properties with defaults, while older properties are benefiting from historically low loan interest rates.
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