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Perspective
29/10/2015
The improvement is confirmed. The real estate market finds gradually colors, and luxury is no exception. Especially in Paris, where it shows very positive results. A replay of the prestige that affected all industry professionals, including some big players like Barnes, Sotheby's International Realty France, Emile Garcin and Daniel Féau.
For the latter, the purchasers have made clear their return. Between January and September 2015, the group experienced strong sales growth. + 61% on all its branches located in western Paris, with a record registered by that of Neuilly-sur-Seine (+ 110%) compared to the same period in 2014.
Barnes also benefits from this renewed interest. The number of transactions in Paris is up 35% over the first three quarters of 2015. An increase in contrast with 2014 rather morose.
Similarly for Sotheby's agencies, including the number of sales has grown steadily during the year. Improved confirmed by Frank Sylvaire, associate director of West Paris Sotheby's Realty. The turnover of the agency, located avenue Victor Hugo, jumped 20%. 'After two years of slowdown, the luxury real estate market was very active in Paris and it has continued since. '
Three factors are behind this constant progression. Parity between the euro and the dollar has been a key element in this recovery. Foreign customers were able to make a huge return on the market. Russians and Chinese are less present and give way to the return of English-speaking clients. Often Americans for which the exchange rate has again become interesting. Alexander Kraft, CEO of Sotheby's, interviewed in the Club Realty, confirms this trend. 'We sold two apartments in the 16th district for five million to Americans who wanted to buy a small dismounted. '
This increase in sales is also due to historically low interest rates. Around 2% since the beginning of the year. French buyers, less cautious, do not hesitate to acquire high-end goods.
This, coupled with a steady decline in prices, led to the return of buyers eager to invest and make good operations in Paris. Indeed, the accumulation of stocks between 2011 and 2014 allowed for adaptation luxury property prices. Sellers, more reasonable, have had to lower their prices. Between 5 and 20% for Barnes in France between 12 and 20% for Daniel Féau only on the Paris market. New prices that motivated buyers to return.
If some areas of Paris are still preferred by customers, like in West Paris (8th, 16th, 17th) and the Left Bank (5th, 6th, 7th), new demands arise. 'We see foreigners and French that go to the 9th, 11th, 10th and even to Bastille,' said Nathalie Garcin, director of Emile Garcin group of agencies specializing in luxury real estate.
Customers seeking more atypical goods. 'Lodges, workshops (...). We have even more applications in the 14th and 15th, including houses. '
Geographic areas that correspond to different clienteles. The French buyers seeking above all a 'neighborhood life' and want to be closer to family. They are mainly interested in properties located close to shops and schools. A separate perspective of most foreign clients, mostly Americans, British and Belgians, who dream of being able to offer a prestigious address. Like the Golden Triangle, part of 8earrondissement bounded by avenues Georges V, Montaigne and the Champs Elysees.
Restricted areas which should nevertheless meet certain benefits. Including a clear view, a great location and high floors.
According to the purchased goods, sales trends is not the same. Accuracy Richard Tzipine brand, General Manager at Barnes, who shade increases as the price of goods. In the first nine months of 2015, it was 46.3% for goods of less than 4 million. For assets above this amount, the number of sales was down 17%. 'The large apartments of 300m and more are struggling to find buyers, especially when they have '' fault '' as a low floor, the need to work, vis-à-vis or address bit rewarding. '
However, today the situation is improving for exceptional accommodation, the price exceeds 10 million. Some foreign customers come back to buy Paris of the great mansions. Some are also available in the market, as indicated by Alexander Kraft. 'We have a magnificent mansion on Avenue Foch for sale. Its price: 30 million euros. '
© Propriétés De France - published on Barnes Paris on 29/10/2015
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