According to the latest figures, over 90% of prime real estate in Paris costing above €10m are sold to foreign buyers.
The market for exceptional properties, more than 10 million, is doing well in Paris but buyers are ever foreign, in 90% of cases.
As with most other luxury markets, the prime property market in Paris is separated from the wider housing market in France. Of course the properties which fall into this category can only really be purchased by the super-rich, of which there are ‘only’ roughly 150,000 of in the world.
To clarify, these days you are generally seen as super-rich if you have a heritage of more than €25m, which is where the rather lofty figure of 150,000 comes from. Of course, the world’s 1,600 billionaires are a prime target for such real estate.
“It is an absolute whim market on a very limited stock for perhaps 1,200 properties worldwide,” says Thibault de Saint Vincent, president of Barnes, a estate agency specialising in the high end. “Buyers are now quite young, mid-way through life and have succeeded in industry, often in new technologies. Alongside Arabic and Russian buyers, a growing force in this market is that of Brazilians, Chinese and Indonesians. These are buyers who decide in heart beat and after setting funding issues do not hesitate to pass a medium to ensure that the premises is fitted to a suitable level – (for Asians) feng shui is important or for Muslim buyers an orientation to the east, towards Mecca.”