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Luxury real estate : exteriors inflate property prices

Luxury real estate : exteriors inflate property prices

Since the health crisis, the craze for terraces, balconies and exteriors has never been so great, especially for Parisians. After months of confinement, sometimes spent watching the sun taunt flats without exteriors, the trigger for some was imminent: change property to be in the fresh air.

 

The Mercure Group estimates that “demand has increased by 30% for properties with exteriors”. As a reminder, for more than 80 years, “the Mercure group has made luxury real estate and real estate heritage its spearheads. The group’s experts […] offer a complete selection of character properties and prestigious homes throughout France to a demanding clientele”.

 

The value of city centre exteriors has risen considerably as a result of the health crisis and the confinements. The Mercure Group estimates that demand for exceptional properties with gardens, balconies or terraces has risen by 30% in one year.

 

For people who have chosen to stay in the city and not move to the country, the criterion of an exterior remains essential for the purchase of a flat. Properties with an exterior in the city centre are extremely rare and are becoming luxury properties.

 

In Paris, “a balcony or terrace can increase the price of a flat by 75,000 euros”, according to the real estate group’s press release, published on 11 May. These indicators make it possible to determine the added value brought by the outside space, such as the surface area, the orientation, the presence of a neighbouring building or the floor.

 

“Location remains the determining criterion and will remain so, but in all the cities where we are present, outdoor space, because it is rare and precious, becomes the bonus that gives light and creates breathing space in the heart of cities,” says Olivier de Chabot, managing director of the Mercure group.

See Also


 

Balconies, terraces and gardens are now becoming the new love of the French.

 

Read also > THE BEAUTY SECTOR STRONGLY IMPACTED BY THE CRISIS

 

Front page photos : © Karen Mandau

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