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THE FRENCH LUXURY RESIDENTIAL REAL ESTATE MARKET IS DOING WELL

THE FRENCH LUXURY RESIDENTIAL REAL ESTATE MARKET IS DOING WELL

Despite the absence of foreign clients, the luxury real estate market in France has not suffered the full force of the health crisis, and remains stable in its supply / demand figures.

 

The latest barometer of the specialized site Belles Demeures reveals a 23% increase in visits to its site over the last nine months, to 2.5 million per month. And “these are not dreamers but active Internet users,” says Solange Roblot, the platform’s market manager. These consultations result in many connections between buyers and sellers.

 

The first quarter of 2021 was the strongest we have seen in twenty years, with more than 400 million euros of property sold, and the second quarter looks just as promising, “says the director of national operations of Sotheby’s International Realty France, Didier Fagnen.

 

48% of buyers believe that the economic situation in France will improve in the next 6 months. A rate four times higher than in June 2020 (12%), but above all, much higher than in June 2019 (36%). Prices in prestige real estate remain stable: + 1% over one year with 8,871€/m² on average in France according to the prices displayed in the ads published by Belles Demeures.

 

Still in the barometer carried out by Belles Demeures, we learn that 64% of the respondents think that it is the good moment to buy against only 38% in June 2020. More than half of those surveyed (58%) plan to take the plunge within the next 12 months.

 

Three-quarters of sellers plan to sell their prestige property in the next 12 months, and 79 percent say they are confident that their real estate project will be completed.

 

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There is still a risk of a future mismatch between supply and demand. Thus, while 40% of those surveyed are ready to sell their apartment, only 9% wish to part with their manor or castle, while 27% of buyers are planning on an apartment and 20% on a castle or manor.

 

Read also > AUSTRALIA’S LUXURY HOME SALES JUMPED 58% ANNUALLY IN THE FIRST QUARTER

Featured Picture : © Creative Commons

 

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