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The return of foreign residents to Paris is reviving the luxury real estate sector

 

 

 

 

 

 

 

 

 

 

 

 

 

The return of foreign residents to Paris is reviving the luxury real estate sector

The specialist in upscale rentals Book A Flat announces the return of foreign tenants in the capital.

 

In a press release, the expert Book A Flat reports the return of foreign renters in the prestige real estate sector. The figures support this observation: in September 2020, 45% of high-end properties are occupied by foreign tenants, the same rate as in September 2019, against 55% French. 20.2% of this foreign clientele comes from Europe, followed by Asian, American and North African clients, each representing about 6.1%, and behind them, South American clients with 3% and 2% for Russian clients.

 

These figures had fallen sharply in the face of the health crisis, and the 45% of foreign tenants for the month of September had fallen to 35% in May and even 29% in June. Foreign students are partly the reason for this increase, representing “41% of Book A Flat’s tenants, compared to 12% in May 2020”, according to the cofounder of the real estate site, Stanislas Coûteaux, in the press release. For him, this is proof that the market is “resilient“.

 

The press release also notes an increase in the supply of luxury housing in the more central districts of Paris, while usually it is the west of the capital that concentrates mainly on offers of high-end apartments. Over three months, a third of the leases signed come from central Paris districts, compared with only 28% last year.

 

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Rents are highest in the 5th arrondissement. The co-founder of Book A Flat explains that “the presence of major schools, such as the Sorbonne and the Ecole Normale Supérieure, make the 5th arrondissement one of the most expensive for studios because they are in great demand by foreign students”.

 

Read also > LUXURY REAL ESTATE : A FIRST PRIVATE RESIDENCE FOR THE BUILDER ASTON MARTIN

 

Featured photo: © Daniel Féau

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