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Foreigners flock to buy luxury property in Paris

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Foreigners flock to buy luxury property in Paris


Estate agents in France claim that despite the crisis in the eurozone, sales of luxury properties in Paris are beating all records and selling for record prices too.

“In 2011, we realised a 34 percent increase in sales compared to 2010. Brazilians, Russians, buyers from the Middle East, these are the key players who take an interest in these properties,” Paulo Fernandes from Sotheby’s International Realty, told euronews.

In recent months, many other estate agents say they have seen a clamber for luxury property in Paris, which has caused average prices to increase around 17 percent. Half the buyers are foreigners, they say.

“Throughout history, real estate has been a safe haven and many foreign customers, who come to invest, see Paris is a safe bet,” added Fernandes.

After record sales last year, property agents say they hope that 2012 will be just as promising.

One apartment with a fantastic view of the iconic Eiffel Tower is on the market for 46 million euros or 60,000 euros per square metre.

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