France - Paris - Luxury Real Estate Prices

These affluent individuals are seeking to acquire or rent secondary residences in the city’s most desirable neighborhoods. However, it is unlikely that this clientele will become tax residents in France anytime soon. An increasing number of foreign buyers and tenants are drawn to properties that offer services akin to those found in London, New York, Geneva, or Dubai.

In the 7th arrondissement, the former Ministry of Defense is undergoing a major transformation, led by Vinci Immobilier, which was commissioned by the Qatari fund Constellation that purchased the site for nearly €300 million in 2019. This extensive project, initiated in the summer of 2023, includes five buildings and 28,000 square meters of space. The aim is to open a five-star hotel operated by Maybourne and 23 ultra-luxury serviced residences by early 2027, a model that remains rare in France.

Apartments on Rue Saint-Dominique, priced at over €55,000 per square meter, have already been sold, primarily to American and Middle Eastern clients who appreciate luxury and hotel services, along with a few French buyers. Future owners will benefit from furnished apartments and high-end amenities such as a swimming pool, spa, gym, concierge service, dining options, housekeeping, enhanced security, and the opportunity to rent their property through Maybourne.

This concept, common in the United States but still emerging in Europe, appeals to buyers due to its turnkey offerings and access to all the services of a luxury hotel while maintaining property ownership. In Paris, there are a few instances along Avenue Foch or Avenue Montaigne, but rarely with such a high level of integration between hotels and residences.

Experts suggest that in the next five years, we could see luxury apartments with services exceeding €100,000 per square meter, with associated costs reflecting the offered amenities. Foreign clients are accustomed to paying premium prices when the services meet palace standards.

Stay tuned for more updates. For luxury real estate investments in Paris, contact your prestigious international real estate agency, THE ADDRESS, at www.theaddress.vip or via email at contact@epfg.fr.

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