Home News Americans Are Buying up Properties in Paris, Causing Luxury Home Prices to Skyrocket

Americans Are Buying up Properties in Paris, Causing Luxury Home Prices to Skyrocket

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Many wealthy Americans say “Welcome home” and “Bonjour” to America. Paris.

Thanks to the current strength of the US dollar, Americans are buying up luxury real estate in the French capital, causing prices to skyrocket. new report From Bloomberg. According to real estate firm Barnes, the average price of a prime location in Paris — homes selling for more than €3 million (about $2.9 million) — has jumped 9% in the first half of 2022 alone. In 2020 he averaged €5 million, but this year he has €5.47 million.

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Hugues de la Morandière, associate director at real estate firm Varennes, told Bloomberg: “During the pandemic, the United States amassed a great fortune. “Those people are coming to Paris to buy a house now. increase.”

Many of them are choosing to move to districts such as the 18th arrondissementth and 11th, a place less touristy than around the Eiffel Tower and other landmarks. Still, some of these popular neighborhoods are attractive to Americans: in the Marais neighborhood, for example, Barnes’ one-third of his sales to foreigners were to Americans. Near the Champs-Élysées, the breakdown was he a quarter.

In total, Burns expects to sell more luxury Paris homes in the first half of this year than it did in 2021 as a whole, with 2022 sales surpassing last year’s record sales. A large part of that is from American buyers, said Richard Zippin, the agency’s managing director.

Another real estate firm, Varenne, set its own record this year by selling an eight-story townhouse.th It was sold for €27.5 million ($26.8 million) to a buyer who was French but earned in the US. The sale also set a citywide record for price per square meter, with the buyer spending €50,000 per square meter on him ($4,507 per square foot).

Demand for luxury properties contrasts with Paris’ larger housing market, where prices fell by 1.4% in the three months to July compared to the same period in 2021. Wild ride this year. Monday.

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