Despite the worldwide pandemic of COVID-19, luxury real estate is going strong in France. Indeed, the prestigious properties on the coast are attracting large numbers of buyers, while Paris is now competing with less urbanised areas such as Brittany, Normandy, Provence or the posh cities of Ile-de-France.
Luxury real estate in France: a market that is doing well
An exciting first half of 2021
In 2020, the epidemic of COVID-19 made observers fear the worst. This was not the case. Despite the health crisis and the sharp drop in foreign investors recorded (more than half of them American and Asian clients), luxury real estate is doing wonderfully in France in 2021. In the first half of 2021, the market even saw record sales in certain sectors.
The return of French buyers to the luxury market
The reason for this success? The return in force of French buyers, and in particular expatriate families, who no longer hesitate to acquire a main residence in France. The French have thus represented three quarters of the real estate transactions on the luxury market in France. For this demanding clientele, investing in an exceptional property is a safe haven.
What are the new trends in the luxury real estate market?
High-end properties: the evolution of the selection criteria
The epidemic context and the lockdown measures have redefined the requirements of buyers of high-end properties. A strong trend is emerging: the quest for an exterior. Whether it is with a house or a flat, buyers are looking for spacious and comfortable outdoor spaces (terraces, balconies, parks, gardens, access to the sea, etc.).
To satisfy this requirement, clients have logically turned to properties surrounded by green spaces, private mansions, villas, old houses that have been completely renovated (châteaux, bastides, farmhouses, manor houses, exceptional properties, etc.). Less popular, luxury flats located in the city centre are nevertheless finding buyers when they offer roof terraces or large balconies.
What are the most popular destinations in the luxury real estate market?
In line with this quest for the outdoors, a new trend has emerged in 2020 and early 2021: the return of less urbanised regions to favour with buyers. For the first time in decades, Paris has lost its hegemony to several provincial cities, which are better able to offer a green environment. In line with this quest for the outdoors, a new trend has emerged in 2020 and early 2021: the return of less urbanised regions to favour with buyers. For the first time in decades, Paris has lost its hegemony to several provincial cities, which are better able to offer a green environment.
Two regions have seen a very strong revival of interest: Brittany and Normandy, where cities such as Deauville have seen their ratings soar. Provence and the Côte d'Azur, which are still very dynamic, are now closely followed by the Basque Country, Aquitaine and the Arcachon basin. Finally, the chic suburbs of the Paris region are more than ever favoured by buyers of top-of-the-range properties. Beautiful properties in Neuilly-sur-Seine, Boulogne-Billancourt, Saint-Germain-en-Laye, Versailles or Saint-Cloud generally only remain on the market for a few days.