Once the centre and intellectual heart of Paris, the 5th arrondissement has gone through a revamp and is now also a very popular destination with tourists. The area is filled with second-hand bookshops and unpretentious bars. Conversations tend to be on the intellectual side, despite many locals believing that the area has lost the charm that it used to have in the 18th and 19th centuries.
The arrondissement is full of universities: whether in Quartier Saint-Victor or Quartier du Jardin-des-Plantes, the Pierre and Marie Curie University, the Université Paris Descartes and the School of Industrial Physics are all located here.
Paris is grounded in a strong culture and a guarantee of quality. Whether it is business, quality of life, local craftsmanship, hospitality or tourism, the French capital cultivates a pristine reputation by combining its culture and traditions with strong business values and growth.
Paris is a way of life. Being a Parisian goes beyond a job or even a simple nationality (most famous Parisians are actually foreigners); it is about the lifestyle. The CEO of a multinational company or an underground documentary maker will both love buying a croissant and a newspaper every day at the old news stand on their street and drinking a café on a terrace before heading to work.
Living in or buying a luxury Paris property is about more than settling in one of the most attractive and central European cities – it is also about investing in its art de vivre.
The Property Market in Paris
Property prices have dropped in Paris due to the recent economic crisis and the poor performance of the euro on a global scale. This has caused an increase in the demand for property investments and the purchasing of a Paris commercial property. Some properties, however, in desired locations such as the 17e arrondissement, have remained strong in value. With a predicted 3% drop in property value in 2015, Paris has become a buyer’s market for an investment property or a commercial property.
Luxury properties in Paris, such as big family homes in the 16e arrondissement for example, are priced at a level that is very attractive for anybody seeking to purchase a piece of the city. Near the 8e arrondissement a one-bedroom apartment starts at about €500,000. In the 9e arrondissement, a three-bedroom property is on average priced at €1,000,000. In more desirable arrondissements, properties can easily reach €5,000,000. With the number of tourists and students visiting Paris, the rental opportunities for flats are abundant and sure to be lucrative.
On average, buyers should retain about 8% of the property’s value in order to pay for the land registry’s tax, notary and various other fees incurred by purchasing a property in Paris.