Paris Second Most Desirable City For Real Estate Investors, New Study Reveals
A new report out of London-based firm Knight Frank shows that the world's multi-millionaires are still very interested in investing in Paris's property market. According to Knight Frank's results, Paris is the second most desirable city for real estate investors in Europe after London.
Analysts at Knight Frank only looked at investments made by people who were worth at least $29 million. Knight Frank employees say the average price to invest in a 100 m² flat in Paris today is between $92,000 and $117,000. Most of the investors interested in Paris are based in the USA, Europe, and the Middle East.
The 1st Arrondissement, which is the home of the Louvre Museum, remains one of the most popular places for ultra-rich real estate investors. It also didn't come as a surprise that many of these millionaires put money into the 6th and 7th Arrondissements, both of which are located on the Left Bank and include major areas like the Latin Quarter and the Eiffel Tower.
The most interesting find from this report was that investors are now interested in the 10th Arrondissement in East Paris. Over the years, the 10th Arrondissement has slowly become more trendy thanks to a bar scene by the Place de la République and the 11th Arrondissement's hot nightlife.
The 10th Arrondissement has also become a wildly popular with local cyclists on the weekends due to the paths by the Canal Saint-Martin. Knight Frank expects this district to become more gentrified in the years to come.
Although Paris is a desirable place to invest in Europe, it has fallen a bit in the global rankings. In their global analysis, Knight Frank put Paris in 12th place.
With prices averaging $11,000 per square meter, buying property in the French capital has never been more expensive. According to the Baromètre LPI-Se Loger, this is the highest level on record for house prices Paris.
London, on the other hand, not only topped Knight Frank's European report, it also came in number one on their global list of the most desirable places for real estate investors. The only other European cities in Knight Frank's global list's top 20 include Frankfurt (13), Geneva (17), and Zürich (18). The city of Amsterdam came in 34th place and Rome was almost last at number 36.
From number two to ten, here are the cities real estate moguls are most interested in around the world: New York City, Hong Kong, Shanghai, Los Angeles, Singapore, San Francisco, Beijing, Tokyo, and Chicago.
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