Apartments with the elegant address of Neuilly-sur-Seine
The chic and even glamorous Neuilly is renowned for its high-quality living conditions, its popularity among families and its very fine properties. Just a few minutes from Porte Maillot, this “21st arrondissement” of Paris plays host to high-class apartments, often benefiting from terraces or gardens. Focus on a fluid and responsive market, once again on the move.
A residential “island” of leafy peacefulness, Neuilly offers an enviable life-style. Characterized by its inhabitants’ loyalty and boasting a considerable number of family-sized apartments, Neuilly’s property market has suffered from saturation over the past few years. “However, numerous departures over the past two years, explained by French policies and the tax system, resulted in significant turnover,” explain Anne-Sophie and Anne-Bénédicte Rebboah, co-founders of Square’s International. “Frustrated clients who could not find properties in Neuilly can now return to the market. Today, we are seeing a lot of movement, and the current economic climate is favourable for investments thanks to extremely advantageous borrowing rates. Which also allow new clients to show an interest and others to review their requirements in terms of living conditions : more space, a terrace, a top floor... There are lots of mistaken ideas about Neuilly, such as that of an unaffordable address, whereas the property tax here is twice less expensive as in Paris, and prices per sq. metre are not higher, but maybe even lower, than in some arrondissements in Paris. On average, the price per sq. metre in Neuilly is 9,000 € ; it can rise to 15,000 € and peaks at 20,000 € in certain areas such as Boulevard Maurice Barrès, for example. Today, however, Neuilly offers many opportunities, particularly due to a considerable number of inheritances bringing large apartments back to the market, admittedly not in very good condition, but proposing some undeniable assets. These properties offer buyers the chance to acquire large surface areas at moderate prices and carry out improvements depending on their means, while taking their time to complete the appropriate work.”
A “village town” where one could well be in the countryside in certain residences, Neuilly offers along its lovely tree-lined avenues real treasures of apartments in both old old and more recent buildings. As pointed out by Jean-François Fabre, director of Haussmann Invest : “There are two types of apartments in Neuilly : those in residences built in the 1960’s and 1970’s, proposing either terraces or gardens, all on one floor or split-level, with very lovely views as a bonus. Then there are apartments in old buildings such as mansions which have been entirely restructured while hanging on to their beautiful leafy exteriors. All the residences provide parking facilities, an additional convenience for residents. Mainly catering for families who have lived here for several generations, Neuilly also draws a significant number of buyers from the Middle East, China and lots of Parisians who find it hard to cross the frontier of the “périphérique” (ring-road), but are attracted by the status and high-quality environment provided by Neuilly, as well as prices that are less prohibitive than in the 8th or 17th arrondissements in Paris, and even in Levallois, which is still a very expensive town. Today, there are some very enticing opportunities up for grabs in Neuilly, and real reasons to invest. Here you can acquire larger surface areas than in Paris, and find fine properties to renovate from 7,000 € per sqm. This is a commune with very high potential in terms of properties, and very high marks for its quality of life. Lots of people have a rather hackneyed image of Neuilly, but it certainly isn’t a ghetto reserved for the rich.”
Opportunities not to be missed ? A competitive market compared to that of Paris ? The message seems to be getting through, as noted by Catherine Van Al, manageress of the Agence Barnes Neuilly : “The market for properties between 800,000 and 1.5 M € is very active, fluid and responsive, with some transactions completed in just a few hours ! The most widely sought-after property in Neuilly is an apartment of 100 to 140 m2 with three or four bedrooms : this kind of home most often sells in less than 48 hours. For properties over 2 M €, sale sare not so easy : there is less demand but, even so, lots of transactions. Large apartments from 150 to 220 m2 also find takers very quickly, at prices around 9,500 per sqm when they are in the catchment area of good schools. For families, a good education is a sizable argument in their choice of a residence. We recently sold an apartment of 200 m2 with a garden of 250 m2 near a good school, priced at 1.8 M €. Neuilly is very much a family town, people who have grown up here are not inclined to leave. We therefore deal with loyal clients whom we follow throughout the various stages in their lives : their first apartment, living together as a couple, the arrival of children, retirement… I should point out that Barnes in Neuilly can claim one out of every three sales between 1 and 2 M €, and 50% of sales of properties above 2 M €”.
