From l'Étoile to Trocadero : upper-crust Paris !
The City of Light continues to achieve all its potential for attracting the interest of both French and foreign investors. Its beautiful architecture, its historic character, its refinement and, above all, its prices that are rather reasonable compared to other cities around the world, all place Paris in a very good position on the market for second residences.
A decidedly bourgeois arrondissement, quiet and reassuring, proposing a quality lifestyle, the northern sector of the 16th attracts buyers for its elegance and the nobility of its real estate. As explained by Paola Rossignol, manageress of the Deluxe Confidential agency : “Rare are the arrondissements boasting such a dense concentraton of exceptional properties. On lovely avenues in the 16th, the market offers a plethora of apartments with extraordinary volumes, and magnificent private mansions sheltered from prying eyes. It is a reassuring arrondissement for foreign buyers, who are drawn by its closeness to famous Parisian monuments such as the Eiffel Tower, Arc de Triomphe, Trocadéro, and the many shopping streets lined with luxury brands and very good restaurants. Japanese, Saudi, Brazilian, Swiss and Belgian clients are particularly impressed by the prestige of these addresses, and these fabulous apartments offering delightful views still often find takers even at high prices. Furthermore, the chic image conveyed by the 16th and its lifestyle still attracts well-off French families in search of quietness and privacy”.
Benefiting from this magnetic appeal, the northern part of the 16th arrondissement is made up of several classy neighbourhoods targeted by an affluent French and foreign clientele, as confirmed by Iris Tang, manageress of the Emile Garcin Rive Droite agency : “Our clients focus their searches on well-defined areas in the 16th. Firstly, the Place des Etats-Unis and its surrounding streets, that’s to say Avenue d’Iéna and Avenue du Président Wilson, very popular among numerous buyers. Then the neighbourhoods in immediate proximity to the Jardin du Trocadéro, as well as the leafy areas of the Jardin du Ranelagh, Square Lamartine and La Muette. In all these neighbourhoods, French buyers are making a strong comeback, looking either for their main homes or a pied-à-terre. Demand is particularly strong for apartments from 80 to 200 m2 and, if their budgets allow it, three recurring criteria top the lists of both French and foreign buyers : an upper floor, a terrace and an open view, or even a view of a landmark. For these criteria, they are ready to pay top dollar, and large terraces and stunning views will make prices soar, occasionally to levels exceeding 15,000 euros per sq. metre for high-class properties. We recently sold a 3rd-floor apartment of 180 m2 on Avenue Victor Hugo for 2.2 M €. For this type of property, the market is very buoyant, though clients are even more demanding : properties with defects are hard to sell, and apartments on the ground or first floors, or in buildings without lifts, are penalized”.
As well as being one of the capital’s most sought-after arrondissements, the 16th is characterized by sharp disparities in prices, depending on the neighbourhood. According to Guillaume Saint Pierre, manager of the Agence Vaneau Trocadéro : “One of the special features of the northern part of the 16th, between Trocadéro and L’Etoile, is a price mark-up of about 15% compared to the rest of the arrondissement. This is firstly explained by the quality of the buildings, very marked by the Haussmann style. The area also benefits from very good public transport and schools of quality, such as the Lycée Publique Janson de Sailly. Added to which is the zone’s closeness to the 8th and 17th arrondissements, both very smart and upper middle class. Clients enjoy elevated and constantly rising purchasing power, ensuring that high prices are maintained. Over the past year, foreign buyers have also reappeared on the market, benefiting from the virtual parity of the pound and dollar versus the euro, with a marked comeback on the part of English clients, and, as ever, those from Lebanon and the Middle East who are particularly fond of this arrondissement. At the moment, the most active segment of the market consists of properties from 80 to 150 m2, which has again become synonymous with scarcity despite steady prices, around 10,000 € per sq. metre on average. By way of example, we recently sold to a French family an apartment of 237 m2 on Avenue Victor Hugo, in need of total renovation and priced at 2,170,000 €. On the same avenue but close to Place Victor Hugo, on a morning at the end of July, which is after all a quieter period due to the school holidays, we sold a 3-bedroomed apartment of 125 m2, priced at 1,470,000 €”.
