Paris 8th : the prestige of enviable addresses
Encompassing renowned addresses such as Avenue Montaigne, Avenue George V and the iconic Avenue des Champs-Elysées, the 8th arrondissement boasts a very elegant array of real estate which acts like a magnet mostly on foreign buyers. Whether lively, residential or business neighbourhoods, this flagship arrondissement on the Right Bank has many different facets, and prices of equal diversity.
Characterized by neighbourhoods with changing atmospheres, the 8th is a disparate arrondissement with a property market offering lots of contrasts. As Charles Daireaux of the Groupe Mercure explains : “There is not an 8th, but several 8ths ! The first and most prestigious is the famous Golden Triangle, defined by the Avenues Montaigne, George-V and Champs-Elysées, highly-prized by a foreign clientele and especially buyers from the Gulf. In this top-notch area, prices easily attain 15,000 € per sq. metre and can soar to 20,000 € or more for outstanding properties. We recently sold an apartment of 200 m2 in the Alma neighbourhood, offering a very beautiful view of the Seine, for 21,000 € per sq.m. The second sector, just as prestigious, is the area around the Faubourg Saint Honoré, including Avenue Matignon, Avenue Gabriel and the Rue du Cirque, where you find top international fortunes and prices similar to those in the Golden Triangle. The third area is comprised of the Faubourg du Roule and Parc Monceau neighbourhoods. They are elegant, residential, and more sought-after by French clients in this market, with prices ranging from 10,500 to 11,000 € per sq.m. Finally, the fourth area consists of the northern part of the 8th, with the neighbourhoods of L’Europe, St Lazare and Les Batignolles, which are again very different and mostly attract a clientele of French families. Prices here are more affordable, from 9,500 to 10,000 € per sq.m on average”.
While it does include a few private mansions, the prestige market in the 8th arrondissement is mainly comprised of chic apartments in elegant freestone Haussmann buildings. As explained by Matthieu Piffault of the Agence Paris Capital Coldwell Banker : “It is around Parc Monceau, especially on Rue de Messine but also on Avenue de Friedland, Avenue Hoche, Rue du Faubourg St Honoré and in the Golden Triangle that one finds the most magnificent Haussmann buildings. The 8th arrondissement, and particularly the Golden Triangle, draw wealthy international clients who, for a prestigious address, are ready to pay over 20,000 € per sq.m for a pied-à-terre or office premises. While pretty rare, the 8th also offers some sumptuous private mansions with courtyards of honour, terraces and/or gardens, like one we curently have for sale, priced at over 8 M €. In the 8th, however, as on the Parisian market in general, most demand is for apartments of 80 to 150 m2. A market which has shown real vitality since the beginning of the year, with lead times for sales considerably shorter, and prices on the rise. On the other hand, family apartments are still struggling to find takers, though we recently sold a 5th-floor apartment of 246 m2 on Rue de la Boétie, for 2.8 M €”.
