PARIS : A MARKET UNDERGOING STABILIZATION
The uncertain economic context, inflation, the war in Ukraine, and the rise in lending rates have all modified the behaviour of buyers, now more prudent, more demanding. Focus with Benoit-Henri Vitu, founder of the “Terrasses et Jardins” agencies, on these changes adding a new facet to the Parisian property market.
While acknowledgement of a slowdown is unanimous, the market in Paris is holding strong and undertaking self-regulation. Finally, a good piece of news ? “Price adjustment is a good thing,” says Benoit-Henri Vitu.
“After post-Covid turmoil, we are seeing the return of a reasonable market. Buyers are still there and sellers want to sell, though a rebalancing act is necessary, given the context. Owners must take new parameters into consideration to fix their prices and, as professionals, we are here to advise them and adjust estimations. The reality is that the morosity of the global context is not helping in terms of projections, and buyers have lost on average from 15 to 25% of their purchasing power. So you sell for slightly less and you buy for slightly less, which allows for on-going fluidity in transactions. Even if it is not as easy as two years ago, financing is happening despite stricter criteria. We have had 10 years of free cash : it is no longer the case, we have to live with it. As a result, buyers are more prudent and it takes slightly longer to sell, but transactions go through if at the right price. Conversely, if sellers resist and overestimate their properties, things come to a halt. In our agencies, despite the impression of a lull, our results are good. We have attained our goals for the first quarter of 2023.”
Located in the neighbourhood of L’Observatoire, this superb apartment, “rather like a house’’, benefits from a terrace and garden of 160 m2. Its living space of 216 m2 is comprised of a vast cathedral lounge, a fully equipped kitchen, 4 bedrooms including a master suite, and a study or bedroom on the mezzanine. Cellar. Box-garage and parking place at extra cost. 3.6 M €.
Located in the neighbourhood of L’Observatoire, this superb apartment, “rather like a house’’, benefits from a terrace and garden of 160 m2. Its living space of 216 m2 is comprised of a vast cathedral lounge, a fully equipped kitchen, 4 bedrooms including a master suite, and a study or bedroom on the mezzanine. Cellar. Box-garage and parking place at extra cost. 3.6 M €.
Located in the neighbourhood of L’Observatoire, this superb apartment, “rather like a house’’, benefits from a terrace and garden of 160 m2. Its living space of 216 m2 is comprised of a vast cathedral lounge, a fully equipped kitchen, 4 bedrooms including a master suite, and a study or bedroom on the mezzanine. Cellar. Box-garage and parking place at extra cost. 3.6 M €.
Located in the neighbourhood of L’Observatoire, this superb apartment, “rather like a house’’, benefits from a terrace and garden of 160 m2. Its living space of 216 m2 is comprised of a vast cathedral lounge, a fully equipped kitchen, 4 bedrooms including a master suite, and a study or bedroom on the mezzanine. Cellar. Box-garage and parking place at extra cost. 3.6 M €.
On the 6th and top floor of a fine co-owned property at the foot of La Butte aux Cailles, this apartment of 81 m2 benefits from a large leafy terrace of 62 m2, not overlooked. It offers a fitted kitchen giving onto the living-room, and two good-sized bedrooms. Parking place and cellar. Vendu à 1.190.000 €.
On the 6th and top floor of a fine co-owned property at the foot of La Butte aux Cailles, this apartment of 81 m2 benefits from a large leafy terrace of 62 m2, not overlooked. It offers a fitted kitchen giving onto the living-room, and two good-sized bedrooms. Parking place and cellar. Vendu à 1.190.000 €.
On the 6th and top floor of a fine co-owned property at the foot of La Butte aux Cailles, this apartment of 81 m2 benefits from a large leafy terrace of 62 m2, not overlooked. It offers a fitted kitchen giving onto the living-room, and two good-sized bedrooms. Parking place and cellar. Vendu à 1.190.000 €.
On the 6th and top floor of a fine co-owned property at the foot of La Butte aux Cailles, this apartment of 81 m2 benefits from a large leafy terrace of 62 m2, not overlooked. It offers a fitted kitchen giving onto the living-room, and two good-sized bedrooms. Parking place and cellar. Vendu à 1.190.000 €.
At garden level in a high-end residence near public transport in Meudon, this light and airy apartment of 95 m2 giving onto a pretty terrace offers a generous living area with an open-plan kitchen and 3 bedrooms. Parking places possible. 795.000 €.
At garden level in a high-end residence near public transport in Meudon, this light and airy apartment of 95 m2 giving onto a pretty terrace offers a generous living area with an open-plan kitchen and 3 bedrooms. Parking places possible. 795.000 €.
Benoit-Henri Vitu launched the first “Terrasses et Jardins” agency in May, 1999. Thanks to its notable success, it has since been joined by two more agencies in Paris.
Terrasses et Jardins : Paris Ouest 63 avenue de la Grande Armée 75116 - Rive Gauche 146 boulevard du Montparnasse 75014 - Paris Est 98 bis cours de Vincennes 75012. www.terrasses-jardins.com
Benoit-Henri Vitu launched the first “Terrasses et Jardins” agency in May, 1999. Thanks to its notable success, it has since been joined by two more agencies in Paris.
Terrasses et Jardins : Paris Ouest 63 avenue de la Grande Armée 75116 - Rive Gauche 146 boulevard du Montparnasse 75014 - Paris Est 98 bis cours de Vincennes 75012. www.terrasses-jardins.com
What about the future ? “I am not a seer, but I remain confident and optimistic : the Parisian market is a solid market.”
