Penthouses, a bird's eye view of Paris
The nec-plus-ultra on the property market with prices per sq. metre among the most astronomical, penthouses at the very top of residences and buildings are as rare as they are sought-after. A real niche on the market for exceptional homes, the penthouse is aimed at a high-end clientele fond of discreet havens touching the sky and offering stunning views of Paris…
On the very top floors, benefiting from furnished terraces or roof gardens, penthouses offer privileged and panoramic urban views and highly coveted privacy. Made to see and not be seen, these apartments offer an ideal lifestyle but comprise a niche market, as confirmed by Frédéric Gouvel, director of the Agence Vaneau in Auteuil and Passy : “Penthouses in Paris are like golden nuggets, they are a rare commodity, and they are widely sought after by buyers both French and foreign. Penthouses can be of any surface area, inside and out : they often occupy an entire floor, or even two in the case of duplexes, with luxuriously furnished terraces. You find very beautiful penthouses with generous volumes in buildings designed by the architect Jean Walter in La Muette, but also in Auteuil, the 15th arrondissement, and in Neuilly, where 60% of the accommodation consists of apartment residences built after 1960, whose roof terraces have usually been annexed. Penthouses are, of course, much rarer in Haussmann buildings : some are to be found in the centre of Paris, though they are generally characteristic of 1960’s, 1970’s and contemporary developments. Penthouses are seeing growing interest on the part of very wealthy buyers who now prefer them to private mansions. Their outdoor space, views, privacy and absence of noise are attributes which win the favour of a high-end clientele, ready to sacrifice a large surface area in exchange for a top floor”.
Real blessings in the very midst of city life, penthouses offer elegance, splendour, serenity, as emphasized by Gaël Marchand, President of Fleuron Immobilier : “These coveted havens give the impression of being way above city life. Having no-one above you, no eyes staring down at your terrace, nothing opposite most of the time, and benefiting from a deep sense of peacefulness, are parameters seen as real luxuries when you live in town. The rooftops of Paris form a unique urban landscape that one never tires of admiring. In the capital, this type of property is an exceptional market highly prized by numerous buyers, especally personalities in the media looking for privacy, wanting to be sheltered from prying eyes. This well-off clientele is both Parisian and international. Demand is steady, but opportunities are rare. Not all top floors can be transformed into roof-terraces. As far as our agency is concerned, penthouses account for ten sales per year on average, and they provide very little turnover. This type of property sells even more easily if it is in a building with a lift, not always the case in old buildings. A lift is, however, an understandable necessity for international clients, older buyers and families with children. Who ever said that access to the rooftops of Paris was easy ?”.
Location, the building, layout, view..., all criteria justifying the price of a penthouse which naturally costs the most when it ticks all the boxes. As explained by Caroline Guerrier, Agence Varenne, responsable for the Rive Gauche agencies : “A top floor with lift, sweeping view, outdoor area, sunshine, all at a desirable address, in an elegant building, these luxury criteria particularly sought-after by buyers keep prices high. At the heart of the Left Bank, in the highly prized 6th and 7th arrondissements, the average price for a penthouse starts at 20,000 € per sq. metre. Prices which can soar much higher, as witnessed by one of our most recent sales : a 3-bedroomed penthouse apartment ideally located on Rue du Bac near Bon Marché, leading out to a very private terrace facing south, sold at over 26,000 € per sq. metre. Steady prices which take into account the apartment’s appointments, but also those of the building. Penthouses are for a highly privileged clientele, they always belong to the upper price bracket, even during crises. They are rare properties which appeal just as much to French as international clients and draw wide and constant demand”.
