Prestige rentals in Paris : a brisk market
Since the end of 2016, the luxury rental market in Paris has largely recovered its vitality. In the rankings of the world’s most sought-after cities, Paris continues to be a dream for the wealthiest clients, and its rental market has been fuelled since the beginning of this year by the return of a foreign clientele boosting the volume of transactions. Focus on a flourishing and very lively market…
The luxury rental market in Paris seems have a rosy future. The first quarter of 2017 confirms a rise in transactions and, at the same time, the return of a foreign clientele disposing of substantial budgets. As Stéphanie Rossi of the Agence Emile Garcin explains : “Compared to last year, demand has risen for prestige rentals in Paris. Foreigners are less hesitant than in 2016, and are back with substantial budgets to rent properties with high-end appointments. By way of example, we currently have an American client in search of an apartment for six months, with a budget of 45,000 € per month. On the rental market, foreign clients are keen on typically Parisian apartments blending stylishness and comfort, benefiting from an outdoor area or a view of one of the capital’s iconic landmarks. The Emile Garcin agency proposes long-term rentals for a minimum of 6 months, with the majority of our apartments rented on a turnkey basis. Foreign clients have hefty budgets, but they demand in exchange premium quality and high-end amenities, such as a conciergerie service. French clients are also looking for rentals, especially while on temporary professional assignments. We recently rented a furnished apartment of 210 m2 on Avenue Charles Floquet in the 7th arrondissement, for 14,000 € per month”.
Paris flaunts the height of luxury and extraordinary taste in these apartments blessed with fabulous views, and sublime houses up for rent at the top end of the market. Valérie Bodocco, manageress of the Agence de Paris specializing in prestige property rentals, short, medium or long term, describes her customer profile : “In our agency, most of the demand arises from professional assignments and events, but also comes from Parisians needing an apartment while carrying out renovation work in their own homes, or in the period between selling and acquiring a property. In both cases, demand is constant, and has even tended to rise over the past few months. Also of importance are requests from foreign clients looking for apartments for holiday stays. The upturn in the rental market began in December 2016, due in particular to the return of American and Japanese clients who had deserted Paris after the terrorist attacks”. Whether a Haussmann apartment, a private mansion or luxury villa, the appeal of Parisian properties has a lot to do with their wide variety : “Our portfolio contains small cosy apartments of 40 m2 just as well as large family apartments, all located in attractive neighbourhoods in the capital or with prestigious addresses. We can also offer luxurious and exclusive residences of up to 800 m2. And for all our properties, we propose an array of personalized, high-end services through the conciergerie application we have created. The diversity of our houses and apartments offers a wide choice of styles, ranging from classic to contemporary, within a broad price bracket : from 2,500 to 45,000 € per month for truly outstanding properties”.
