The Golden Triangle, a coveted area
Sketched out by Avenue Montaigne, Avenue George V and the Avenue des Champs-Elysées, the aptly-named “Golden Triangle” owes its renown to its luxury boutiques, theatres, restaurants, palatial hotels, embassies, and some of the capital’s most prestigious properties. The area is in high demand from foreign clients and inevitably posts high prices…
In addition to luxury boutiques, gastronomic restaurants, elegant cafés and prestigious hotels, what makes for the originality of this internationally renowned area is that it plays host to very desirable apartments, mostly in smart Haussmann buildings. As explained by Laetitia Berg, sales agent with the Mobilis agency : “The Golden Triangle consists of a very small area representing the ultimate in luxury. It is an address in itself, symbolizing the prestigious Paris of which foreigners are particularly fond. From studios and 1-bedroom apartments, luxuriously appointed and decorated like hotel suites by well-known designers, to family apartments with 3 or 4 bedrooms, and private mansions, the Golden Triangle contains properties with surface areas ranging from 30 to 400 m2, in very smart freestone buildings. We recently sold a small studio of 35 m2 on Avenue Montaigne to Chinese clients, priced at 12,000 € per sqm. In this area, mostly sought-after by a wealthy foreign clientele, the current trend is for “turnkey” apartments. Property dealers rehabilitate generous surface areas in excellent taste, with all modern comforts, then put them back on the market. One such example is an apartment of 193 m2 with five main rooms which we are currently offering for sale, decorated by architect Laura Gonzalez and highly representative of today’s expectations”.
On this micro-market concerning a clearly defined part of the 8th arrondissement, foreign buyers account for the majority of transactions, as confirmed by Cyrille Faivre, President of the Groupe Gérard Faivre : “In keeping with our positioning, we attract a high-end clientele with substantial budgets, currently comprised in this sector of a majority of Middle Eastern buyers from Qatar, Kuwait and Saudi Arabia, looking for large surface areas which have been perfectly renovated. We also have clients from the East, except from Russia, no longer active on the market due to the financial crisis, though we have recently been receiving regular enquiries from Chinese buyers. Americans are rare in the Golden Triangle, they prefer Saint Germain-des-Près. Our concept of apartments ready to move in, which we have developed over the past 15 years, is dedicated 100% to foreign clients and meets their needs particularly well in this part of Paris. In addition to the quality of the location, the decoration and top-notch comfort of our apartments, we are the only agency to propose the bonus of a conciergerie service, which this clientele, used to palatial hotels, appreciates enormously”.
The iconic Golden Triangle maintains high prices per sq. metre, underpinned by a foreign clientele prepared to pay top dollar in order to acquire a pied-à-terre here. According to Numa Privat of Sotheby’s Propriétés Parisiennes : “The Golden Triangle is a buoyant market with high prices that remain very steady. The area encompasses prestigious addresses such as Avenue Montaigne, Rue François 1er and Avenue George V, lined with luxury hotels and highly sought-after residences. It is a very small area, consisting of about 15 streets where prices can, however, double within a bracket of 15,000 to 30,000 € per sq. metre. We recently sold an apartment of 270 m2 on Place François 1er, facing due south, priced at 29,000 € per sqm., and another of 85 m2 overlooking a courtyard on Rue Marbeuf, priced at 15,000 € per sqm. These two sales clearly illustrate the wide differences that can exist between both properties and streets. Today, wealthy foreign clients are capable of paying the asking prices, but for apartments offering luxurious appointments : in handsome buildings, with views and premium amenities such as air conditioning, home automation, parking facilities… When properties propose these kinds of facilities, they sell quickly, and international buyers are perfectly ready to spend considerable sums of money without even bargaining”.
