The iconic 6th arrondissement
The beating heart of the Left Bank, home to very popular places such as the Luxembourg Gardens and Café de Flore, the 6th arrondissement posts some of the highest prices in Paris and confirms its on-going magnetism. It still casts its spell on a French and foreign clientele wanting to set down their roots here. Transactions are surfing along at a merry pace, with prices putting up good resistance to the market’s ups-and-downs.
With very sound arguments to convince fans of Paris, the 6th arrondissement is made up of streets which are among the most sought-after and expensive in the capital. “This is the real hub of Paris and, as in all the world’s capitals, it is an address protected from crises,” says Pascale Constans, General Manageress of Parisian Properties with Sotheby’s International Realty. “Even though some sluggishness has been felt over the past two years, price declines have been very moderate in these neighbourhoods. The 6th is an arrondissement full of surprises, benefiting from a rich and varied array of properties which can offer stunning views as far as the Eiffel Tower from their upper floors, and magnificent private gardens. On certain streets such as Rue du Bac, Rue de Varenne and around Place Saint-Sulpice, record prices have been attained, culminating at 30,000 € per sq. metre. Which has changed the buyers’ psychology : they are ready to pay very high prices, but their demands have also risen. Overall, this is an active market : properties frequently come up for sale and there is a flow of new buyers. Despite the crisis and France’s heavy tax policies, we have completed some spectacular transactions in the 6th, including a very beautiful private mansion on Rue du Bac, which we sold this year for over 50 M €.”
Symbolizing Parisian elegance, the 6th arrondissement is quite unquestionably a flagship neighbourhood for the Left Bank. It consists of an array of micro-sectors offering irresistible charm. “The most remarkable consists of the “golden triangle” stretching from the edge of the Luxembourg Gardens to the banks of the Seine, via Sèvres-Babylone,” explains Caroline Guerrier, manageress of the Agence Varenne 6e, 7 place Saint-Sulpice. “At the heart of which one finds Place Saint Sulpice, Place Saint-Germain-des-Prés and their immediate surroundings. It is a densely concentrated and very strong market for luxury residences. Though French clients are still in a majority on this market, foreign buyers are making their presence felt more and more. Very smart apartments, town houses and outstanding private mansions are sold at prices per sq. metre often much higher than the average for Paris. In the first half of 2015, the average price per sqm. for this arrondissement was 12,920 €, higher than those posted by the 7th, 5th, 4th, 1st and 8th arrondissements. For the same period, the 6th arrondissement recorded a rise of over 40% in its sales as compared with the first half of 2014. This rise clearly attests to a return of confidence in the market, now showing itself to be increasingly coherent and well balanced. Buyers and sellers now tend to converge. Furthermore, for properties fairly estimated in line with reference to other sales, we can even testify once again to offers being made at prices posted by the sellers. The prestige market, where rarity determines the price, is also picking up, even for properties whose prices exceed 10 M €. The 6th continues to be a dream for Parisians very fond of its elegance and life-style, and foreigners drawn by its soul, cultural history and romantic aspect. In addition to the English and Europeans, Americans, who have seen their purchasing power rise by 19% in France over the past two years, are real players on the property market for this arrondissement. As for Asian and Middle Eastern clients, they are beginning to invest here more frequently.”
Benefiting from its very real attractiveness, the gem of the Left Bank is drawing a growing number of foreign investors set on concluding their property acquisition plans, as confirmed by Jules Caris, director of the Galerie de l’Immobilier agency. “The appeal of the 6th is growing and spreading among wealthy international clients who play an active role in this dynamic new market. In particular, Americans, English, and well-off French clients are back in considerable numbers. Favorable exchange rates and prices that are reasonable compared to London or New York explain transactions completed by these buyers. We recently sold to American clients a very beautiful classic apartment of 126 m2, in need of renovation, with ceilings 3.40 metres high, priced at 2.1 M €. And unlike the French, foreigners are relatively sedentary. When they acquire an apartment in the 6th, they keep it for a very long time, whereas French families often put up their homes for sale, opting for more space in less expensive arrondissements. The 6th is a really great place to live, its central location and historic atmosphere are especially appreciated by foreigners. Here you can enjoy a rich neighbourhood life thanks to the wide variety of shops and distractions ranging from cinemas to art-galleries. It has benefited, and will do so again, from quality urban improvements, and we are noticing the appearance of luxury food stores such as Guy Savoy on Rue Mazarine, and the Polmard butcher’s shop next to Place Furstenberg. All elements which set it apart and reinforce its image of high-quality living.”
