The multiple facets of the 16th arrondissement
Renowned for its chic, bourgeois atmosphere, this vast arrondissement on the Right Bank and the west side of Paris offers a motley collection of property markets. Its proximity to the Eiffel Tower and other remarkable sites such as Trocadéro still draws a foreign clientele resulting in rising prices, whereas other neighbourhoods have witnessed a considerable decline since the crisis, especially for large surface areas.
With its elegant avenues, stone masonry buildings and extensive areas of natural greenery, the 16th arrondissement offers high-quality living conditions, prized above all by wealthy families. As explained by Alexandre Moisset of the Mobilis agency : “The 16th is a central arrondissement, residential and lively, which boasts many centres of cultural interest and stands out for its very good schools. It is a family arrondissement, the one with the highest number of upper middle-class residents, and the one which is still the most “chic” in Paris, in everyone’s eyes. It is, in fact, here, that one finds the highest number of people liable to pay wealth tax. Today, the 16th has become an arrondissement with a more sensible approach to real estate : properties no longer sell regardless of their price. Large apartments, of over 200 m2, which were seriously hit by the financial crisis, still account for a sizable stock which is still seeing sluggish sales. Supply still outstrips demand considerably, and buyers hold the reins of the market. In the 16th, properties which now sell quickly are handsome apartments or those truly reflecting market prices. For all the others, and especially those with flaws, selling times exceed 5 months. Even so, in attractive spots in this arrondissement, such as the area near
L’Etoile, Passy, Auteuil and Trocadéro, desirable apartments and outstanding properties such as private villas or mansions still post high prices and soon find takers”.
The crunch which has had a considerable effect on the Parisian property market seems to have had a more significant impact on the 16th arrondissement, as pointed out by Charles Daireaux, director of the Mercure Paris agency : “Effectively, the stock of large family apartments available in this arrondissement since 2012 has led to a price decline of 20 if not 25%. Today, prices have not yet recovered, though demand is stronger, especially due to the arrival of a new family clientele, rather young, looking for apartments with vast surface areas. By way of example, we recently sold an apartment of 235 m2 on Rue Spontini to a French couple, which was initially on offer at 9,000 euros per sq. metre and finally sold at 8,200 euros per sqm. In the southern part of the 16th, the least popular area in the arrondissement, prices can easily fall beneath 8,000 € per sqm. In the northern part of the 16th, more elegant and prestigious, properties ranging from studios to apartments of up to 150 m2 are selling well. A pied-à-terre of 60 m2 on the top floor of a smart freestone building on Rue Longchamp found a taker at 12,600 € per sqm. For this type of sound property in a good location, demand is still strong. In fact, there is not just one 16th arrondissement, but several : the 16th north, elegant and family-oriented, where the market flows along smoothly, 16th south, not so sought-after, where prices are around, or under, 8,000 € per sqm, and the 16th near the 8th arrondissement and “Golden Triangle”, where prices always remain very steady”.
As highly-prized as ever, the 16th north has lots of desirable addresses and draws a good number of foreign clients fond of views of the capital’s most iconic monuments. Jean-Philippe Roux of the John Taylor agency explains : “This is the sector in which we work the most actively. The market here mainly focuses on a foreign clientele : it appeals particularly to the Lebanese, people from countries around the Persian Gulf and the Maghreb. The arrival of luxury hotels such as the Peninsula and the Shangri-La has led to an extension of the Golden Triangle, though prices here are more affordable than those posted close to Avenue Montaigne, from 12,000 to 15,000 € per sqm on average, depending on the quality of the building, the apartment and the view. In this part of the 16th, another rather exceptional area offering clear views of the Eiffel Tower, may, however, see prices rising to 20,000 € per sqm. From one street to another, from a view to no view at all, the 16th offers prices which can vary in a ratio of 1 to 2. Foreign buyers are very sensitive about addresses, the quality of the building and its communal premises : they base their reasoning for the acquisition of a pied-à-terre as they would for a business. Original parquet floors, moulded ceilings, a pretty fireplace, all factors that win their favour, because they represent French refinement and elegance. Particularly drawn to the Golden Triangle, clients from the Gulf States are now setting their sights on beautiful avenues in the 16th (Kléber, Président Wilson...) to treat themselves to a pied-à-terre with a large surface area, the type of property which has now become rare in this part of the 8th”.
