This year, Paris is experiencing a bounce back of epic proportions. With a rise in international as well as French buyers, anyone looking for reasons to buy property in Paris will be pleasantly surprised with what is on offer and out of all the global cities, experts say the real estate market is the star performer, significantly ranking better than London and Milan.
Reasons why vary but the French president Emmanuel Macron is mostly credited because of his reforms including wealth tax, rental laws as well as improving the choice of international schools.
The city offers extremely good value per square meterage compared to London, what other attractive bonuses can property buyers expect?
Brits make up a large part of foreign buyers in Paris, and the French government is also reporting a surge in French passport applications. France is luring in the British buyers because they said Brexit won’t affect their living and working rights, hence many Brits want to secure their foot in an EU country.
Up until 2016, property prices in Paris slid to all-time lows, however that reversed on itself with the reforms of Macron, and in 2018, luxury property is predicted to rise in value by up to 9%. Those looking for a buy-to-let income can also tap into the leaseback program of France in which buyers are also entitled to 20% VAT refund. (See an example leaseback property.)
When it comes to culture and arts, Paris doesn’t only do it well, but it sets trends and breaks barriers. For many decades, Parisian culture and its mass of museums, theatres, and art galleries have paid homage to the city’s expertise.
Let’s put aside the art and culture to focus on food, of which French cuisine is another niche setting the bar. Moving past the traditional Coq Au Vin, and Julia Child’s French cooking book, Paris houses some of the world’s most esteemed restaurants like Shangri-La hotel’s L’Abeille restaurant with its two Michelin stars. Of course, if your budget can’t stretch to the top-notch restaurants, street food is still as delicious, and a lot cheaper, but don’t forget the traditional pavement café culture which is what Parisian life is all about.
It’s been called the most significant infrastructure project in Europe, and by the time it finishes in 2030, Paris will have an extra 200 kilometres of metro lines of which 85% will be underground. 68 more stations will help service the tracks and predictions say travelling time will be cut by as much as 70% in some areas.
Although there are many more reasons to buy property in Paris, the standards and aesthetic beauty of Parisian architecture make the real estate market extremely attractive. A perfect example is this baroque building in the 16th arrondissement that is being modernized and renovated into studios, apartments and penthouses. Meanwhile this apartment’s architecture perfectly portrays the Haussmann renovation project during the 19th century. When it comes to iconic architectural styles, Paris delivers with finesse.
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