Cross Interview: Paris–Brussels, An Expert Perspective on Prestige Real Estate

Background and Leadership Roles

Alexandra Leca explains that after graduating from Sciences Po and earning a postgraduate degree in public law from Assas, she spent 17 years in political communications before transitioning into luxury real estate. After seven years with a leading Parisian brokerage, she joined Vaneau in 2023 to manage the Auteuil Passy agencies. In January, she was appointed CEO of Vaneau by Michel Pelège, President of the Group.

Her mission includes strengthening synergies across the Group’s different business lines: residential transactions, property management, wealth and asset management, mortgage brokerage, commercial real estate, and development.

Jérôme Quentel began his career in market finance, where he worked for twenty years before moving into prestige real estate as President of a luxury real estate firm expanding into Paris and the French Riviera. He joined Vaneau in 2022 as Development Director and, in July 2024, was appointed CEO of Vaneau Lecobel in Brussels, alongside his responsibilities in Paris.

The Luxury Real Estate Market in Paris and Brussels

Brussels: Stability and Selective Growth

According to Jérôme Quentel, Vaneau Lecobel operates in Brussels with two agencies covering rentals, sales, and new developments.

The Belgian market is characterized by relative stability and selective growth. Key high-end areas include:

• Brussels (notably Uccle, Ixelles, Woluwe-Saint-Pierre)

• The Belgian coast, especially Knokke-le-Zoute

• Antwerp

Demand remains strong for high-end new-build properties, with buyers particularly attentive to energy performance standards (PEB, Belgium’s equivalent of the French DPE).

Belgium benefits from:

• 72% homeownership rate

• Stable pricing

• A prudent banking framework

• No wealth tax on real estate

• No capital gains tax on the resale of a primary residence

Investment property remains dynamic, supported by Brussels’ role as a European institutional hub attracting expatriates and international investors.

Paris: Resilience in the Luxury Segment

In France, while the traditional property market has slightly declined over the past two years (-2.5%), the luxury and ultra-luxury segments remain resilient (+1.7%).

In Paris, price disparities are striking: some arrondissements fall below €9,000 per sqm, while exceptional properties exceed €30,000 per sqm.

The most sought-after districts include:

• 6th arrondissement

• 7th arrondissement

• 8th arrondissement

• 16th arrondissement

Over 60% of luxury transactions are conducted off-market. In 2024, Vaneau completed the off-market sale of a penthouse exceeding €10 million in the iconic Immeubles Walter, near the Jardins du Ranelagh.

International buyers represent a dominant share of this segment — approximately 75% in ultra-prime transactions. The clientele includes:

• American buyers

• Second-generation Asian investors

• Middle Eastern clients

• Brazilian and Lebanese diaspora buyers

They seek turnkey properties renovated by renowned architects, combining historical authenticity with contemporary luxury.

Key Differences Between France and Belgium

In Belgium:

• Registration duties can reach 12.5% in Brussels

• Reduced rates apply in Flanders (3% for a primary residence) and Wallonia (6%)

• No wealth tax on real estate

• No capital gains tax on primary residences

In France:

• Transaction costs in existing residential real estate range between 7% and 8%

• The regulatory environment is stricter (urban planning, source-of-funds verification, construction rules)

• Wealth taxation and capital gains frameworks are more structured

Belgium’s luxury market is less speculative and more domestically driven, whereas Paris sees strong international capital inflows.