Luxury rentals: a still dynamic market
According to a recent study published by Book A Flat, a specialist in high-end rentals in the capital, foreigners represent 45% of tenants of high-end real estate in Paris. These tenants mostly live in the 5th arrondissement and carry the rental market in the central arrondissements. However, with the health crisis, French customers are investing more and more in the field of high-end rentals.
Tenants on the way back
The high-end Parisian is supported by the French. If the idea is already true in the transaction sector, it is just as true when it comes to the rental of prestigious real estate. Health crisis obliges, the rentals of luxury housing to foreigners have been declining since March 2020. According to a study carried out by the site Book A Flat, the share of tenants from elsewhere in the high-end is 45% in 2020 against 55 % for the French people. In addition to the health crisis, the repeated confinements have made even French tenants want to become more comfortable and occupy more spacious and better located properties. Among foreigners, the strongest desertions are to be deplored among Asians, Americans or North Africans, however very important before the pandemic.
Because foreign customers have been occupying the rental sector in the upscale Parisian market for several years. The movement started in January 2016 with the arrival of a new clientele of foreign investors from around the world. It then grows year after year, making Paris the most sought after city by the ultra-rich, ahead of New York and Tokyo. It must be said that Parisian properties have exceptional services, difficult to find on the market; continuous balconies, preserved Haussmannian architecture or even the presence of a terrace.
The most sought after real estate
Also according to Book a Flat, 28% of new leases signed in summer 2020 concerned the central arrondissements ranging from the 1st to the 6th arrondissement. The 5th arrondissement even appears to be the most sought-after area by future tenants. Since the coronavirus crisis, more and more investors are changing the destination of their property. If originally, these were rented out on seasonal rental platforms such as Airbnb or entrusted to luxury real estate agencies specializing in this market, the owners are gradually putting their property back into the traditional rental circuit.
Thus, in the 6th arrondissement, it is possible to rent for 6,910 euros a magnificent family apartment of 220 square meters on the second floor of a beautiful building located a stone's throw from one of the entrances to the Luxembourg Gardens. An empty and completely renovated rented property, very close to schools, with parquet floors, moldings and fireplaces. Nearby, in the 7th arrondissement, there is also a large duplex of 155 square meters, on the top floor and with exceptional views of the Eiffel Tower, the Dôme des Invalides and the Jardins de Matignon. Finally, the 8th arrondissement also has some nice surprises in store, such as this 250 square meter apartment, available for rent for 9,600 euros opposite Parc Monceau. The house has a long balcony to take advantage of sunny days and a back-to-back office for those wishing to work from home.
6 rue Donizetti 75016 Paris
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