Recent research by Knight Frank shows that $1 million will buy you a surface area of 58m2 in the prestige real estate market in Paris. This is good value compared with other global cities such as Hong Kong (20m2), London (21m2) and New York (34m2).
The report defines the prestige property market as the top 5% most expensive transactions during a year. The report studied 100 leading locations for prestige property throughout the world in 2014.
Paris stands in 9th place out of the 20 top cities. When converted into euros, the average price per m2 in Paris equates to around €18,500, compared to around €44,200 in London and €27,300 in New York, where property prices soared in 2014. However, these are averages, and it’s possible to pay upwards of €20,000/m2 for an upscale apartment in a sought-after area of Paris.
Historically low mortgage interest rates of around 2% and the current strength of the dollar against the euro are positive factors for foreign buyers seeking an apartment in Paris.
Image © Emilie Gould