The UK Brexit vote to leave the European Union is thought to be boosting the Paris Property market.
Prices for Paris property are set to reach new records this summer, as potential purchasers fight to secure flats and apartments in the French capital’s more attractive districts.
According to a survey of Notaries, Italians are the largest group of overseas property investors in paris, responsible for 17 per cent of all properties sold to foreign nationals.
British property buyers came in second place however, possibly dispelling the idea that Brexit has stopped UK nationals buying in the EU. In fact one Paris notary considered that the opposite may be true.
Thierry Delesalle commented: ‘The number of buyers is rising unstoppably, and perhaps because of Brexit.’
Demand is outstripping supply for Paris property, particularly for the most select properties in the city.
The first quarter of 2017 has already seen Paris apartment prices rise by 5.5 per cent to 8,450 euros per square metre as estimated by a survey from the Chamber of Notaries of Paris and Ile-de-France region.
The survey also expects the rise to continue up to a record level of 8,800 euros by July, based on preliminary contracts prepared for signing.
Paris property prices have already about reached the previous record high of 8,460 euros seen in 2012, before prices slipped back over the next few years to an average of 7,880 euros per square metre.
Average apartment prices began rising again in 2015 until today, and the survey saw no reason for the upward trend to stop, expecting new records to be set this coming summer.
Prices in the most upmarket districts known as ‘arrondissements’ have already risen to an average of 11,000 euros per square metre according to the same notary survey.
It seems that the ‘City of lights’ continues to shine brightly for property investors.