What makes Paris such an alluring location for homeowners looking to invest in property abroad?
Laurel Conway (LC) Paris is the city for people who appreciate the finer things in life, from the beauty of its architecture to the extraordinary wealth and creativity of its culture, craftsmanship and epicurean heritage. Renewal is in the air too with trendy ‘bo-bo’ (bourgeois bohemian) neighbourhoods springing to life, the upcoming Olympic Games, big transport and infrastructure projects and tech hubs—they all add to the dynamic vibe of the city. My clients also feel a more welcoming, English-speaking environment in Paris, than ever before.
Buying a property here is also a sound investment. It is a rarity market with constant demand and steadily rising prices, not a boom and crash town. I would say that’s a fairly alluring investment with excellent returns.
What tips would you offer to Singaporeans who are interested in Parisian properties?
LC I always advise my clients to come to Paris a few times before committing and to stay in different areas before deciding on where to buy. What you might have assumed would be your ideal area may turn out not to be as ideal and vice versa. Try other kinds of accommodation such as serviced apartments or luxury short-stay rentals; it’s one thing being in a hotel with a concierge and five-star amenities, but quite another staying in an apartment and experiencing life as a local. One of the city’s greatest pleasures is a daily visit to the local boulangerie for your morning baguette.
Prepare your property search several months in advance. Regular updates of suitable properties give a clear picture of the market and help define your choices. So when you see the ideal property you’ll recognise it immediately and be able to react fast at the right price.
A good notary and financial advisor are also essential. Even if real estate laws are clear and well organised here, it is important to structure the purchase in your best tax and family interests. Another important tip—learn a little French, it’s so chic!