PARIS : THE RETURN OF FOREIGN BUYERS

After 2022 chalked up a record, 2023 in Paris has been a comfortable year at cruising speed for the Emile Garcin group. The return of an international clientele has been a major feature, from the USA in particular, fuelling a fresh impetus. Update with Martial Michaux, Director of the Garcin agencies in Paris.

2023 has been marked by a flourishing first quarter, as described by Martial Michaux :

“In Emile Garcin agencies in Paris, the return of foreign clients to the market accounted for 70% of our sales from January to March, 2023. Parity between the dollar and euro, and the post-Covid period, encouraged the activity of Americans rather spectacularly. They wanted to treat themselves and benefit from the French art of living in Paris by targeting prestige properties : private mansions or luxury apartments from 3 to 8 million euros, and up to 11 million euros for exceptional sales, especially on Place des Vosges or the Ile Saint-Louis. In parallel, we are fortunate in having won the loyalty of French clients from the provinces, looking for properties from 1.5 to 4 million euros”.

For Martial Michaux, who can claim over 24 years of experience in real estate, his professional activity has long been a real passion. He joined the Garcin group in 2017 and opened the agency in Le Marais. In 2023, he was appointed Director of the Garcin Paris agencies. Emile Garcin, 14 rue de Birague, Paris 4 (01 44 49 05 00). www.emilegarcin.com

Located in Le Marais in a prestigious co-owned property with a concierge, this magnificent loft of 303 m2, bathed in light, benefits from a terrace of 18 m2 which is not overlooked. It is comprised of a vast kitchen-diner with utility room, a superb triple living-room with a hearth, a study area, a hammam, and two suites. Two parking places in the basement. 4.990.000 €.

On the 2nd floor of a magnificent 18th-C. building in Saint-Germain des Prés, this charming apartment of 112 m2, renovated throughout, is comprised of two living-rooms with fireplaces, a dining-room with a fully equipped Bulthaup kitchen, and two master suites. A studio of 19 m2, two storerooms and a cellar complete the property. 3.990.000 €.

In the 8th arrondissement, on the top two floors of a fine 1900’s building, this superb split-level apartment offers a clear view of the Church of Saint Philippe du Roule, and a balcony of 22 m2. Its living space of 310 m2 is comprised of two living-rooms, a study, a dining-room, a fully equipped kitchen, and four bedrooms including a master suite. Cellar. 4.590.000 €

Things then changed in the spring ?

“From the month of April, the market in Paris began to float, especially in the case of properties which had not found buyers by the end of 2022. Prices declined for properties with defects, sometimes rather drastically, losing up to 15%. The stock of mandates underwent a change to the downside, though all the new mandates for sales at the right price in 2023 found takers and sold within reasonable timeframes. Then from September, the market began to pick up. Clients no longer wanted to wait in order to complete their projects, particularly those with no need to apply for a mortgage. On Rue de Tournon in the 6th arrondissement, we sold a very fine apartment of 98 m2 for 3 million euros. The strength of the Garcin group resides in its being active for 60 years on the property market without being a franchisee. Last September, it pursued its development in France, notably by opening a new agency in the Golden Square of Marseille, which reinforces the link between Paris and the south of France.”

And the future ? “A new agency in Paris, scheduled for the spring of 2024.”