City living - Paris
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There are lots of lovely cities in the world, but very few that are just over two hours from London by train. Paris has captured the imagination of artists, students and lovers for centuries - and ordinary folk aren't immune to its charms either.
Of course, there's the Paris of the guidebooks - L'Arc de Triomphe, La Tour Eiffel and Notre Dame de Paris - but despite the pride Parisians take in their city, this stuff is strictly for the tourists. "With me, you won't be seeing any Eiffel Tower," sniffed my stylish Parisian friend, the first time I visited her in her home town and falteringly expressed a desire to visit this most recognisable of landmarks. "With me, you will experience Paris the way we Parisians live it." It wasn't until many visits later that I eventually saw the Eiffel Tower (my verdict: impressive, especially for a building that was supposed to be temporary, but I certainly couldn't be bothered with the queue to get up to the top, and it wasn't a patch on the Paris my friend showed me).
But there are aspects of life in Paris that are stereotypical simply because they are so very true. The constant fug of cigarette smoke, the sunglasses-wearing coffee drinkers seated at the ubiquitous street cafes, the tiny, standing-room-only, late-night bars. The markets, the fruits, the vegetables, the cheese, the bread. Oh the bread! There was a bakery in the 10th arrondissement, with a sign in the window that detailed the proprietor's life-long love affair with bread. It concluded with his signed name, under which it read "Boulanger depuis peu, passionŽ depuis toujours" (Baker since recently, passionate since always). Neither my friend nor I ever laid eyes on him, but we ate his baguettes with gusto and argued over which of us would marry him.
But none of this explains why prices for property for sale in Paris have risen by around 85 per cent in the last ten years. Or perhaps it does. As one agent told me, Paris is a city of indisputable charm - and this, in itself, makes it a tempting relocation proposition.
Added to which, of course, is the fact that Paris' proximity to the UK and accessibility by air and rail has made it a popular choice for a growing breed of Euro-commuters, who choose to live in Paris and 'commute' to work in the UK. Flexible work environments, the magic of the web and low-cost airlines have made this lifestyle choice entirely possible, with some estimates putting the number of Brits who will have jumped on this opportunity over the next few years in the region of 1.5 million.
According to one set of figures, the average asking price for an apartment in the heart of Paris is €394,000 (£266,000). Compare this to London, where the average is now over £365,000, and it's not difficult to see why the Eurostar might seem like a perfectly pleasant place to spend a few hours a week.
Saint Germain is a quintessentially Parisian neighbourhoods (I know this because Ms Paris insisted that we go there at least twice a day, just to, you know, be there) Located in the sixth arrondissement, it's lively and attractive, with a vibrant community feel. Some would call it trendy. In any case, it's a popular area, and one of the most expensive to boot - according to Julien Lu, regional director of Imoinvest, capital growth in recent times has been in the region of 11.2 per cent, and statistics show that, of the growing numbers of foreigners purchasing in Paris, eight per cent of them are buying here, as well as in the fifth and seventh arrondissements.
Imoinvest International is marketing a 35-square-metre studio in the area, located on the top floor of a four-storey building (a word of warning - no elevator) Priced at €371,000 (£250,000), the studio overlooks a central courtyard and has a view of Les Beaux Arts church. Perhaps best of all, it's very near the Luxembourg Gardens, where locals play boules and sun themselves, and where kids play, ride donkeys and sail toy yachts.
If a more upmarket option in this charming area is your desire, Knight Frank is marketing a 130-square-metre duplex in a 17th century building in the heart of the neighbourhood. On one level, you'll find a sitting room and dining area, with parquet flooring and exposed beams, plus a laundry room and large, well-equipped kitchen. Above that, there are three to four bedrooms, with a bathroom and shower room. With a guide price of €1.5 million (£1 million), you also get a cellar and storage room.
If the Parisian charm of the sixth arrondissement is not enough of an in-yer-face reminder of the fact that "I'm in Paris!" and you have €2.75 million (£1.9 million) to spend, you could buy a three-bedroom Trocadero apartment, available through Knight Frank, and have the Eiffel Tower almost within touching-distance of your windows. Dismissive though Parisians may be of their famous tower, they're unlikely to turn their noses up at this view - or at the apartment, for that matter, which, at approximately 190 square metres, is almost four times as big as the average Paris property. It boasts a huge kitchen and dining area, plus a large reception room opening out on to a 30-square-metre terrace. There's also a winter lounge that opens out onto a 70-square-metre terrace, which is planted with trees, plus parking - a rare find in the City of Light.
The First arrondissement saw growth of 8 per cent in 2006 alone, according to Lu. "As well as being the geographical centre of Paris, it's also host to cultural attractions like the Louvre, Palais Royal, Rue de Rivoli and the animated Chatelet area, with its shops and bars. It's a very sought-after area, especially for studio and one-bedroom apartments for lettings, and prices range from €137,000 to €275,000 (£92,000 to £185,000) for a 25-square-metre studio in the streets near the Louvre."
For €233,000 (£157,000), you could buy a 28-square-metre studio flat in Chatelet, which features wooden beams and hardwood floors throughout. Unlike many studios, the kitchen is separate from the sleeping area; in fact, the apartment has recently been renovated and, if buy-to-let was your purpose, you could expect rental returns in the region of 4 per cent.
"Prices per square metre in the last five years have risen from 38 to 142 per cent, depending on the district," says Lu, "but the highest capital growth areas have been the 18th, 19th and 20th arrondissements." These up-and-coming suburbs are the home to a number of new developments that may lack the charm of their central counterparts but represent a sound investment proposition nonetheless. Residence Le Palladium, in the 20th (also home to the Pere Lachaise cemetery, where such luminaries as Jim Morrison, Oscar Wilde, Chopin, Edith Piaf and Sarah Bernhardt are buried) is available through Imoinvest on a leaseback scheme, with a guaranteed rental income of up to 4.5 per cent. Seventeen to 26-square-metre studios are priced from €73,000 to €109,000 (£49,000 to £74,000), and 28- to 53-square-metre, one-bedroom apartments are available from €120,000 to €198,000 (£81,000 to £134,000).
If the outskirts are just not authentically "Paris" enough for you (despite their proximity to the centre - Residence le Palladium is only five Metro stations from Place de la Nation in the 12th) then you can't go past the Champs ElysŽes area. It's known for several reasons, not all of them good, but it does feature gorgeous architecture and lots of Hausmannian buildings. And, to cap it all off, last year it was the borough with the highest increase - a whopping 16.9 per cent, a good 3.5 per cent higher than the rest of the Eighth, where it is located. Attracting both French and non-resident purchasers, it's one area where you really can't go wrong.
Read our other articles about buying property in France:
as well as overseas news stories affecting the property market in France, the Homes Overseas Guide to Buying Property in France or view our range of property for sale in France.
First published in Homes Overseas Magazine June 2007.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
