Buying Guide Details

Buying Property in Paris

Where to buy property in Paris

With its unique real estate culture (50% of properties are said to change hands in the capital without the involvement of an estate agent), property buyers looking for a property in Paris will need to be clued up about property options, or employ the services of someone who does, for example a property finder.

Property prices in the capital are the most expensive in France, though as with every city, some districts are rather more expensive than others. Some of the arrondissements in the central/northern area in particular have undergone huge investment and have some good property at reasonable prices.

Even at the top end of the market, a property in Paris in one of the most chic quarters is unlikely to prove a poor long-term investment. Quality property in a world-class city such as Paris will always be in demand, not only as a holiday home, but with professionals looking for short- and long-term accommodation in this thriving commercial, cultural and academic centre.

Travel around the city is easy, public transport is excellent and inexpensive. Its culture, cuisine and architecture are some of the best in the world. It is a major global travel hub and attracts visitors, and property buyers, from all over the world. Though perhaps not the first place that potential property buyers might consider when considering a property in France, with prices that are very competitive compared to London and New York it may be a great choice for a city home.

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The Process of Buying Property in Paris

Once the property buyer has found a property in Paris and made an offer, both parties must sign a compromis; a legally binding agreement setting out all terms involved
Financing will have to be sorted out by this stage as details regarding any loans must be clearly outlined in the compromis
There is then a seven-day cooling-off period, which gives the property buyer (but not the seller) the opportunity to back out of the deal without penalty. A 10% deposit is then required and the notaire then carries out all checks on the property in Paris (for clean title, wood rot, etc)
Before the signing takes place, all funds must be transferred to the notary’s account. Failure to do this on time could mean the property buyer loses both the property in Paris and the money
If the property buyer is not able to visit the property in Paris before signing the final contract, a representative should do so on their behalf to make sure that everything is in order. The contract clearly states that the property is accepted in its condition on the day of sale
Finally the acte de vente is signed in front of the notary, and the sale is complete.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Vary hugely depending on the region and type of property in Paris, but set aside 12 to 15% of the selling price
Allow around 6 to 8% per cent for notaire’s fees. This includes stamp duty, which varies from 0.6% for a new-build to 6% for any property in Paris over five years old
Agents’ fees vary greatly and can be anywhere from 4 to 15%. Around 7% is the most common amount, but check when looking in agent’s windows for the letters FAI after the price – this indicates that their fees are already included
IVA (VAT) of 19.6% is applicable on most fees and taxes, but is avoided on leasebacks. The price of new-build properties usually includes 19.6% IVA, but always verify this from the start
If property in Paris is sold on within two years, capital gains tax is likely to be in excess of 33%
Transfer tax varies greatly, but for properties over five years it tends to be around 7%.

Getting there

There are direct flights to four airports in and around Paris (Charles de Gaulle, Orly, Le Bourget and Beauvais) from many major and regional airports in the UK through many airlines. The Eurostar rail service between central London and the Gare du Nord takes around 2 hours 10 minutes.

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