Paris is regaining its strength in 2013

After 12 very mediocre months, the market for luxury apartments is picking up again.

-In the second quarter 2013, Daniel Féau recorded a strong performance in its sales turnover.

-The turnover for the segment of apartments valued at 2 to 4 million Euros in Paris and Neuilly jumped by 30% compared to the first quarter of the year.

-As for the total sales turnover of 4 million Euros, it tripled in value compared to the preceding quarter.

Overall, Daniel Féau and its subsidiary, Belles demeures de France, carried out two sales a day during this second quarter, representing 275 million Euros in transactions.

This recovery in the luxury market, the first since the first quarter 2012, is due in large part to the drop in prices of apartments and town houses valued at more than 2 million Euros; a drop of close to 8 % on average for these products over the course of one year. 

Today prices are entering a stabilized period. The inventory of apartments for sale by Daniel Féau (which had increased by 30 % since the beginning of 2012) is stable as well, a sign of a rebalancing of the market.

The foreign clientele channeled by our Christie’s International Real Estate network is back, primarily in the premium property sector.

French buyers, who adopted a “wait and see” policy over the last year, are now coming out of the woodwork and are sometimes surprised to find themselves once again in a competitive position.

During the course of the last 12 months, close to one out of every 3 apartments in Paris and its western suburbs sold by Daniel Féau was valued at 2 to 4 million Euros, and nearly one out of  every two of the properties was worth over 4 million Euros.

Consequently, it is very likely that the observations made by Daniel Féau and Belles demeures de France are of statistical value.