Great article from the Financial Times this week talking about the effect that the ongoing Brexit negotiations is having on the Paris Property Market. The article includes many comments and a property from Home Hunts and it discusses the fact that a lot of UK buyers are currently looking at Paris as possible place to relocate to work, or to own a holiday home in the EU. The article goes on to say that Brexit is also having an effect with clients from further afield, such as the Middle East, whereas once, buyers from the UAE etc would think of London as the first choice of cities in Europe to own a home, now there seems to be a rise in interest in Paris and other European cities.
Home Hunts, which finds French properties for affluent international buyers, had 342 inquiries from UK customers for Paris homes in the first half of this year, more than double the 165 it received in the same period in 2017. “A good number are London-based, working in finance and are buying as an investment, with the view that it could become a more permanent home if they are relocated,” says Tim Swannie of Home Hunts. “They are seeking a base in Paris as a hedge against [an unfavourable] Brexit outcome,”
The Brexit bounce is only half the story, however. Inquiries to Home Hunts from Middle Eastern buyers — mainly those from UAE, Qatar and Saudi Arabia — increased from 90 in the first six months of 2017 to just under 200 in the first half of 2018. Some of this is because of buyers deserting London for a more reliable European base. But the growing demand for top-end homes from this region is also driven by the recovering oil price, with buyers from the region favouring the French capital for its history, culture and reputation for high fashion