Embark on a journey through the captivating realm of extraordinary real estate in France. A recent study conducted by the distinguished luxury real estate institution, Coldwell Banker, in collaboration with the artificial intelligence-focused startup, PriceHubble, casts a brilliant light on this exquisite sphere.
Discovering Urban Jewels
Nationwide, elite residences, the jewels of the real estate crown, constitute 10% to 15% of total transactions. Coldwell Banker and PriceHubble have meticulously examined 12 cities where the grandeur of luxury properties flourishes. Among these gems are Aix-en-Provence, Annecy, Biarritz, Bordeaux, Boulogne-Billancourt, Cannes, Lyon, Marseille, Nantes, Neuilly-sur-Seine, Nice, and, of course, Paris. These cities are not only the favored showcases of Coldwell Banker, with its 54 agencies scattered among them but also the coveted gems of its counterparts. The study exclusively delves into homes valued between 1 and 5 million euros, leaving aside ultra-luxury, a category for which data proves elusive.
Harmony in Trends and Price Brilliance
By aggregating data from all real estate networks for this price range from 2019 to the end of October 2023, the study constructs a barometer of price trends, illuminating these 12 privileged cities. Note that these figures are based on offer prices, providing an insightful perspective on sellers' intentions and price fluctuations. Laurent Demeure, CEO of Coldwell Banker Europa Realty, highlights the uniqueness of this approach compared to transaction figures, which reflect a past reality with several months of delay.
Post-Covid Elegance and Resonances of the Luxury Market
The first dazzling lesson lies in the resilience of the luxury market amid the tumult of the standard real estate market. On average, the Coldwell Banker barometer reveals persistent growth in offer prices in these 12 cities, reaching 2% in 2023 until the end of October, compared to the same period in 2022.
Although exceptional properties are not entirely immune to current waves, the growth in offer prices slows compared to previous years, marked by an increase of 5.4% in 2021 and 7.5% in 2020. Laurent Demeure emphasizes that the luxury market's resilience is attributed to the scarcity of properties, the increased solvency of buyers, and the freedom of sellers who are not compelled to part with their estates.
Luxury real estate in France unveils a captivating radiance, evolving with grace and distinction in the face of market challenges. These 12 closely examined cities reveal an exclusive panorama of trends and determining factors shaping this undeniably prestigious sector. Between elegance and resilience, the luxury real estate market in France continues to shine, propelled by cities where each stone tells a tale of exceptionality.