Guide to Paris

Introduction

Regarded as one of the most beautiful, atmospheric and historic cities in the world, France’s capital city is now closer to the UK than it ever has been before. With a new rail link and ever more flights making it easy to get to Paris from anywhere in the UK, it is little wonder that it is becoming far more popular to buy a real French pied-à-terre.

Buying property in Paris has numerous advantages for the overseas investor. There is a healthy rental market from tourists, students and long-term contracted employees, the history and culture, as well as the shopping, of Paris will be yours to sample at will and having a property there will put you are the gateway to the rest of France.

Perhaps more than other countries in the modern world, the tone of the whole of France is set by what happens in Paris, so as a base from which to be able to visit the rest of France, it is a perfect place to own a property. On top of all of this, property prices are increasing, and there are new areas in which to find a less-expensive apartment as an investment for the future.

The region

Paris is a well-contained city, the centre of which is marked out by the extensive Métro system and stays within the périphérique, the ring road around the whole city that, much like the M25 in London or the M60 in Manchester, hems in the densest of the building and appears to herd the city and its inhabitants within.

Administratively, the city is divided into 20 arrondissments, or districts, which are arranged into a clockwise spiral originating from the city centre. In fact, the 1st arrondissment is also the cultural centre of the Louvre on the Right Bank of the Seine. Like districts in other cities, the Parisian arrondissements vary in quality and type of property, and are constantly changing and developing. In much the same way as will be found in many major cities in developed countries, fashions, availability, and the cyclical nature of the property markets means that there is always a new ‘hot’ area or district for property buyers. The best way to keep up with this kind of trend and to maybe get hold of a property in what will be the next big thing is to keep in touch with local estate agents.

At the same time, there are some areas that will always be popular places to buy property, which are often some of the best locations in which to buy property if you intend to rent it out to tourists or students. The Latin Quarter, situated on the Left Bank near the Sorbonne and the Pantheon, is well-known as being popular with students studying nearby and academics who like to visit the bookshops and cafes in the area. A managed studio apartment in this part of Paris which has been newly-renovated can be found for around £200,000.

Much of central Paris has residential property available for buyers, and there are few districts that are deserted at weekends. The main business district of the city is located in La Défense, a couple of miles from the centre of the city, meaning that the majority of the central part of Paris is given over to tourism, culture and retail.

The other type of opportunity that is now attracting the attention of the domestic and international property markets is investment property on the outskirts of Paris that service both the new breed of commuter and in some cases the tourist market. Some businesses are relocating to the new business parks that are situated around the outside of the city, and with the new offices and commercial premises, there are apartment complexes available for the investment buyer.

This type of property can also be of interest to the buyer who is looking to rent out to tourist families, as the popularity of the Disneyland Paris resort increases, and visitors look for alternatives to the on-site hotels or staying in the centre of Paris.

Also of note for the potential property buyer is the fact that the suburbs of Paris tend to be the location of the social housing schemes that in other cites are found in the inner city areas. The banlieues, as they are known, were the focus for much of the civil unrest that followed comments made by the then interior minister, Nicolas Sarkozy, and have been branded as the worst ghettoes in the country.

Climate

As a typical northern European city, Paris enjoys a similar climate to the south of the UK. Winters are cold and wet, but are somewhat shorter than will be experienced in London due to the more southerly latitude. The summer months are often stiflingly hot in the centre of Paris, and many residents take advantage of the long summer vacations to leave the city to the influx of tourists and head to the Cote d’Azur.

Getting there

Paris is one of the most accessible cities in Europe, and with two major airports serving the city flying is an attractive option. Public transport links to the centre of the city are quick and easy. In addition, the high-speed link from London’s new international terminus at St Pancras gets travellers to the heart of Paris in just two and a quarter hours in comfort and convenience.

Within the city, the Métro system is quick and efficient. Visitors should be aware that you have to be supremely confident and brave to tackle driving in the city centre. Parking is at a premium and if you look around there are very few cars without some kind of scratch or dent – parking by feel is an art. Taxis can be expensive, and there are only a limited number in Paris so queues are frequent.

Property

Property in the centre of Paris is largely of the same age across the city, and is the result of a huge urbanization of the city that began in 1852. The master plan for the city, drawn up by Baron Haussman and copied across the country, saw wide avenues of neo-classical buildings that were built for the bourgeoisie and which make up most of what we see as modern Paris today.

Much of the central part of the city was either damaged or destroyed during the German occupation during the Second World War, and the authorities took the opportunity to rebuild large sections of the city along the lines of the same plan.

In many ways, this allows much of the property in Paris to inherit the attractive feature of the property styles of the mid nineteenth Century. Apartments, which in some cases are still overseen by the legendary Parisian concierge, often have the high ceilings and large windows allowing the maximum light into the rooms. The rooms themselves are large and well proportioned, but often the grander apartments have been divided into smaller properties for the modern market.

The disadvantage of this type of property is that it is very rare for them to have air conditioning, double glazing and even lifts to the upper floors. Some of these buildings are beginning to be renovated for a new generation of owners and tenants, and they are finding plenty of interest as the perfect combination of both older property and modern convenience right in the heart of the city. However, given the high number of tenants in these properties that have been in residence for significant lengths of time, the interest in these properties far outweighs the availability.

Outside the city, apartment complexes with all of the modern conveniences demanded by buyers are being built to accommodate local buyers, investors and workers from overseas on long-term secondments with multinational companies. These often include gymnasiums and swimming pools, parking spaces on-site, air conditioning and modern materials.

Local life

Paris is genuinely a city where the demarcation between locals and outsiders can be marked. To overcome this, speaking the language is a huge advantage and you can make some important contacts by eating and drinking in the same places that the local resident do. Parisians pride themselves on knowing where to get the best produce and supplies, so chatting to your neighbours and using local shops will make you connections among the local people.

Conclusion

Paris is often overlooked as a place to buy property in France as much of the attention of British buyers is taken by the Cote d’Azur, Brittany and the mountain resorts. As a weekend getaway, many people would prefer not to swap one city for another, but heading to Paris will give you a completely different perspective on your time away. For investors, there is also plenty to keep buyers interested with a ready supply of tenants and opportunities.

There are many cheaper places to buy a property overseas, but if you are looking for a destination that has culture, architecture, attractions and a modern style of life, Paris could be hard to beat. The fact that it is possibly the easiest and quickest part of France to reach from the UK just makes it more attractive.