Why Chinese property investors are falling in love with Paris
More than 14 per cent of properties sold in the French capital to non-resident and resident foreigners during first three months of the year were bought by buyers from China
Chinese investors are saying oui to owning property in Paris – pushing out Italians as the biggest group of foreign buyers of homes in the French capital.
The change has been noted by real estate company, Paris Property Group, based on first-quarter 2019 data from the Notaries of Grand Paris.
Kathryn Brown, the company’s director of operations, says she is not surprised by the study’s findings. In the first three months of the year more than 14 per cent of property acquisitions by both resident and non-resident foreigners in Paris were made by buyers from China.
in terms of numbers, British investors are traditionally the most active non-resident foreign buyers in France, but Brown says their focus is outside the capital.
More than 14 per cent of property acquisitions by both resident and non-resident foreigners in Paris in the first three months of the year were made by buyers from China
“British buyers have tended to buy holiday homes in the countryside,” she says. “But they have lost [the] incentive to buy in France as they will no longer benefit from European Union [EU] tax protections when they sell due to Brexit [the withdrawal of the United Kingdom from the EU].
“On the other hand, Brexit buyers are buying in Paris, but I don’t think [their numbers] offset the drop in holiday homebuyers.”
Brown believes the Paris market is “absolutely” benefiting from Brexit uncertainty.
“The London market has plummeted, and it isn’t on anyone’s top buy list now,” she says. “Paris is picking up a lot of the buyers because it is the most attractive market in the region.”