Paris is the capital and most populous city of France, with an estimated population of 2,14 million residents. Since the 17th century, Paris has been one of the world's major centres of finance, diplomacy, commerce, fashion, gastronomy, science, and arts. The City of Paris is the centre and seat of government of the region and province of Île-de-France, or Paris Region, with an estimated population of 12,200,000.
The Paris Region had a GDP of $808 billion in 2017. According to the Economist Intelligence Unit Worldwide Cost of Living Survey in 2018, Paris was the second most expensive city in the world, after Singapore and ahead of Zürich, Hong Kong, Oslo, and Geneva.
The main areas in Paris are the Latin Quarter, the Left Bank, and the Right Bank.
The Latin Quarter is the oldest district in Paris, known for its nightlife, its many universities, such as Sorbonne, its lively atmosphere and its many cafes.
The Left Bank is the area on the left bank of the River Seine. It is known for its cafes, bars and historic string of writers.
The Right Bank is the southern and eastern side of the river Seine in Paris. It is the richest area, the business and financial center of the city and is home to many of the most famous tourist attractions, such as the Eiffel Tower and the Louvre Museum.
In Paris, the luxury real estate market has known no crisis: over the last few years, high-end property sales have never ceased to increase, and prices may soon climb even higher than London.
Paris is set to become the leading European capital in terms of luxury and prestige real estate - ahead of London. Appealing more than ever to investors, the capital has witnessed a drastic rise in prices.
The luxury market has closely followed this dynamic. In the capital, there are more and more prestigious property buyers every year, and high-end offers are seized extremely quickly. Another significant change in the luxury sector: Paris is once again highly acclaimed by foreign investors, who up until recently seemed to snob the French capital.
Pre-2020, the luxury real estate market in Paris attracted a large proportion of international buyers from the United States, China, and the Middle East. During the pandemic, this demographic has shifted: there has been a virtual disappearance of Chinese and American buyers, who have not been able to go to France for many months. However, customers from the Middle East have been able to visit thanks to private travel, and European and French buyers have replaced our usual international customers to a significant extent.
According to the General Directorate of Construction and Land Valuation, the first quarter of 2020 saw an increase of 22% in the number of luxury home purchases compared to the same period in 2019.
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