Year after year, France remains a popular option for Qatari nationals to buy real estate. Whether it be Paris or the endearing allure of the Riviera there is something for everyone. However, buying a property as a non-resident foreign national in France can be tough to navigate.
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With its historic Haussmann-style buildings, broad avenues, expansive parks and museums, Paris’s 16th arrondissement has long been home to the crème de la crème of French high society.
Paris’s version of New York’s Upper East Side or London’s Kensington, the arrondissement is steeped in quiet charm of long straight boulevards and its beautiful townhouses, each cut from massive blocks of stone, no more than five stories high and characterized by elegant wrought iron balconies, soaring ceilings and large windows. The most fashionable streets in the north are Foch Avenue, Georges Mandel Avenue and Henri-Martin Avenue.
Though the interest rates are rising slowly in France, it is not expected to impact the luxury market as much as the properties are usually bought in cash. International buyers, especially from the Middle East are back and showing interest in Paris. The demand is steady, and prices have remained at a high level and are expected to stabilize in 2022.
Sydney leads in 2021 with the city expected to see growth of 10%.
Next year, Sydney is also expected to outperform and will share the top spot with London, both cities are expected to see an increase of 7% in 2022.
Miami is predicted to have the second-highest increase this year at 6%, with a further 4% in 2022.
New York should see prices rise by 4% this year, which would be its strongest performance since 2015, followed by a further 3% rise in 2022
What is driving the increase in values?
Government measures have helped protect economies, and cities are now on the rebound.
In addition, the pandemic has inspired many buyers to relocate or expand their holdings. Households accrued a total of over US$5 trillion globally in savings during lockdown, enabling some homeowners to undertake home improvements. Others have opted to relocate, upsize, downsize, or buy a second home/investment property.
The lack of supply in several key cities has been exacerbated as construction rates slowed due to lockdowns and social distancing, putting upward pressure on prices
What lies ahead?
The outlook for prime residential markets will be closely tied to the ease with which cross-border transactions can start to normalise, and whilst virtual viewings and improved technology have assisted in this area, the reality is the resumption of commercial air travel will be key.