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Record Paris apartment price paid by tycoon fleeing Brexit London

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Record Paris apartment price paid by tycoon fleeing Brexit London
Apartments with views of Paris sights such as Montmartre fetch top prices. Photo: AFP
11:07 CET+01:00
A mega-wealthy industrial tycoon fleeing London because of Brexit has broken records in the Paris property market with the purchase of an apartment for 39 million euros.

The purchase confirms the French capital’s continuing attraction for international investors and particularly for those seeking an alternative to London as the UK’s rocky departure from the European Union looms.

The buyer, who has not been named in French media reports but described only as a “European industrialist”, bought an apartment on the Rue des Saints-Pères in the upmarket 7th arrondissement on the left bank of the Seine.

The 16-room, 1,000 square-metre flat is spread over three floors - the basement, ground and first floor - of an 18th-century villa and comes with a 300 square-metre garden, according to Challenges magazine which said the buyer wanted to leave the UK because of the uncertainty caused by Brexit.

It was sold through the luxury estate agent Philippe Ménager - Nicolas Hug.

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Rue des Saints-Pères. Photo: Wikicommons

The price was a new record high for a Paris apartment, where flats rarely go for more than 30 million euros.

But prices for entire houses are even higher, with an hôtel particulier, or town house, on the Rue Vaneau in the same left bank district of the city recently fetching 48.5 million euros.

Paris last year entered the top five global cities prized by the super-wealthy for property investment and remains there for 2019, according to a report by Barnes, a high-end international residential real estate firm.

“The market is reaping the benefits of Brexit with numerous transactions in the west of Paris generated by French expats looking to return to France,” it said in its latest report published last month.

It put Paris in fourth place with London, whose luxury property market it described as a “victim of Brexit”, in fifth.

 
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