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Record Paris apartment price paid by tycoon fleeing Brexit London

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.

Record Paris apartment price paid by tycoon fleeing Brexit London
Apartments with views of Paris sights such as Montmartre fetch top prices. Photo: AFP

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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RENTING

EXPLAINED: France’s new rules for advertising rental properties

France is introducing new rules for private landlords from July 1st. Anyone who wants to publish a property listing will need to include certain information that wasn't required before.

EXPLAINED: France's new rules for advertising rental properties

If you are a private landlord and have a property that you want to advertise on the rental market in France, the rules on what information you need to include on the listing have been pretty vague – up until now. 

But an official ruling means that from July 1st that changes. From this date onwards, your advertisement must contain the following information:

  • Rental costs 

Monthly rental costs must be clearly mentioned on your listing. 

READ MORE Nine things to expect when renting an apartment in France

  • Charges

You must include information on any charges that the tenant will incur and information on how these charges can be paid. These charges can include anything from heating costs, to a concierge service. If you want to do an official ‘état des lieux’ or inventory of the property, this costs money. If you want the tenant to cover the cost, you must mention this on the advertisement (as well as the amount). 

READ MORE The vital French vocab for renting property

  • Rent control information

If your property is in an area subject to rent control, you must include the following text in your listing: “zone soumise à encadrement des loyers“.  You must specify the minimum and maximum rental price in your area. 

You can find out if your property is in such a zone by using this simulator

  • Other  

You must include information the the deposit that will be required. You must list the commune or arrondissement where the property is located. You must also provide the surface area of the property as well as information on whether it is furnished or unfurnished. 

READ MORE Renting furnished accommodation in France: What should your landlord provide?

The above information must appear on any advertisement – no matter what form that advertisement takes.

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