Luxury property in demand since lockdown
Being confined in your home for many weeks certainly focuses the mind. It’s not just the wealthy who feel the need to upgrade or upsize, but it does mean they have the means.
This was not a trend that started because of Covid, but it’s one that’s been compounded by it. At the start of the year the French property market had picked up momentum, and demand for Leggett’s
Prestige Property was leading the way, whether for a country estate in southwest France, an apartment in central Paris or a luxury villa on the Cote d’Azur.
When France went into lockdown, the tap turned off – but only briefly. Online interest soared and, post confinement, offers flooded in. July and August were record months for our agency with demand driven by domestic buyers and topped up by those from the UK, keen to move before Brexit. Nice, the Alps and Paris were particularly strong markets. A constant stream of buyers have been making offers on the back of videos, virtual tours and floor plans – many purchasing “sight unseen”.
Leggett is not alone in seeing this trend, or in predicting that it will continue. It is estimated that there are over 600,000 millionaires in France, with this number forecast to grow by 22% in the next five years. President Macron’s commitment to inward investment means that France is also welcoming overseas buyers, keen on benefiting from a revised wealth tax regime. The future of the high-end property market appears rosy, assuming lending conditions remain favourable and economies can recover from the lockdown. Also, for clients thinking of selling, now could well be exactly the right time.
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Property reference: 107968JMI22