Luxury property prices are rising faster in Paris than anywhere else in the world. The value of apartments and houses valued at Euro2 million or more in the French capital rose 22 per cent over the past twelve months research from Knight Frank estate agency shows. Hong Kong, Helsinki, Shanghai and Beijing were the other top five risers.
Parisian homes are rising in value, because investors from the BRIC nations are ploughing money into the city which they consider a safe haven in uncertain economic times. A limited number of properties available for sale means bidding is strong, so that pushes prices up further.
Limited supply is a key feature of the Paris housing market – strict planning controls makes building brand new homes in the sought-after central arrondissments well nigh impossible, so refurbishing existing properties is the key source of supply for the city's luxury housing market.
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