From Bloomberg, October 11:
High-end properties in the French capital are in demand as the strong dollar draws US buyers overseas.
Luxury properties in Paris are selling for record prices this year as Americans take advantage of a strong dollar to snap up high-end overseas homes. The average price of a prime Parisian property — defined as homes that sell for more than 3 million euros ($2.9 million) — rose 9% to 5.47 million euros in the first half of this year from 5 million euros in 2020, according to real estate agency Barnes. With demand surging, the agency is expecting its sales volumes this year to top a record-setting 2021.
The strength for luxury properties contrasts with the broader Paris housing market, where prices fell 1.4% in the three months through July compared to the same period last year.
Americans have been buying homes in Europe in record numbers, driven by the surging greenback and the increasingly unaffordable US housing market. The euro dropped to parity with the dollar for the first time in two decades this July and has hovered around that level since.Barnes sold more homes over 3 million euros in the first six months of the year than in the whole of 2021, in large part to US buyers, according to Richard Tzipine, managing director at the agency....
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It's not just in Paris. Prices for French castles and chateaux are ticking up but still seem remarkably affordable compared to properties in England.
Of course Scotland is still the place for bargain-minded castle buyers.
