A one-bedroom apartment in the Arts et Métiers neighborhood of the Marais, Paris, is on the market for 550,000 Euros ($730,000).
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The sunny living room, which overlooks a quiet street, is laid with traditional hexagonal tiles made of terra cotta, called tomettes.
550,000 Euros ($730,000)
This one-bedroom one-bath walkup apartment is set above a shop in the Arts et Métiers neighborhood of the Marais. It has floor-to-ceiling windows, rough limestone walls and exposed wood posts and beams. The 880-square-foot (82-square-meter) apartment occupies the entire second floor of a five-story building.
The sunny living room, which overlooks a quiet street, is laid with traditional hexagonal tiles made of terra cotta, called tomettes. The kitchen has modern wood cabinets, white ceramic tiles and space for a small dining table. Toward the back of the apartment, behind French doors, is a cozy bedroom with a walk-in closet and a window that overlooks the courtyard of the building next door.
The shops and restaurants of the Marais are just outside the door, and the apartment is within walking distance of the Louvre, Notre Dame and the Pompidou Centre. Charles de Gaulle International Airport is about 40 minutes away by public transportation.
The current owner lives in Southern California and rents out the apartment when he’s not in Paris, charging about $175 per night.
MARKET OVERVIEW
The French real estate market has fared better than many other in Europe recently, according to Tobias Just, head of real estate research for Deutsche Bank Research in Frankfurt. Although sales volumes in France have declined 20 to 25 percent in the past year, Mr. Just said that the Paris market had almost held its own, with prices in many parts of the city falling only about 10 percent since the market peaked. But he does expect prices to fall further in the coming months.
More expensive properties in Paris are about 9,000 euros per square meter ($1,100 per square foot), Mr. Just said, adding that the upper end can easily top 10,000 euros per square meter ($1,200 per square foot).
Prices in the Arts et Métiers neighborhood are lower, about 7,400 euros per square meter ($900 per square foot), said Yolanda McCafferty, an agent with Vivre à Paris, a real estate company that specializes in helping foreigners buy and rent homes in the city.
WHO BUYS IN PARIS
Britons and Americans still make up a large portion of foreign buyers, Ms. McCafferty said, though she is also seeing a growing number of Italians, Russians and South Americans.
American buyers in France tend to gravitate toward Paris or the Cote d’Azur, while British buyers are attracted to the Dordogne, Brittany and Poitou-Charentes, according to Gaëlle Perreaux, a property consultant with the London-based company French Entrée, which runs an online guide to living and vacationing in France.
BUYING BASICS
Foreigners can own property without restrictions in France, and closing costs are moderate, Ms. McCafferty said. Buyers cannot bid more than the asking price set by the seller, she explained.
The agent’s commission, 5 to 5.5 percent, is usually included in the purchase price, according to Ms. Perreaux. Other transaction costs include a 5.09 percent transfer tax paid by the buyer. In addition the notaire, or notary, who handles the legal paperwork charges the buyer about 2 percent of the purchase price.
Mortgages are available for international buyers with strong finances, but are unusual in one regard: the length of the loan is based partly on the borrower’s age. Ms. McCafferty says that although a typical loan has a 20- to 25-year repayment period, the term is shorter for older borrowers. For example, a 65-year-old buyer would usually be limited to a 15-year mortgage, so the loan would be paid off by the time the borrower was 80.
Source: The NY Times
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