Americans flock to buy in Paris, spending a median of €715,000
People from the US are the largest group of non-resident foreign buyers in the French capital
US buyers tend to focus on the more central, more expensive areas of the capital
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Property buyers from the US spend a median of €715,000 when buying a property in Paris, a new notaire study has found, with one quarter of purchases by non-residents coming from the US.
The study found that US buyers tend to focus on central areas, where prices are higher.
Non-resident purchases are considered to be a ‘micro-market’, but they are rising slowly: in 2023, they represented 1% of total sales in the capital, up from 0.8% in 2022.
US buyers coming to Paris tend to have greater purchasing power than residents in France, with a median price of €715,000, the report by the Notaires du Grand Paris claims.
People from the US make up the largest percentage of non-resident buyers.
After this, buyers from Lebanon are the most common, with 90 purchases in 2023 (12% of non-resident purchases in Paris). This was followed by Italy (70 buyers), and Germany (45).
Resident buyers
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Of foreign buyers who are resident in France at the time of purchase, the most common are Portuguese (1,470 purchases in 2023, or 13% of this category; down from 18% in 2019). The largest percentage of these, 45%, buy houses.
In contrast, the next most-represented nationality in this category (10%), the Chinese, prefer flats (90% buy flats).
The next-most represented resident-in-France foreign nationals who buy property in Paris are Algerians, Tunisians and Romanians.
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Empty properties
It comes after the Paris Mairie revealed plans in December 2023 to cut the number of second homes and empty properties in the capital, with an estimated 20% of all residential properties in the city currently unoccupied (this applies to homes owned by both French residents and non-residents).
Read more: How Paris plans to crackdown on second homes and empty properties
The number of empty properties in the city has risen significantly in the past 10 years, figures show. A recent report from the Atelier Parisien d'Urbanisme (APUR) showed that the number of empty residential buildings had risen from 14% in 2011 (191,000 homes) to around 19% by 2020 (262,000 homes).
It also showed that just under half of owners of these properties live in the Paris region - suggesting that they are investors. It found that 20% live abroad.
Overall, the property market is currently having a difficult time in France; property sales are considerably down nationwide, prompting hundreds of estate agents to close.
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