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
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.
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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