Owning a home like a parisian... part 2

Among non-French citizens investing in Paris, 35% are non-residents who decide to buy or rent an apartment to have their own Parisian home away from home. Central Paris remains the top choice for well-off buyers, because the area is so authentic and packed with history. Buyers also love the style of the apartments there. Big or small, typical Parisian apartments are prized for their high ceilings, visible wooden beams, quaint moldings and cozy fireplaces. Q&A with Thierry Chomel de Varagnes, Associate Director of Barnes International (continued from our December 12th 2014 issue)

What are the charms of a central Parisian apartment?
“Those who love the 6th arrondissement (Saint Germain des Prés) or the 7th arrondissement , aren’t looking for Haussman elegance (the type of architecture seen on Haussman Boulevard in the department store district), but for 17th century and 18th century charm: old parquet floors, fireplaces, and timbered ceilings. On the other hand, a lot of foreigners, especially North Americans, purchase places needing renovation and do a contemporary makeover, sometimes even covering up the antique wooden beams.”
BARNES 99FB9668-49B6-4BF4-828A-A2DED0FBBFB8BARNES A229E1AB-81D4-4B1D-8B5D-CD07B100FD95What’s the price range in the heart of Paris?
“The 6th arrondissement is the most expensive district of Paris, ranging from $17,000 to $25,000 per square meter. A really exceptional property could be over $35,000/m², depending on criteria such as: view of an historical monument (eg Eiffel tower, Notre Dame) ceiling height (up to 16’!), balcony, what story it’s on and what the rest of the building is like”.
    
What taxes does a foreign property owner pay?
“Foreign nationals with property in Paris pay a tax called the ISF (wealth tax) if their assets here exceed $1.6mn. The tax rate is progressive depending on the value of the asset, and there is no deduction, since the Paris home is not their main residence. Next, they pay annual property taxes somewhere between $1800 and $2500 depending on the size of the apartment. Finally, any rental income is taxable at 20% or more.”
    
How long does it typically take to buy?
Not too long, I’d say. Three or four months to sign a promise to sell, and then another two months for the deed of sale. Less than six months, and you got your keys.”

BARNES 45D9C72C-FACE-4E81-803B-2537FB589839Are foreigners buyers satisfied?
Absolutely. Every foreign national who’s bought Paris real estate in the last ten years has been fully satisfied, especially Americans. They can partake of cultural events and the charms of the city or lend the apartment to family and friends vacationing in Europe. From a financial perspective, It’s also an outstanding investment.”
First Part: Tuesday 9 December 2014 (Buying in the center of Paris: why, where, what). To follow:  Friday 9 January 2015 (renting for non-residents in the center of Paris).
    

© Pictures: front and inside pages Barnes International http://www.barnes-paris.com/immobilier-prestige

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Maxime - Art & Culture

Bonjour, my name is Maxime. I obtained my name because my grandmother always took me to Maxime’s in Paris for my birthday, always in the company of her best girlfriend! When I was fourteen years old, I was already enamoured with their Parisian chatter. Now, when with friends, I know everything about the art of invisible make-up and light cocktails! The Parisian really has a very distinct character: she’s surprising and interesting. And she’s so feminine! As for invitations, it a real task: each day Paris offers new exhibitions, previews and vernissages. With a Parisian, you absolutely have to be in the right place at the right time!

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Edita da RIZZOLI, Sophie la Parigina è una guida di stile moderna su PARIGI. Illustrata dai disegni di Alessandra Ceriani, completata da un elenco degli indirizzi preferiti dalla parigina e arricchita di ricette gastronomiche.

 

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Published by RIZZOLI New York, Sophie the Parisian'sis a modern life style guide about PARIS. Illustrated with color drawings, complemented by a list of Parisians' favorite locations and enriched with gastronomic recipes.

 
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