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.”
What’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.”
Are 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