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Paris has more luxury real estate per square kilometer than New York or London!

Le 25/01/2023
Paris has more luxury real estate per square kilometer than New York or London!

According to an international study, Paris is the second city offering the highest density of housing at more than 3.5 M€. Far behind Monaco, but ahead of the other contenders.

We knew that the Parisian luxury real estate market was doing quite well despite the crisis, we now know that it is also one of the densest in the world. A study conducted by the British credit broker Enness Global, which specializes in high-end clients, looked at the 15 most popular markets for its clients. For each sector, the study lists the overall volume of available property and the number of high luxury homes.

These are defined here in a rather arbitrary way as those listed at more than 3 million pounds (or 3.5 million euros). Small ultra-luxury apartments can be found at a much lower price, but it is true that with this price tag, one leaves the "traditional" market.

In this little game, Monaco stands out from the crowd. And for good reason. Almost half of the market in the city-state (49.2%) is above this threshold of 3.5 million euros. By comparison, this high level of luxury only accounts for 3.3% of the Paris market, compared with 10.8% on the Greek island of Mykonos and 8% in the Swiss Valais.

London recovers
The final step in determining whether or not there is a luxury property on every street corner is to compare the number of such properties with the surface area of the area concerned. Of course, this notion of density tends to favor "small" luxury enclaves. This is obviously the case for Monaco with its 2 km² but it also benefits the French capital. With its 105 km², it is barely larger than Mykonos (85 km²) and 7 times smaller than New York and even 15 times smaller than London.

The result is a rather dense Parisian market with more than 5 luxury properties per square kilometer. This is, of course, half as much as in Monaco (10.69) but also twice as much as the third city in this ranking: New York with 2.4 luxury properties per square kilometer. And then, once we mention London (1.7) and Mykonos (1.6), all the other cities or regions in this ranking have less than one luxury home per square kilometer.

"It's interesting to note that while London remains a popular choice among the world's wealthiest property buyers, Paris and New York have more inventory per square mile," notes Hugh Wade-Jones, managing director of Enness Global Mortgages. Despite this, London remains a superpower in high-end real estate and we are currently seeing signs that the top end of the market is starting to pick up, just as the mainstream market is starting to decline with the upcoming end of the stamp duty holiday."

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