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Brexit relocations send Paris property prices through the roof
| Published: | 12 Nov at 6 PM |
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Paris properties are now becoming unaffordable for all except the very wealthy.
Prices in the French capital are being pushed skywards due to demand from expat workers whose firms have now relocated from London due to fears over the Brexit effect on businesses and the economy. As a result, Paris is now one of the most expensive of all Europe’s housing markets. International businesses and many banks have chosen to relocate to continental cities including Frankfurt and Amsterdam as well as Paris in order to remain within the European Union and are bringing their employees with them as expats.
France and its capital are putting out a huge welcome mat for its new arrivals, cutting down on bureaucratic red tape and even slashing the rates of wealth taxes in order to attract major financial companies. New international schools are now open and ready to deal with the influx of expat students from wealthy families, with real estate agencies telling local media it’s the biggest boom they’ve ever seen.
However, for Parisians looking for property in their home city it’s bad news, with those searching for affordable apartments now being pushed out into the suburbs. In an attempt to halt the exodus, the city’s mayor has brought in new rules making rentals more affordable, but the scheme is destined to fail as incomers aren’t investing in buy-to-let properties, they’re living in the apartments themselves. Property professionals believe the boom will last, simply because of the sheer numbers of new arrivals and the fact that they need somewhere to live within a reasonable distance of their new places of work.
Prices in the French capital are being pushed skywards due to demand from expat workers whose firms have now relocated from London due to fears over the Brexit effect on businesses and the economy. As a result, Paris is now one of the most expensive of all Europe’s housing markets. International businesses and many banks have chosen to relocate to continental cities including Frankfurt and Amsterdam as well as Paris in order to remain within the European Union and are bringing their employees with them as expats.
France and its capital are putting out a huge welcome mat for its new arrivals, cutting down on bureaucratic red tape and even slashing the rates of wealth taxes in order to attract major financial companies. New international schools are now open and ready to deal with the influx of expat students from wealthy families, with real estate agencies telling local media it’s the biggest boom they’ve ever seen.
However, for Parisians looking for property in their home city it’s bad news, with those searching for affordable apartments now being pushed out into the suburbs. In an attempt to halt the exodus, the city’s mayor has brought in new rules making rentals more affordable, but the scheme is destined to fail as incomers aren’t investing in buy-to-let properties, they’re living in the apartments themselves. Property professionals believe the boom will last, simply because of the sheer numbers of new arrivals and the fact that they need somewhere to live within a reasonable distance of their new places of work.
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