As well as a great place to invest in residential property, the Washington-based, Urban Land Institute (ULI), found Paris to be a favorite choice for those looking to purchase office, retail and distribution space. Therefore, if you are looking to invest in commercial property then Paris could be the way to go.
Made up of 20 districts, Paris is one of the smallest capitals in Europe. At 105km2, it is smaller than Dublin (115km2) and 15 times smaller than London (1,579km2).
The impact of this demand means that commercial property prices in the centre of the city are extremely high.
According to a recent report by ULI and Price Waterhouse Coopers, the French capital rates highly for both total return prospects and is also considered as a low risk investment. The report considers Paris’ total return prospects as ‘the best in Europe.’ The report added that the city’s ‘economic stability and sustainability in addition to its status as a global gateway’ also contributed to its rating as the investment capital of Europe.
Outside investors, wishing to purchase property in Paris will be pleased to know, the process for buying property in France, is relatively straight forward and not much different to the UK.
Once a property has been decided upon, a trusted local lawyer should be employed to help with all dealings. When a contract is drawn up by a real estate agent or notary, a deposit of ten percent of the property’s value will be required. As soon as everything is checked by the lawyer, the signing is carried out by the buyer and seller. Documents are then notarised and the sale can be completed in full.
It should also be noted, that there are laws in France which prevent properties being left to whomever the owner may wish. There are ways around these laws, however, but they should be sorted before a purchase is carried out.
Paris has one of the strongest commercial property markets on the globe and should you have the capital, I would strongly suggest investing into this market.
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