Why would you need a Property Search Expert in Paris?
No Blue Sparks doesn’t offer property finding services! But we see again and again the benefits that our clients reap from working with them. This article outlines the principal reasons why we recommend that any overseas buyers work with one.
Like many major cities, the property market in Paris is generally vibrant. In Paris particularly, there are historically more buyers than sellers as the market is restricted to the 20 arrondissements. It is a good investment to buy a property in Paris, generally an apartment, as property values have risen over 300% for the last 20 years : from 3,530€ per square metre in the 1st quarter of 1991 to 10,770€ in the same period of 2021. Over the last 5 years, property values have increased by 15% (statistics from the Chamber of Parisian Notaries website). As a result, when properties are put on the market, they can be sold very quickly, especially in the most sought-after areas, which is probably where you want to live when in Paris. This quick property turnover is not good news for overseas Paris-lovers wishing to buy a pied-à-terre in Paris! And it is one good reason to invest in the services of a local property finder who will visit any suitable apartments quickly so that you have a better chance of finding and securing la perle rare (‘rare pearl’ or gem) that meets your requirements and desires.
Unlike in the United States, for example, in France there is no central property listing (like Zillow.com). In France, the closest equivalent would be SeLoger.com, although not all properties are listed on this site. If you speak some French, it can be useful to sign up on Se Loger (literally house oneself) to receive notifications specific to the location and type of property for which you’re looking. This will help you get a feeling for the market, the number and type of properties available when you start looking and which subsequently come up for sale. However, as mentioned above, not all properties are listed on this site. Often, properties are sold before they are even listed! Good property finders have special relationships with estate agents in certain quartiers and can learn of properties before they are listed. This means that the property finder’s clients can get a head start!
A good Parisian property finder will know the different areas in Paris like the proverbial back of their hand. They will know the true value of the property - both the current value and long term value. They’ll know how much should be taken off the price if the apartment needs renovation, and how much value this will bring to the property in the future. They will also know of any planned works in the direct vicinity of the property, for example if the town hall has any plans for the area that could devalue or increase the property value in the future. Or they should know, for example, if a private developer has bought the buildings opposite the apartment and is planning an office block that could ruin the beautiful view of Paris rooftops that was part of the reason you decided to buy the apartment in the first place. This type of information is difficult for an individual buyer to find out, especially if they don’t know where to look, nor how to interpret the administrative French language. We recommend that you rely on a trusted property finder so you rest assured that you’re making the right decision.
In France, again unlike in the United States, only one realtor is involved in a property transaction. This realtor is mandated by the seller and represents them, not the buyer. This is the case, even though the realtor’s fees are generally included in the price of the property and paid by the buyer (look for the letters FAI Frais d’Agence Inclus in property advertisements which indicate this). So an unscrupulous realtor could suggest that you make a higher offer so that the seller (and the agent themselves!) would benefit, rather than seeking a fair price for both parties. During the price negotiations for the property, a property finder, whom you pay, will represent your best interests. We have even heard of cases where a property finder has negotiated a lower price which covered their fees! So mandating a property finder ensures that your best interests are looked after during the transaction.
So even though property finding isn’t part of the service we provide at Blue Sparks, we thoroughly recommend mandating a property finder for all the above reasons! Don’t hesitate to get in touch so that we can recommend the professional best suited to your needs.
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