Get a Luxury Apartment in Paris for $134,000

Thursday, March 6, 2008
Paris, France

Read more about real estate in France in International Living Postcards—your daily escape

If you want your own Paris hideaway, but don’t want to spend a lot of money, what are your options?

Well, you could buy something small…something that barely passes the minimum size dictated by French law. I told you about such a place last month: a 118-square-foot studio in the 17th arrondissement…small, but not a bad deal for $132,000.

But for the same price, you could get a stylish one-bedroom apartment with a view of the Eiffel Tower. Located in the chic residential 7th arrondissement, this apartment is one block to the Left Bank of the Seine, close to the golden dome of the Invalides, and within walking distance of the art shows at the Grand and Petit Palais just across the river. And it’s more than four times the size of the other property I just mentioned (506 square feet…spacious by Paris standards for such a property). Yours for $134,000 from Paris Pied à Terre.

Or how about a two-bedroom, two-bathroom place in the Maraisone of the oldest districts in Paris—close to the symmetric perfection of the historic Place des Vosges and its arcades? It’s fully furnished and comes with a private terrace. Close to the Picasso Museum, designer boutiques, and the best delis in town, it’s easily worth more than a million dollars. Yours for $180,000 from Paris Property Finders.

There must be a catch, right?

Well, yes. You’ll need a little help from your friends.

You pool your resources with some like-minded friends…buy your Paris apartment…organize the renovation and redecoration…and share the use of the apartment among all the owners.

If you don’t have enough friends who share your passion for this city, you can go to a company that will match you up with others who are Paris-mad, with their eye on a similar home.

This is known as fractional ownership, allowing you to buy into a property in Paris that you might not be able to afford on your own—usually in a prime location, such as the St.Germain quarter in the 6th or the Marais and the Place des Vosges in the 4th. A place that you can enjoy at any time of year, complete with top-end fittings and furniture. Minus the hassle of maintenance and paying bills—it’s all done for you for a monthly fee. For example, the two-bedroom apartment in the Marais I mentioned above has a monthly fee of about $250 that covers everything: utilities, taxes, management and building fees, and a reserve fund for repairs and decorating.

This is a lifestyle buy, not a property investment—perfect if you love Paris, are fed up with the limitations of hotels, and want your own home in this city. You get an elegant city apartment when you need it, and hassle-free stays. You can cash out, either as a group or individually, and although your share should appreciate in value, this is not a product for flipping—the resale market for fractional ownerships is tiny.

If this is something that interests you, contact Miranda Bothe at Paris Property Finders or Walid at Paris Pied à Terre.

Leigh Fergus
Roving Europe Editor, International Living

Editor’s note: Cash in on the safest real estate investment in the world and learn how to get guaranteed rental income without management hassles. Learn more...

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