Foreign buyers

The Chamber of Notaries reported that from July 2005 to June 2006, 8.1 percent of all sales in Paris involved foreigners, an increase from 5.7 percent 10 years ago. The demand is particularly concentrated in some neighborhoods, with non-French generating 25.5 percent of the sales in the 8th and a whopping 34.5 percent in the Latin Quarter. Americans make up 11.3 percent of the city’s foreign buyers, mainly heading for the 6th and 7th. First place goes to the Italians who like the 6th but are also crazy about the Marais and Montorgueill.

Here's an interesting piece by long term resident Amerloque who has seen the changes over the years:

"While there may only be one Paris, it is changing quite rapidly and, in Amerloque's view, not necessarily for the better. These changes might affect property values in the medium and long term. At intervals the French press reports the significant shifts in population: people are moving out of Paris and the Paris region (the Ile de France). The two major groups reported as leaving are retired individuals and families with children. This augurs ill for the Parisian economy overall since the former usually are in higher tax brackets and the latter are what makes cities vibrant, living, evolving entities. In addition, Paris is losing many of its distinctive small shops and restaurants: there seem to be fewer every year. There are more traffic jams, and there is more casual crime in some parts of town. Paris is being emptied of its working and middle classes – it is becoming a paradise for BoBos ... and tourists, of course ! Amerloque shudders to think that it might become another Venice !

More on the return of the BoBo's another day........