French Real Estate Market Proves Resilient Against the COVID-19 Pandemic

Like virtually every other country in the world, life in France essentially came to an abrupt halt with the arrival of the COVID-19 crisis. But while tourism and many other economic drivers for the country remain at a standstill, Forbes reports that the country’s real estate market is thriving. 

According to Susie Hollands, the founder and CEO of leading real estate agency VINGT Paris, business in Paris and the French Riviera have been consistent despite the pandemic’s many challenges.

The geographically small city of Paris, for instance, is struggling to keep up with the demand for real estate. Hollands told Forbes that “the big question our customers always have — both buyers and sellers — is whether the recent crisis has had or will have any effect on pricing. In short, while we may see a slight price correction in the market for mid-range properties, for luxury real estate ‘Paris will always be Paris.’ Buyers always want to be a part of this place.” 

That’s not to say the real estate industry has not been impacted by the pandemic. One of the bigger challenges facing real estate, according to Hollands, is the role of tourism. The French government is seeking regulation on services like Airbnb to limit the spread of COVID-19, though this has not stopped ‘buy-to-let’ properties from selling. 

Virtual listings and tours have become increasingly common during the buying and selling processes, as many potential homeowners seek to purchase properties with more space and ready access to green spaces. 

“With a renewed appreciation for outdoor space,” Hollands told Forbes, “there has been a notable increase in people looking for properties with a balcony, terrace or garden. Also, apartments located close to a park or the Seine are now in hot demand.”

For the full story, visit Forbes.com.