Last year saw a record Paris apartment sale, changing hands for a cool 21.5 million euros.
But other hugely expensive properties sold in 2022.
We take a closer look at the exceptional Parisian real estate continuing to attract a select group of buyers.
A ceiling in every market
In 2022, over 100,000 properties sold in our city.
But there’s a ceiling in every housing market, and the Paris apartment sale of 21.5 million euros is the year’s record. That’s almost 23 million US dollars at today’s exchange rates.
The property in question is a 290m² apartment on the Ile de la Cité – the same island where you’ll find the Notre-Dame cathedral.
Calculating the price per square meter, the new owner paid 74,137€/m².
There is no recent pricing data for this Saint-Germain-l’Auxerrois quarter of the 1st district – there have been so few sales the notaries are not able to provide statistics.
But we can look at the adjacent Notre-Dame quarter in the 4th district. Here, the record-breaking apartment sale is more than four times the average for the area, which is currently 16,380€/m².
That average is up 5.7% year-on-year, and up 17.2% over the past five years, according to the latest notary reports.
It’s also seven times the city average as a whole, something we wrote about in this blog last month.
Connections to the art world
Who is the prosperous owner of the multimillion Ile de la Cité apartment?
Reports indicate it’s none other than Paloma Picasso. The second daughter of the iconic Spanish artist is herself a fashion and jewelry designer.
She purchased the apartment from the descendants of another connection from the art world, gallery owner and collector Adrien-Aurélien Hébrard (1865-1937).
Ms. Picasso’s new purchase is on the top floor of a 17th-century building, whose facade is a historical monument.
There’s little doubt the apartment has an exceptional location, on the quays of the Seine and surrounded by breathtaking views of Paris.
The property also benefits from two other assets nearby – place Dauphine, a green public square with cafés that is very popular with buyers, and the public garden of Square du Vert Galan.
More record Paris apartment sales
At 21.5 million euros, the Notre-Dame apartment is certainly the city’s priciest.
But it’s not the most expensive by square meter. That accolade belongs to a large flat near Saint-Georges in the 9th arrondissement (district) which sold for 75,331€/m² last year.
And if you include houses – or more specifically mansions – the record is actually the recent Hôtel Lambert sale.
Selling for a cool 200 million euros, it’s not just the most expensive of 2022, but the most expensive sale of all time in Paris.
The new owner is French telecoms billionaire Xavier Niel, something we reported in this blog at the time. He purchased the mansion from the royal family of Qatar.
The contents of the mansion also broke records as the most valuable ‘house sale’ of all time, according to auctioneers Sotheby’s.
A second home and a foundation
Looking at these record-breaking sales, it’s interesting to note that neither the Notre-Dame property nor the Hôtel Lambert will be permanent homes for their new owners.
Reports indicate that Paloma Picasso will continue to reside on the shores of Lake Geneva, in Switzerland, so the apartment is a pied-à-terre for her.
Meanwhile, Xavier Niel plans to turn the 43,000 m² Hôtel Lambert into a new cultural foundation.
Inspired by the record Paris apartment sale?
Are you inspired by this record Paris apartment sale?
For a look at properties with more down-to-earth prices, visit our website to see all the apartments currently for sale with 56Paris.
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