Ultra high net worth (UHNW) individuals have increasingly invested in property and Paris is one of their favored locations, according to recent research.

UHNW individuals are defined as those with net worth of $30 million or more. More than 200,000 people worldwide are in this category. Luxury residential real estate is defined as worth more than $1 million.

Seventy-nine per cent of the world’s UHNW individuals own two or more residences and hold owner-occupied property worth $2.9 trillion globally. Their main residence is normally in their primary business city, but they also own residences elsewhere and often in another country.

Secondary residences are seen as sure investments but are also chosen for leisure or business purposes. Proximity to leading universities is an additional factor, where their children are studying abroad.

UHNW individuals also regard property as a long term prospect. On average, they hold their main residence for 15 years and a secondary residence for 10 years.

Paris is in the top 10 of sought-after locations, along with Hong Kong, London, New York and Singapore. The factors favoring these property hubs include a strong business and financial environment, access to the world’s largest markets, stable real estate markets and high living standards.

The research finds that Paris real estate remains “surprisingly affordable” compared to some other global hubs and that good opportunities exist at interesting prices. Record low interest rates and the recent rise in the U.S. dollar against the euro also make Paris an attractive prospect at the moment.

International UHNW investors in Paris originate from the Middle East and the U.S., but increasing numbers come from Russia, Italy and the U.K.

UHNW individuals increasingly seek secondary residences in top vacation spots. This often favors rural areas but also cities like Paris, which are leading tourist destinations.

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