Posted in Real Estate on September 14, 2010 by Kevin Brass
Prices for Paris apartments hit record levels this month, after a 7.8 percent jump in the last year.
According to the Notary’s Association of Paris, a 50-square-meter apartment now costs about €334,000 (about $434,000), Property Wire reports. That’s about €6,680 a square meter, which tops the previous record of €6,620 set in the last quarter of 2008.
The most expensive neighborhood is St Germain des Pres, where apartments are selling for €12,400 per square meter, according to Property Wire. Prices in the second district rose 19.3 percent last year.
As always in Paris, demand far outstrips the supply of quality apartments, trumping any global economic crisis.
Posted in Real Estate on March 07, 2010 by Kevin Brass
A French court this week refused to return a Russian oligarch’s $53 million deposit on a French Riviera estate, which is believed to be the world’s most expensive property.
In 2008, mining billionaire Mikhail Prokhorov reportedly offered €390 million ($531 million) for Villa Leopolda, the cliff-top mansion outside Villefranche-sur-Mer built in 1902 for King Leopold II of Belgium. If the sale had completed, there is little doubt Prokhorov would have earned bragging rights for paying the highest amount in history for a single residential property.
“The sale marked the zenith of the real-estate follies among competing oligarchs,” The Times notes.
