British investor Robert Drake has bought a luxury flat near the Elysee Palace in...
PARIS - British investor Robert Drake has bought a luxury flat near the Elysee Palace in central Paris for two million euros, lured by ultra-low borrowing costs, attractive prices and a belief in the growing allure of continental Europe for financiers post-Brexit.
In the ornately corniced living room of his new apartment, Drake, who is managing director of Bury Street Capital, said Britain’s relationship with Europe had “fundamentally shifted” since its vote to leave the EU in 2016. Paris property prices suffered under socialist president Francois Hollande, in power from 2012 to 2017. His 75% super-tax on earnings over 1 million euros reinforced France’s reputation abroad for being hostile to wealth. High earners fled, often to London, creating a glut in supply.
Knight Frank, one of Britain’s biggest real estate agents with operations across Europe, expects Paris’s prime market - the top 5% - to post further gains of 5-7% in 2020.At 19,000 euros per square metre, prime prices in Paris still compare favourably with other first-tier global cities – the equivalent in London and New York would be closer to 28,000 euros and 27,600 euros respectively.As well as British investors, Belgian, Scandinavian and Middle Eastern buyers are also turning to Paris.
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