Property focus - Paris

Relocating to Paris can be tough for even the most fluent French speakers, as Miranda Bothe found out�

Featured June 08
Property focus - Paris

WORDS BY LAURA LATHAM

Relocating to paris can be tough for even the most fluent French speakers, as Miranda Bothe found out�

It was during a frustrating search for a home in Paris in 2001 that Canadian lawyer Miranda Bothe spotted a niche in the market. "Paris agents have a limited number of properties, and at least 50% of homes in the city are sold privately," she says. "Even for a French speaker like myself it was hard to find suitable apartments to view. I realised that if I was having trouble, other buyers must be too."

Miranda retrained as an estate agent and now works as a property finder in the French capital. She first compiles a detailed list of her client's wants and, drawing on her extensive local knowledge, advises on the best areas to suit their budget and lifestyle. Her wide network of professional contacts helps source apartments and often Miranda will hear of properties before they're officially on the market.

Warm and witty, she says her job isn't just about knowing what and where to buy, but about tailoring homes to personal needs.

"People relocating have very different criteria to those buying a weekend pad or a buy-tolet," she explains. She will also hold a buyer's hand through the whole purchase if required, and can recommend builders and decorators for any renovation work.

With sought-after haunts such as St Germain and the Marais priced out of most people's budgets, Bothe can advise on the up-and-coming areas. These include the pretty neighbourhood of Rue des Martyrs in the 9th arrondissement and the streets around Lamarck-Caulaincourt, near Montmartre. She says the foremost aspect to consider when buying in Paris is a good old location, but also issues like access, transport and whether the property has a "wow factor" such as a roof terrace or amazing views. "People buy in Paris because they love it," says Miranda, "and my job is to find neighbourhoods that still retain the real spirit of the city."

Paris Property Finders: www.parispropertyfinders.com, Tel: +33 (0) 1 7277 0039

Investment expert Laura Latham keeps us up to date on all the latest property trends

Drop zones

While the American housing market stays in freefall, key property markets in Europe are beginning to follow suit, with both the UK and Spain seeing dropping house prices. Having climbed to unbelievable levels over the past 12 years, prices in the UK fell over the last six months, with an average drop across the country of one per cent compared to last year. It may not seem much but some experts predict prices could dip by 30 per cent in some areas if the UK was to fall into recession.

Spain is seeing a similar story as the market suffers from a combination of bad press, a glut of property and over-valued homes. Agents on the Costas are seeing discounts of up to 60 per cent in some cases, amid fears of unprecedented levels of repossession. Like the UK, market watchers predict there is still some way to fall yet.

A real hot spot

The number of visitors to the Red Sea is expected to increase significantly this year, according to travel industry experts. This generally indicates that the property market is also likely to be buoyant as many tourists who repeatedly visit a destination decide to buy there.

In addition, tourism creates demand for rental accommodation. "Interest in the Egyptian real estate market is growing as the world becomes aware of the opportunities there," says Steve Worboys of agency Experience International (www.experience-.international.com). "Egypt, and particularly the Red Sea area, is where the smart money is being invested in 2008."