Luxury real estate: fewer sales, but higher prices
Sales volume in Paris fell by 10% in the first five months of 2026, but sales exceeding 3 million euros surged by 54% in the first half of the year, according to data from the BARNES real estate agency network released on July 16.
On Quai Montebello in the 5th arrondissement, a 55-square-meter apartment in need of renovation, listed at 995,000 euros, received three offers at the asking price as soon as it went on the market. On Avenue Gourgaud in the 17th arrondissement, a 250-square-meter triplex sold on the first day it was listed, for 4.48 million euros. In Le Chesnay-Rocquencourt, an older house found a buyer before it was even listed: the first visitor—who happened to be the property’s energy auditor—offered the asking price on the spot. These lightning-fast sales tell a more telling story than the averages about what’s happening in the luxury market: when a property is rare, the price is non-negotiable.
However, the overall indicators tell a different story. In central Paris, the network’s office business declined by 10% in volume and 9% in revenue over the first five months of 2026, with 490 sales agreements compared to 546 a year earlier. The explanation lies primarily in the timing: the prospect of municipal elections put many buyers on hold between January and April. The thaw was marked, with May 2026 ranking among the best months ever recorded by these Parisian offices, with revenue up 10% year-over-year. Richard Tzipine, the network’s CEO, attributes this to clients who were “rather reassured by a municipal election outcome that was less worrisome than they had feared.”
Three markets in one, and Americans everywhere
The Parisian premium real estate market is now divided into three tiers: high-quality properties under 3 million euros, averaging around 14,142 euros per square meter; the high-end segment between 3 and 5 million, at 20,153 euros; and the luxury segment above 5 million, averaging 27,500 euros with peaks above 50,000 euros. It is the top tier that is driving the overall market, fueled by the massive return of American buyers to the 9th, 18th, 6th, and 7th arrondissements—a clientele accustomed to higher prices than in France and willing to pay over 25,000 euros per square meter whenever a property justifies it. On the French Riviera, this trend is evident among California tech entrepreneurs, New York financiers, and energy executives, who are purchasing properties as second homes or preparing for retirement in France. Prices in Saint-Jean-Cap-Ferrat have reached 50,000 euros per square meter, and exceptional properties in Saint-Tropez regularly sell for between 15 and 30 million euros, with some reaching as high as 85 million.
From the Coast to the Alps: The Geography of the Peaks
Regionally, Bordeaux has seen the share of American buyers rise from 3% to nearly 10% of assisted purchase transactions since 2024; Lyon has stabilized at around 7,000 euros per square meter in the high-end market; and Provence peaks at 20,000 euros along the coast. On the coast, beachfront properties reach 30,000 euros in Pyla-sur-Mer and Cap Ferret, 40,000 euros in Biarritz, and 17,000 euros on the Île de Ré. In the Alps, the prospect of the 2030 Winter Olympics is already fueling demand: Méribel saw prices rise by 5 to 7% in 2025, reaching 45,000 euros per square meter for the most exclusive apartments, while Chamonix, a year-round resort, ranges from 15,000 to 22,000 euros depending on the property. It remains to be seen whether the rebound seen in May will last through the summer, or whether the second half of the year will confirm that scarcity alone still drives prices.
