Paris BTL batters rip-off London

Published 25th Jul 2007

With 16.3 million visitors in 2006, Paris is the number one city in the world for tourists, ahead of other prominent contenders such as Rome and New York...

All of these needed somewhere to stay and it is no surprise that the city's hotels, hostels and rental apartments are full nearly all year round.

According to the Paris Tourism Office, the number of tourists set to visit the city will rise to 20 million by 2020. A survey undertaken by the body found that 97 per cent of the tourists questioned stated an intention to return to the city at some point in the future.

Paris was also recently voted the third most attractive city in the world, behind Sydney and London. It has a long and distinguished history, with some of the most famous buildings and sites in the world located within its boundaries.

Aside from the Eiffel tower, there is the Arc de Triomphe, Notre Dame cathedral and the Louvre. There is essentially an inexhaustible supply of attractions in Paris that tourists would find hard to do justice to in one visit.

Severe shortage of rented accommodation
Estimates place the number of jobs in the Parisian economy that are dependent on tourism at between 12 and 20 per cent. This thriving trade makes it an ideal place for an investor to acquire a buy-to-let property, yet an acquisition can be made surprisingly cheaply considering the popularity of Paris as a destination, and its status as a capital city.

According to investment website Property Frontiers, properties in the city "are still affordable", being "around 60 per cent cheaper than in central London" when compared on a like-for-like basis".

Prices vary depending on the location and condition of the property, but a price of £254,000 for a one or two bedroom apartment in the city centre is not uncommon, while a similar property in need of substantial renovation can be had for around £120,000.

Property Frontiers also pointed out that there is "a severe shortage of rented accommodation in Paris" and said the city "is never short of prospective tenants". Based on a survey of landlords, brokers at the company have suggested that gross rental yields lie between 4.5 and 8 per cent a year.

Source: ' Assetz '

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