Better buy that quaint pied-a-terre on the Left Bank while you can still afford it.
Prices for luxury homes in Paris jumped 22 per cent in the 12 months to March this year, the biggest gain among the 15 cities tracked by the Knight Frank Prime Global Cities Index.
The City of Light has never been a bargain hunter's paradise, but "supply constraints" and growing interest from overseas buyers is driving up prices even more than normal, the property firm reports.
"Investors from Brazil, Russia, India and China are increasingly looking to Paris as a safe haven to invest funds in a mature and high-performing market," said Liam Bailey, the residential research director for Knight Frank.
In other words, it's starting to attract the type of activity already fuelling London's high-end neighbourhoods. London and Paris are starting to operate in their own rarified air, catering to wealthy buyers who are unconcerned by "affordability and macro-economics", the firm reports.
"These cities compete at a different level in attracting the world's wealthy elite," Mr Bailey said.
The price spurt in the European capitals is in sharp contrast to recent years when cities in Asia attracted headlines for gaudy price increases.
But government-enforced cooling measures are having an impact on Asia's markets, Knight Frank concludes.
Hong Kong, Shanghai, Beijing and Singapore posted an average annual price growth of 54.6 per cent in the first quarter last year, from 2009, compared with a more pedestrian 11.1 per cent in the first quarter of this year.
Other cities around the world are also struggling to find buyers, according to the Knight Frank index, which tracks high-end housing globally. Moscow was at the bottom of the list, posting an 8 per cent decline in the year to March.
New York, another city bolstered by international buyers, saw a scant 1 per cent increase.
But Knight Frank expects prices in Paris to continue to escalate.
An elite tier of global city markets is forming, "where the top addresses will become increasingly fought over by wealthy buyers" looking for long-term investments, Knight Frank reports.
The Quote: "An artist has no home in Europe - except in Paris." Friedrich Nietzsche