x Abu Dhabi, UAE Thursday 20 July 2017

Such an artful investment in Paris

The Life: If you can spare €4 million for a sizeable apartment in the Champs Elysees it is worth considering making money back by renting out rooms within its vast spaces.

Etoile Courcelles Pagoda in Paris is up for sale for €4 million. Courtesy Savills
Etoile Courcelles Pagoda in Paris is up for sale for €4 million. Courtesy Savills

Now is the time to buy property in Paris.

This is according to analysts, after a 10 to 20 per cent decrease in the cost of luxury homes this year, thanks partly to tax plans targeted at the rich.

And if you have €4 million (Dh19.4m) to spare, the Etoile Courcelles Pagoda in the heart of Paris near the Champs Elysees might just be for you.

The three-bedroom, three-bathroom apartment may be pricey, but there are several financially wise reasons to buy, chief among them being that the apartment could generate some income.

And that includes the option to rent out the maid's room which comes with the apartment.

"They are large enough, they are nine square metres, that you can rent them out by law, so this particular apartment could be rented out to generate a little bit of a return," says Tom Clark of Vingt Paris, an associate of the upmarket estate agent Savills, which is marketing the property.

But that is not all. The current owner has also created an independent studio in the apartment, a second possible money- making feature.

"It can either be sealed off from the apartment and rented out to pay for the building charges and so forth, or it could also be ideal for a teenager or somebody who wants a little bit more independence in their family home. It has a small kitchen, bathroom and bedroom," says Mr Clark.

The third financial saving a new owner will make is on a planned renovation project in the communal areas of the grand building.

The €400,000 works have already been voted on by the regional assembly, and under French law that puts the owner at the time responsible for the cost.

"[As part of the works they] are going to be installing an elevator effectively to connect the ground floor to the [maid's room]," says Mr Clark.

And in case you need any further reasons to buy, consider the view of a Chinese pagoda. The building is currently a gallery for Chinese and Asian art.

 

gduncan@thenational.ae