With the 1st half of 2009 being a challenging time in the Real Estate market, the Paris Furnished Apartment Market Report has become a must read. The report covers vacation rentals (from 3 to 30 days) and furnished apartments (from 1 month to indefinitely). In the 1st half 2009 Furnished Apartment Market Report we look at the effects of the global economic melt down on the furnished rental market, give advice to clients and owners in this market plus take a look into the future.
The report can be found on the Paris Furnished Apartment Market Report webpage. This site contains all of the previous Paris Furnished Apartment Market Reports for your reference.
2009 1st half Paris Furnished Apartment Market:
Paris Furnished Rentals:
Prices and the number of apartments booked in the Paris furnished rentals division feel in the 1st half of 2009. With the overall rental market in a downward trend including the price of unfurnished apartments this is not a surprise. Owners who were quick to lower the price of their apartments saw the smallest decline in the number of booking. Clients had a large selection of apartments to choose from in all sizes and price ranges.
Paris Vacation Rentals:
With people pessimistic about the economy leisure travel was down in the 1st half of 2009 in Paris. In addition a strong Euro made travel from the U.S., the U.K. and Asia more expensive then in previous years. Similar to the furnished rentals segment of the industry, those owners who lower prices saw the smallest drop-off in occupancy.
Looking to the 2nd half of 2009 and into 2010 Parisians still feel pessimistic about the economy, with nearly 65% of respondents to a poll stating that they expect the housing downturn to continue into 2010. Paris can expect to see increased business if the Euro falls or the world economy rebounds in the next few quarters.
We hope you find this report to be useful if you are an apartment owner in Paris or if you are planning a trip to Paris. Our goal is to inform you of the latest trends in the Paris furnished apartment and vacation rental markets.
To read this and previous market reports visit the Paris Furnished Apartment Market Report webpage. Please comment below on the report or e-mail us at marketreport@nyhabitat.com if you have any questions, comments or remarks.
Also, check out these blog entries about previous market reports
2nd half and full year 2008 Paris Furnished Apartment Market Report
1st half 2008 Paris Furnished Apartment Market Report
2nd half and full year 2007 Paris Furnished Apartment Market Report
The Euro is so strong this week again!! After being pretty low over the summer. I am sure Paris will always be in the Top 5 most visited city world wide.
It is always smart to coordinate accordingly with the economy, and where the economy is at right now, most owners would definitely be at an advantage to lower the prices of their apartments to continue to get bookings, especially in Paris with the exchange rate of the Euro.
Paris will always be Paris, and even though the economy is fragile and the euro is strong this beautiful city remains the most visited in the world. A vacation rental is an excellent idea!
As a Parisian myself I really hope that the market will pick up again because this year was pretty slow. I have lowered my rent by more than 20% and even though it is tough….Waiting for 2010 to be better.
Obviously the economy is down worldwide, but even though the Euro is becoming strong again, it is fluctuating, and yes, I am sure Paris will still be a very big vacation destination.
It does affect the tourism for sure, but no matter the exchange rate with the Euro, people will always go there…I mean, it’s Paris!