PARISParis Focus: Why this new launch is the rarest of finds

“If new-builds are rare, waterfront new-builds in Paris are virtually unheard of.” As part of an exploration of the Parisian property market, we take a look at one of the most eagerly awaited launches in Paris of the decade, a water-front Haussmannian beauty on the city-centre island of Ile de la Jatte.

PARIS

Paris Focus: Why this new launch is the rarest of finds

“If new-builds are rare, waterfront new-builds in Paris are virtually unheard of.” As part of an exploration of the Parisian property market, we take a look at one of the most eagerly awaited launches in Paris of the decade, a water-front Haussmannian beauty on the city-centre island of Ile de la Jatte.

Neuilly la Grande Jatte: A Jewel in the Crown of Paris’ New Builds

When Sadiq Khan, London’s new mayor, stepped into office in May 2016, one of the corner-stones of his public policy was to tackle London’s housing crisis. A man on a mission, Khan has pledged to build up to 50,000 new homes a year, of which 50% need to be classed as ‘affordable’. While critics claim Khan’s plans are overly ambitious and final figures are yet to be confirmed, his approach is only plausible given the potential space that London still have for new developments of this scale.

While an average of 24,000 new-build units are planned in London every year, across the Channel, Parisians can expect just 650 new build apartments per year. Space is the main issue – there just isn’t any.  When much of London was destroyed during World War II air-raids, occupied Paris suffered a different fate, and as a result, new build apartments in Central Paris are increasingly rare.

“If new-builds in Paris are rare, waterfront new-builds in Paris are virtually unheard of”, explains Athena expert Camille Letuve.  “In the past 30 years there has only been one other collection of new-build apartments available on the River Seine, in the 4th arrondissement. Demand to pocket the keys to one of the rarest properties in Paris was unprecedented – most of this development sold within a matter of months and clients who bought there for €2m are already looking to resell for €3m. Now that the building is finished and the developer’s vision has been ‘realised’ – international buyers are simply offering what they can”. 

So it’s of little surprise that the launch of the Neuilly La Grande Jatte development is causing a stir amongst experts. This waterfront collection of just 18 properties, nestled amongst the lush greenery of the banks of the River Seine, is the quintessence of quality living. Unlike most Parisian apartments, its defined by space, light and a strong integration with nature, with the largest of the 1-3 bedrooms apartments covering a generous 114m² with a 72m² terrace. Then there’s the design itself; Nordic architect Fridrik Bjarnason’s art-deco inspired build uses traditional materials in an antithetical approach to the modernist developments of most new-build properties. Inspired by the Haussmannian architecture that defines much of Paris, the development blends with the idyllic surroundings of this inner-city island, made famous by the French impressionists.

“Neuilly is a posh suburb of Paris, comparable to Chelsea in London, and Ile de La Jatte is the chicest part.  It feels a world away from the city, yet in 5 minutes you can be on the metro and are just 15 minutes away from the Champs Elysees“, explains Letuve. “Paris is a very condensed city, it can feel crowded and noisy, so its quite a change to be here by the river, with amazing views and the sound of birds and boats, particularly in summer when you are surrounded by the woods and have some of the best alfresco terraces in town on your door-step”,  

One of the last plots available on Ile de la Jatte and a landmark in terms of architecture, design and location, the capital appreciation on a property like this is strong, and from a rental perspective, its location in the only suburb in Paris famous across the world means it has strong appeal to both the local market and international market.

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