Are you dreaming of owning an apartment in the city of love, Paris? Well, you’re not alone.
Many people from all over the world fantasize about owning a piece of real estate in this magical city. But is it possible for non-French nationals to own an apartment in Paris? Let’s find out.
Foreign Ownership of Property in France
France welcomes foreign investment and ownership of property. In fact, non-French nationals can freely purchase and own property in France, including apartments in Paris. However, there are some restrictions that you should be aware of.
Restrictions on Foreign Ownership
As a foreigner, you can’t buy any property that is considered a national heritage site or a historical monument. You also can’t buy any property that is reserved for social housing or subsidized housing.
The Buying Process
The buying process for an apartment in Paris is similar to buying a property anywhere else in France. You need to find a real estate agent who specializes in selling properties to foreigners and speaks your language fluently. Alternatively, you can search for properties online or through classified ads.
Once you’ve found the apartment you want to buy, you’ll be required to sign a preliminary sales agreement (compromis de vente). This agreement outlines the terms of the sale and is legally binding.
After signing the preliminary sales agreement, your lawyer will conduct due diligence on the property to ensure that there are no legal issues or outstanding debts associated with it.
The Costs Involved
Buying an apartment in Paris comes with several costs that you need to factor into your budget. These include:
- Agent fees – typically 5-10% of the purchase price
- Notary fees – typically 1-2% of the purchase price
- Taxes – including transfer tax, land registration tax, and value-added tax (VAT)
Conclusion
In conclusion, yes, as a non-French national, you can own an apartment in Paris. However, there are some restrictions to be aware of and several costs to consider. With the help of a reputable real estate agent and lawyer, you can navigate the buying process and enjoy owning your own piece of Parisian property.