One of the luxury brands paid 230 thousand euros per square meter for its premises. The transaction broke all records – reported the daily “Ouest-France”. It added that it is another fashion house that has driven up real estate prices in Paris.
The subject of the transaction was the premises at number 17 on rue de Sevres in a very prestigious area of ​​Paris – in the 6th arrondissement, right on the border with the 7th; it is in the latter that the Eiffel Tower stands. The fashion house, which is the buyer, had previously rented this premises but decided to buy it.
Real estate prices have broken records
The venue is adjacent to a five-star hotel and in the past, the building, built in 1935, housed a private Art Deco pool for the hotel's wealthiest clients. During the German occupation of Paris in World War II, the building was occupied by the Gestapo, then briefly housed a center for concentration camp survivors. Then it housed a public swimming pool, but then became a commercial space.
As “Ouest-France” emphasizes, the largest fashion houses, recording record profits despite the difficult economic situation, have recently been buying real estate in the most prestigious locations in Paris. In a few months, 6.4 billion euros have been invested in the Parisian walls, which “Ouest-France” calls “a game of Monopoly in nature” that luxury brands engage in.
According to data from the weekly “The Economist” from 2023, the capital France is the third most expensive city in Europe, after Zurich and Geneva.
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