Where is it?

The French capital city is located on the river Seine at the heart of the �?le-deFrance region in the north of the country.

What's so special about it?

The city is world-renowned for its iconic structures, such as Notre Dame cathedral, the Eiffel Tower, the Louvre museum and the Arc de Triomphe. Paris is also at the heart of the French economy with a quarter of its GDP generated in the area.

Paris's La Defense is one of Europe's largest business areas and the city is also home to organisations such as Unesco, the OECD and the ICC.

Best kept secrets:

The number of Irish and British buying in Paris is growing with British buyers now accounting for 10.5% of foreign buyers and Irish buyers making up 4.2%. Figures estimate about 15,000 Irish now live in the city. While the buy-to-let market in Paris has always been strong due to a shortage in quality, rental accommodation price increases across the city do vary.

Who lives here?

The website lastminute. com reports that Paris is the most popular destination for celebrities and it has been immortalised in countless films. Angelina Jolie and Brad Pitt recently purchased a property in the city and Tom Cruise and Katie Holmes got engaged at the Eiffel Tower. Brigitte Bardot resides there, Olivier Martinez, Sophie Marceau and Juliette Binoche were born there and Oscar Wilde, Maria Callas and Jim Morrison are buried there.

What's the property market like?

The FNAIM (Fédération Nationale des Agents Immobiliers) reported that in France prices rose by 11.1% last year, while in Paris prices have reached a record Euro5,515 per square metre - a rise of 12.5%. In the last 10 years prices have risen by 130% overall. With Euro mortgage lenders offering rates as low as 3%, borrowing is much easier. However, in March rates are due to increase.

A study of the European property market by the Urban Land Institute (ULI) and PricewaterhouseCoopers highlighted Paris as the most attractive location to invest.

"The shine is unlikely to come off investors' views about the Paris market, " said the report. "In this capital-rich, product-poor property environment, the city also gets top marks for its size and liquidity." Like many European cities, demand currently outstrips supply, therefore prices are continuing to rise.

How do you go about buying property?

Almost 70% of Parisian property is sold without using an agent, but for the uneducated buyer it is recommended.

Contacting the FNAIM is a good start, though its members can be recognised by the Yellow Cube logo. However, like most French websites it does not have any English so it can be easier to consult Irish agents or Estateagentsfrance. com. A notaire is always required but it is a good idea to shop around as their fees can vary considerably.

It is worth getting the property surveyed as sellers are not obliged to report faults.

While France is very safe to buy in, there is a lot of bureaucracy involved so it is advisable to consult a local expert who speaks English.

Where are the best places to buy?

Prices and growth rates can vary across Paris's various arrondissements. Districts with the lowest capital appreciation levels are also some of the most expensive and exclusive areas to live.

The 6th (Saint-Germain-des-Prés) has the highest average price per square metre but the lowest growth rate. The Le Marais area was growing extremely fast but has slowed down recently. Property in the 7th, near the Eiffel Tower, is always popular and is the second most expensive district.

What's the rental market like?

Recent data from Holiday-rentals. com reported that Paris was the third most popular destination for those looking to rent accommodation abroad, after Rome and Barcelona. However, there is a lot of bureaucracy involved so rental property is quite rare.

Figures from late 2005 report that rental yields increased by 7%, with the price per square metre and month running at Euro20 for central Paris and Euro16 in the suburbs. The best district for rental yield is the 6th arrondissement, while the worst is the 10th.

What's the resell market like?

Up to 92% of sales are by the French and with new apartments increasingly expensive it is often more economical to buy or renovate existing properties.

What type of property is available?

The Haussmann style of architecture is what Paris is most famous for, and these multiple storey properties line the boulevards of the prestigious areas. Buyers are getting younger and households smaller, therefore there is a trend towards smaller apartments and studios in the city centre.

Old and historic properties are always more highly valued than new ones with no intrinsic value. Views are valuable assets, as are balconies and gardens, as well as fireplaces. For apartments above the second floor, an elevator can make or break the value, rentability and resale capability.

Average property prices?

According to the FNAIM, prices are currently between Euro7,000 and Euro9,000 per square metre for fully furnished properties in the exclusive regions, although bargains can be found in less popular arrondissements.

Tax breaks between Ireland?

There is a double taxation treaty in place between Ireland and France and there are a number of inheritance, disposal and legal issues which need to be addressed as part of buying property.

USEFUL CONTACTS

» Irish Embassy in Paris: 0033 -144 176 700; paris@dfa. ie
» French Embassy in Dublin: 01-277 5000; www. ambafrance. ie
» Fédération Nationale des Agents Immobiliers: www. fnaim. fr
» Real Estate Agents in Paris: www. estateagentsfrance. com
» Website of the city of Paris: www. paris. fr/en
» The Economist (France): www. economist. com/countries/ France/
» Guide to living in Paris: www. intransit-international. com or www. europeanirish. com/France
» Paris Tourist Information: www. paris-tourist-information. com

FAST FACTS

Getting there: Ryanair flies from Dublin and Shannon while Aer Lingus and Air France fly from Cork and Dublin.
Area: 2 723 km2 Population: 9 644 507
Currency: Euro Weather: An oceanic climate, from 7 °C to 15 °C.
Transport: Paris is a transport hub for western Europe and is the heart of the autoroute system, the high-speed train network and is serviced by two major airports, while the Métro operates across the city.
Going out: As well as the usual sites, other essential delights include the Champs-Elysées, the Georges Pompidou Centre, Disneyland and the Moulin Rouge.
Clubs open until 6am with the best near the Bastille.
Eating Out: French food is world renowned and eating a national past time. Paris has over 30,000 restaurants and the rule is to go where the locals eat.
Shopping: The grands boulevards are good for high fashion brands but areas such as Le Marais, Saint Germain des Près, or the up-and-coming Canal St Martin are also interesting shopping spots.