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Paris chic continues to forge ahead in the property stakes

At the moment, the smart money is on the 20th arrondissement, according to Kate Pernacchio, Marketing Director for Imoinvest International: 'Anyone who knows Paris will appreciate that this arrondissement has a reputation as being rather neglected in recent years but one has only to look at say, Notting Hill Gate in London, or New York City's East 125th street in Harlem to know the changes that can occur with the right approach'.

The area has excellent transport links, it's just 20 minutes from Charles de Gaulle airport, and the prices are less daunting than in nearby neighbourhoods.

One particular development that is turning heads to this area is a chic new residence designed by famous Parisian architect Roland Castro, with interior design by Philippe Starck. It comprises 172 rooms and is marketed as being a sexy city hotel/tourism residence for business and leisure travellers.

Apartments are currently being sold on a leaseback basis fully furnished with original objects signed by Philippe Starck. As well as offering a guaranteed rental income of up to 4.20%, buyers will have the benefit of being part of a global chain of seven residence by 2012, all of which will receive global promotion.

It could be the best time to invest in buy-to-let in Paris according to French estate agent Ludovic Guespereau, of C.B.G Immo. His experience is that for five years customers have been buying the first property they viewed, but that this is now changing. 'Now clients are seeing five apartments, and then they wait and take time to make up their minds,' he said.

Despite dramatic price rises continuing in certain areas of the city, prices in the traditionally sought-after parts of town have frozen, reflecting the property market throughout France.

This is bad news for property developers wanting a quick turnover of properties, but for buy-to-let investors looking for apartments at a sensible price it is very reassuring.

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