8ème arrondissement - Elysée Property Insight
The 8ème arrondissement of Paris is located on the right bank of the Seine River and has borders with the 16th (west), 17th (north), 9th (east), 1st (east) and 7th (south) districts and houses about 40,000 inhabitants (1.8% of the total Parisian population). It is called Elysée due to the most famous avenue of the world which runs from the Place de la Concorde to the Place Charles de Gaulle i.e. Les Champs Elysées.
The 8th also boasts the oldest underground station of Paris i.e. Franklin-D-Roosevelt. The 8th district is both a tourist attraction and the residential area of the upper bourgeoisie. It houses numerous financial and Government buildings such as the Ministry of the Interior and the UMP French political party.
As all the arrondissements of Paris, the 8th district is composed of 4 quarters:
- Quartier des Champs-Élysées: 4,600 inhabitants. Above all a prestigious commercial quarter, numerous international brands are to be found there. It is also home to several embassies and companies’ headquarters. This very touristy location is however not really populated. Sightseeing in this quarter: the Champs Elysées symmetric avenue (1.24 miles long) and garden, Arc de Triomphe, Petit Palais (museum) and Grand Palais (glass exhibition hall).
- Quartier de la Madeleine: 6,000 inhabitants. This quartier gathers residential and business areas. Many luxury hotels and shops are situated in Rue du Faubourg-Saint-Honoré as well as the Elysée Palace, Ministry of Interior and embassies (USA, UK). It is named after the eponymous church: concerts, temporary exhibitions and celebrity funerals are organized in the temple.
- Quartier du Faubourg-du-Roule: 10,000 inhabitants. This is a residential area where the Parc Monceau and numerous financial buildings are located. It refers to the former eponymous village which was incorporated to the city of Paris in 1787. This is the second most populated quarter of the 8th district.
- Quartier de l’Europe: 19,000 inhabitants. This residential and modern quarter welcomes an upper middle class population. This is the least expensive area of the 8th district. Saint-Lazare rail station offers excellent routes to Normandy and the coast as well as the west of Paris. This is the second railway station of Paris. The streets have the name of European cities, 24 of which are located all around the Place de l’Europe.
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8ème arrondissement - Elysée Immobilier & Property Market Trends
The 8th district of Paris is a quiet and elegant area where property prices are high. However some quarters are more expensive than others. For instance, the Avenue Montaigne is the most expensive residential area of the world. Part of the Triangle d’Or, this area attracts many foreign investors looking for a prestigious address. On the contrary, you can find more affordable properties around Saint Lazare railway station. Indeed, the Quartier de l’Europe is a charming place which seduces by its village lifestyle. Finally, Monceau’s area is sought-after by well-off families.
Demand in this arrondissement is widely higher than offer, which make any investment there a worth placement. The return on investment for buy-to-lets is definitely worthwhile and quick. If you are looking to rent a property, an advice would be to let it fully furnished. The rental market is dynamic and short-term lets are much sought-after.
Due to the compactness of buildings and monuments in the 8th arrondissement of Paris, there is no place for construction and thus for newly built properties. As a result, you will find traditional Parisian buildings (French windows) and contemporary properties (1930).
Prices in the 8th dropped by 4.3% in 2008 and by 1% since the beginning of 2009. Property in the 8th is sold about €7,990 / sq m on average in the first quarter of 2009. The Triangle d’Or is the most expensive area with €9,650 / sq m. Champs Elysées and Madeleine quarters are worth €7,800 / sq m. The Quartier de l’Europe offers the best property prices: €7,000 / sq m.
To get updated info about the property prices in Paris, please browse our French Property Market Reports published in the News Section every month.
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Characteristics of the 8ème arrondissement - Elysée
Nightlife: people looking for a buzzing nightlife will be charmed by the 8th arrondissement of Paris. The Champs Elysées offer some great private nightclubs: VIP Room, Le Queen or Club 79. During the night, the most beautiful avenue in the world is illuminated and gave a nickname to Paris: Cité de Lumière meaning ‘City of Light’. This is the place of every event, a district which never sleeps.
Champs Elysées: all along the impressive avenue, elm trees blend into the background. Many expensive restaurants (Taillevent), cafés, cinemas, luxury & fashionable shops and elegant hotels (The Crillon) are also part of the decor. Several important events take place in the Champs Elysées like the final step of the Tour de France, the Bastille Day, New Year’s Eve... The place was also over crowded when France won the 1998 Fifa World Cup.
La Madeleine: a great landmark, admire the Greek Temple surrounded with Corinthian columns. The latter are 20m tall and make the church an impressive and gorgeous monument. Visit the flower market in Monceau quarter, close to which is the most famous grocery named Hediard and Fauchon. Numerous luxury boutiques are situated there, especially gastronomy shops.
Elysées Palace: this is the official residence of the French President as well as the headquarter of its presidency. It is located 55 Rue du Faubourg-Saint-Honoré (underground station: Champs-Elysées – Clemenceau). The Council of Ministers as well as Government dinners take place in the Palais de l’Elysée. Some figures: 365 rooms, 1,000 employees, 1.5ha of park.
Arc de Triomphe: the 50m tall edifice was built during the 18th century by Jean François Thérèse Chalgrin and has a Neo-classic style. The edifice was constructed upon commission by Napoleon Bonaparte to commemorate his victory at Austerlitz and honour his army. Located in the Place Charles de Gaulle, the access at the foot of the monument is difficult due to the heavy traffic around the roundabout, the latter being surrounded with 12 huge boulevards (they have the shape of a star). Climbing at the top of the monument will let you admire the astonishing view over the Champs Elysées. The arch also boasts a museum and is the starting point of the Bastille Day parade.
Place de la Concorde: this gorgeous square is one of the most beautiful of the French capital. Louis XVI King of France, Danton, Robespierre and Marie Antoinette were guillotined in this square during the Terror along with 1,100 other people. Stare at the Obelisk of Luxor, dating back to 1836, which is the oldest monument of Paris (3300 years old).
Parks and gardens: the Jardins des Champs Elysées and Parc Monceau offer greenery and quietness. Strolling in the first will let you admire its fountains and ornate columns. Close to the second is the Plaza Athénée, a must-go for wine lovers. Monceau Park is a charming and elegant open space ideal for walks.