Versailles is a famous town of the Yvelines department, 19km to the south west of from Paris , the French capital. It is part of the Ile de France region. The town is composed of eight quarters Notre Dame, St-Louis, Chantiers, Montreuil, Porchefontaine, Clagny-Glatigny, Satory and Jussieu where 87,549 inhabitants live. A former royal town, Versailles is today a residential location close the Paris’ agglomeration. This is one of the main touristy attractions of France.
Internationally renowned, Versailles boasts a gorgeous history and culture. This is a royal town, the birthplace of the Republic, the theatre of famous national and international events… Versailles is the location where fundamental decisions were made: birth of the human rights, peace treaty of 1919 and American independence treaty. Its architectural heritage being outstanding and preserved, it inspired the construction of other cities such as Washington or Saint Petersburg.
Versailles is the best example of a town created by the will of a man, the Sun King. Indeed, King Louis XIV has the internationally renowned palace built for hunting purpose. The town is just an essential complement of it. The gardens of Versailles’ Palace were created and equipped by André Le Notre, a renowned gardener. They required a giant work but the result is absolutely astonishing!
The real estate market in Paris Ile de France can not obviously be compared to the other regions’ property market. Versailles being a royal famous town, properties are often more expensive than in many other areas of France. Its closeness to Paris emphasizes the fact that expensive properties are on the local property market: indeed, Paris Ile de France is the most expensive region of France in terms of property prices.
A property in the Sun King town is sold €5,134 /sq m in 2009, against €3,197 /sq m as regards France’s average. Living in the luxury town of Versailles has obviously a cost, but people who are fond of history and architecture would certainly be ready to pay this price to have the privileged of living in Versailles.
Rentals in France are worth about €12.22 /sq m a month. In Versailles, the average is of €17.08 /sq m a month, which is a good new for investors. Proportionally then, buying a property in the town should let you benefit from the same revenue than in any other town of France. You may buy more expensive, but you will also rent more expensive than the national average. Over half of the inhabitants are tenants, which implies that Versailles offers good rental opportunities.
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Art and historical heritage: obviously, Versailles is renowned internationally for its castle: it has been on the UNESCO’s World Heritage list for 30 years. It is one of the most beautiful monuments of the 18th century French art. Nowadays, the Palace of Versailles represents the symbol of royal absolutism and incarnation of classical French art. It has been first the seat of political power for one century before becoming the birthplace of French Revolution. It is nowadays an amazing museum telling the story of France. It welcomes three million visitors a year, which make it an important tourism pole.
Lifestyle: according to a survey, Versailles is a town where most French people would like to live in. It offers a pleasant lifestyle with historical quarters and open spaces: the local authority has always been committed in preserving its rich historical and cultural heritage. But Versailles is also a dynamic area and don’t hesitate to look towards future. The town takes care of its territory as regards environment: clean streets, flourished parks and gardens…
Education and employment: only 9.2% of the inhabitants of Versailles are not graduated. The education level is high in the town, much more than in the Yvelines department (45.3% against 29.7%). About one inhabitant out of two has a job in the town, making Versailles an important employment centre in the area (9% of the jobs in the department). Versailles’ economy is mainly dedicated to trade, tourism, education and administration.
Location – transport links: Versailles boasts numerous transport links from and to the French capital by train, bus or car. Indeed, located only 19km from Paris, they are very well-developed. No less than five railway stations in Versailles will let you move easily, especially to the main quarters of Paris: Montaparnasse, la Defense, Saint Lazare… Numerous bus routes complete this network in the town and its surroundings.
Rental opportunities: Versailles is a very popular tourist location and a thriving economic centres. Thus, it offers good rental opportunities either from seasonal short term lets or long term lets. 51.6% of the inhabitants rent their property in the town. The property market is great for investors who are looking for buy-to-lets. It should be quite easy to find a tenant for your property.
A strict regulation imposes that buildings in Versailles must not have more than one storey and Mansart-style attic. Front facades have to be constructed of bricks and stones, roofs must be covered with slate tiles. The purpose is to keep a style harmony in the town of the Sun King. However, due to the expansion of the town, this regulation will not be respected after King Louis 14 reign.
Apartments: 84.2% of the total dwellings in Versailles are apartments, which make flats the main property type. They are ideal for buy-to-let investments. Some buildings are constructed of dimension stones, which give them much charm. They may come with a garage and a balcony. They are often modern and luminous.
Detached houses: some contemporary properties are on offer in Versailles. They are quite luxury properties with old-style furniture. Some of them can however be modern. These houses come with a land planted with trees, numerous large rooms, cellar, garage, terrace…
Prestigious properties: the real estate market in the towns includes many luxury properties, as we can imagine. They are massive buildings and may look like castles. These dream houses are dedicated to well-off people. The huge land planted with trees is often used for receptions and family diners. Inside, the large size of the rooms gives the impression to be in an historical monument.
Click here for more info about the Architecture of Paris Ile de France.
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