Home to the grandest apartment buildings and best schools in Paris, the 17th arrondissement enclaves of Ternes and Monceau are where affluent and influential Parisian families live la bon vie.
Boundaries
This district is in the southern section of the 17th arrondissement, which lies on the right bank of the River Seine, just north of the Arc de Triomphe. The streets that border the area are Avenue des Ternes to the west, the southern side of Boulevard Pereire to the north, Avenue de Villiers to the east and Boulevard de Courcelles to the south.
Price range
A one- or two-bedroom apartment extending to 80 square meters (860 square feet) costs about €1 million (US$1.059 million) or €12,500 (US$13,238) per square meter, according to Marie-Helene Lundgreen of Daniel Feau, an affiliate of Christie’s International Real Estate.
A similar-sized property in a high-end Haussmann building with good views of the city costs about €15,000 (US$16,000) per square meter, according to Paulo Fernandes, executive partner of Paris Ouest Sotheby’s International Realty.
A three- to four-bedroom apartment with 280 square meters of space will usually sell for €4 million (US$4.27 million), according to Ms. Lundgreen.
Mr. Fernandes added: "The price depends on what kind of the view the property has, what street it is on and quality of the construction." Properties on the top floors of some apartment blocks have views of the Eiffel Tower and the Arc de Triomphe.
"Prices for a two- to three-bedroom property on a small street without views can be as little as €9,000 and €10,000 (US$9,600 to US$10,700) per square meter. Mansions and houses are rare and cost between €18,000 and €20,000 (US$19,200 to US$21,300) per square meter," Mr. Fernandes said.
Housing stock
There are lots of grand apartment buildings and some houses and mansions, and they are built in the typical Parisian style.
This part of Paris was the first area to be developed by Georges-Eugène Haussmann, the architect who reorganized the city during the Belle Époque period of the 19th century. He created the wide boulevards and apartment buildings with sandstone facades, which the city is famous for today.
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"The Haussmann-designed apartment blocks are the big attraction for buyers," Ms. Lundgreen said. "People want to live in this area because these buildings are considered to be the best in the city."
Picture grand staircases in the communal areas and apartments with reception rooms featuring high ceilings with original mouldings, polished parquet flooring, wood panelling and French windows with shutters and wrought iron balconies.
"Buyers usually want a view, but if that is not possible then they are want to be on a good street and have a Haussmann property with original features," Mr. Fernandes said.
Some of the most lavish houses are those located on Boulevard de Courcelles, which has views of Parc Monceau, the area’s most beautiful public garden. This street has international appeal, attracting buyers from America, the Middle East, Europe, Ireland and the U.K.
Avenue de Villiers is also popular because it has some very attractive apartments.
Les Village Ternes, a gated street lined with grand mansions and houses with gardens, is one of the area’s most prestigious enclaves. Christie’s International Real Estate sold a house here for €18.5 million last year.
"The buyer liked the security it offered and the fact that it had a large garden," Ms. Lundgreen said.
There are no new-build developments or homes in the area and off-street parking is scarce. Some of the larger buildings had stables and they have since been converted into garages.
What makes it unique
Known for its grand architecture, wide tree-lined streets and romantic parks, the southern part of the 17th arrondissement is one of Paris’s finest. It’s similar to London’s Kensington or Belgravia.
Residential and not too touristy, it has classically Parisian butchers, bakeries, cafes, open-air food markets and many highly regarded international public and private schools, which make it a magnet for upper-middle class families.
It is next door to Parc Monceau and some museums, such as the Musée national Jean-Jacques Henner, but there are no big landmarks, so it doesn’t draw large crowds.
Yet the area is only a five-minute walk from Avenue des Champs-Elysees, Paris’s most famous upscale shopping street. Saint-Germain-des-Prés, which is known for its bars and restaurants, is a 15-minute taxi ride away.
The security in the 17th arrondissement is good, thanks to the high concentration of embassies in the area, according to Mr. Fernandes.
Luxury amenities
Parc Monceau is a small, yet elegant park much loved by tourists and locals. The perfect spot for a lunch break or a romantic stroll, it has lawns, a lake, beautiful trees and exotic plants, along with an array of quirky follies, including a small Egyptian Pyramid. Monet famously painted six views of the park between 1876 and 1878.
The market on Rue Poncelet is the place to shop for French artisanal products and fresh produce. Classically Parisian with a village atmosphere, the tiny street brims with stalls selling fruits and vegetables, cured and cooked meats, cheeses, bread and pastries and other delicacies.
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There are also a number of renowned shops nearby including Daguerre Maree, a legendary fishmonger with eye-catching displays of freshly caught seafood and fish; and Papa Sapiens, a luxury deli. Nearby Place des Ternes has a flower market that is open every day except Mondays.
The area is famous for its bilingual schools, which include the École Internationale Bilingue, a private middle school for students aged from 11 to 15; and the Svenska Skolan i Paris, a Swedish private school for children of preschool, elementary and high school ages.
There is also La Petite Ecole Bilingue, an international nursery and primary school which offers bilingual French-English education to children of all nationalities from the ages of 2 to 11.
Lycée Carnot is a public secondary and high school for students aged 11 to 18 and is considered to be the most prestigious high school in France. Alumnus includes Jacques Chirac, the former French president.
"You typically get families looking here because the schools are so good," Ms. Lundgreen said. "To get a place at the Carnot school, you have to live in the neighborhood."
Then there is no shortage of fine-dining spots. Most notable are Maison Rostang, a two-starred Michelin gourmet restaurant with wood paneling and white tablecloths; and Sormani, which is considered to be the best Italian restaurant in the city.
New trendy restaurants include Papillon, a Nordic-influenced modern bistro with a hipster-chic interior; and L’Agape, which has a Michelin star and serves high-end French cooking in a minimalist grey setting.
Who lives there
Traditionally popular with finance and banking dynasties, it remains an enclave of the French elite. It is mostly home to influential and wealthy French and international families from the Middle East, Europe and the U.S.
There are many lawyers who live here as well, as the area has a large number of small law firms. It’s popular with diplomats too, because the Singaporean, Algerian and Portuguese embassies are in the neighborhood.
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Notable residents
The neighborhood has long attracted famous entertainers and politicians, according to Mr. Fernandes and Ms. Lundgreen, but they were not willing to disclose any names. It has been reported that Elie Semoun, the French comedian and actor, is a resident. Former French president Nicolas Sarkozy spent some of his childhood here.
Outlook
"There is not much on the market at the moment and properties are selling in under month," Mr. Fernandes said. Brexit is one of biggest reasons behind the demand, he says, as it is predicted that the big banks are going to leave London for continental Europe and bring their workforces with them.
"Buyers in Paris are thinking that property values are going to increase significantly in the near future, so they are buying now to beat the price rise," Mr. Fernandes said. "A few French people living in London have returned to Paris, as they want to move back before the details of Brexit have been resolved. Some Middle Eastern people based in London are also relocating to Paris."
Ms. Lundgreen agreed. "Now there is not a lot on the market," she said. "Good-quality apartments are selling within a day and up to a month.There is a real demand for this area, especially from families."
"People are seeing that prices are rising so they want to buy now before they get too expensive, and there is also an interest rate rise looming on the horizon," she said.