A 20 m² apartment in Paris’s 16th arrondissement will go to auction for €10,000. The property, set for auction on October 24, includes essential amenities and is significantly below market value. Interested buyers can tour the apartment on October 17 but must comply with legal representation and funding requirements during the auction process.
A 20 m² apartment in the upscale 16th arrondissement of Paris is set for auction at a starting price of just €10,000. This significant under-market pricing allows for rare investment opportunities in the capital. Scheduled for October 24 by the Paris judicial court, the apartment, located on the ground floor, includes a living area with a kitchenette and a bathroom. Interested buyers can view the property only once, on October 17, in Narcisse Diaz street. The low starting price is a notable deviation from the average market price, which is higher than the initial bid for just one square meter in the area. The reasons for such reduced prices typically involve issues like property foreclosures or illegal occupancy, which can complicate rental prospects. Experts recommend that potential bidders consult with their banks to secure adequate funding before participating in the auction. It is crucial to note that in case of a winning bid, there are no options for cancellation of the sale, and the buyer must be prepared to pay the auctioned price in full. Furthermore, in judicial sales, participants must have legal representation and submit an authorized written mandate along with a deposit check totaling 20% of the starting price.
The Paris real estate market has been experiencing fluctuations, with some prices starting to decrease. However, purchasing property in Paris typically remains a privilege for wealthier individuals. Auctions present a unique opportunity for buyers to find properties at much lower prices than the market average, particularly in sought-after areas such as the 16th arrondissement, known for its affluence and residential appeals.
In summary, a remarkable opportunity arises for prospective buyers with the auction of a 20 m² apartment in Paris at only €10,000. Despite the risks involved with purchasing property through judicial auctions, the potential for acquiring real estate below market value can be appealing, especially in high-demand areas. Interested parties should prepare adequately and adhere to auction protocols to capitalize on this rare find.
Original Source: www.20minutes.fr
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