GLOBAL BUSINESS OF THE SQUARE METRE

His business is time-consuming.  And Antoine Cantin, 37 years old, in a hurry.  In charge of My Flat In Paris, his company created in 2000, he makes appointments from his car, and explains at the wheel, cramming in many English words, “We do “sourcing” and offer a complete “process” to clients who want a regular revenue and added-value.”  Translation:  he hunts out apartments for acquirers and the tenants to put in them.  Loans, transactions, renovation, decoration, syndics, he takes care of it all.  His credo:  to make investing easier.

Off to the 17th district towards his most recent acquisition.  Quiet street. Traditional building.  On the 2nd floor, a “corporate” flat, that is to say a 2-room flat, ideal for single people.  Hardwood floors, mouldings, antique mirrors, velvet Bordeaux-coloured curtains:  Denis Walter’s decoration optimises the 40m².  Three months of renovation work suffice.  The future owner finances everything, but will not live there.  What is important for him is to buy in Paris cheaply in comparison to his European competitors.  The idea seduces more and more foreigners, 90% of clients.  Most of them are Anglo-Saxon.  For 375,000€, renovation work included, they can offer themselves a Parisian lodging.  Three months later, they earn a 1400€ rent for three years minimum.  “It is guaranteed.  Whether we have a tenant or not,” specifies Antoine Cantin.

The process?  Crafty.  My Flat In Paris rents this 2-room apartment to large companies looking to lodge their expatriate managers.  And ready to pay a monthly rent of 2800€.  “To convince them, the apartment has to be centrally located.”  An eye is on the 8th, the 16th, the 17th districts, valued by these travelling upper managers, recruits of Accenture, Texaco, Danone or Boeing.  “They have great demands.  The apartment has to correspond to the image they have of themselves.”  Of prime importance – the decoration.  “We buy in a bad state.  We keep hardwood floors and moulding.  If there aren’t any, we put some back in,” indicated Denis Walter.  The investor does not have a say in any of that.  In the shower there is a ceramic bench to relax on after a stressful day.  “Propped up in the wardrobe, the ironing board does not topple over between two suits.”  Of course, DSL Internet connection and cleaning are provided.

In 2005, the company had a turnover of €1.5 million.  And it is already betting on the breaking in of the Irish, who are betting more and more on Paris.  A gift that should compensate the indifference of the French “who have a catastrophically low purchasing power.”

Le Nouvel Obs Paris Ile-de-France (fév-mars 2006)