The off-market boom: the invisible sales of luxury real estate

In luxury real estate, some of the finest sales never appear in an agency window or on a listing portal. This is the so-called off-market. How big is it really, why is discretion the rule, and how can you access it? Here is what the available sources say, with a clear line between facts and estimates.

What is an off-market sale?

An off-market sale is one made without any public listing: nothing on property portals, nothing in the agency window. The property circulates confidentially within a small network of agents, buyer's agents, notaries or advisers, and is shown to pre-selected buyers.

What share of the market?

To be clear: no official statistic measures the off-market, precisely because it is defined by the absence of a listing. The figures in circulation are estimates from professionals, often buyer's agents whose access to this market is their selling point. They vary widely depending on scope:

• a Paris consultancy estimates off-market sales at 10–15% of the Paris market and 5–10% nationally;
• a Paris buyer's agent puts them at 15–20% of transactions above €800,000 in Paris, and up to 30% in the 6th, 7th and 8th arrondissements;
• some players cite even higher shares at the very top of the market, above €2 or €5 million.

The common trend is clear: the higher the price and profile of the property, the larger the share of confidential sales. The often-quoted figure of 15% for Paris luxury sits at the lower end of these estimates.

Why secrecy prevails among the very wealthy

Protecting privacy and security

Publishing interior photos of a private mansion means exposing its layout, artworks and access points. For Sophie Berg, deputy CEO of the Daniel Féau group, confidentiality is not an option in this segment but a precondition, because luxury touches on the private sphere.

Preserving financial and family discretion

A sale can reveal an inheritance, a divorce, a wealth restructuring or a move abroad. Many sellers prefer these situations not to become public.

Avoiding a "stale" listing

An exceptional property that stays online for a long time loses its aura and invites negotiation. Testing the market discreetly makes it possible to adjust the price without leaving a public trace.

The profile of sellers and buyers

Public figures, business leaders, prominent families: for them, a listing can become a news story. Barnes notes, for example, that in Saint-Jean-Cap-Ferrat, where prices can reach €50,000/m² or more for off-market deals, the clientele of international high-net-worth individuals favours discretion.

How does this confidential network work?

The off-market relies on trust between professionals and on lists of qualified buyers. The main channels are:

• prestige agencies, which first present a property to known buyer clients before any wider marketing;
• buyer's agents, who work for the purchaser and share information among themselves;
• notaries, building caretakers, private bankers and family offices, often informed early of a planned sale.

The phenomenon goes beyond very high-value homes. In its 2026 France study, Barnes cites an old house in Le Chesnay-Rocquencourt (Yvelines) that sold before it was even officially marketed: the first visitor, the energy assessor carrying out the DPE, offered the asking price.

Confidentiality has its limits

The off-market hides the listing, not the sale itself. Every sale is signed before a notary, and notaries must check the origin of funds. Once the sale is registered with the land registry, its price enters the "Demandes de valeurs foncières" (DVF) database, published as open data by the French tax authority (DGFiP). It covers transactions over the past five years, except in Alsace, Moselle and Mayotte. The price of an off-market sale therefore eventually becomes public.

How to access the off-market

• Be a credible buyer: a precise project, a clear budget and proven financing capacity, or even a purchase with no loan condition, are sellers' first criteria.
• Build a lasting relationship with one or two prestige agencies in your target area rather than making many superficial contacts.
• Hire a buyer's agent who knows the local network and represents your interests.
• Accept discretion: a confidentiality agreement may be requested before any viewing.
• Check the price: off-market does not mean a bargain. Compare with actual sales in the area using DVF.

In summary

The off-market is a structural feature of luxury real estate, especially in Paris and at the rarest addresses, but its exact weight remains a professional estimate. It meets needs for privacy, security and financial discretion. To access it, you must above all be recognised as a serious buyer by the right intermediaries, while still checking the price.

Sources

• MySweetImmo – Interview with Sophie Berg, Daniel Féau (July 2025, in French)
• Barnes – France study, press release (July 2026, in French)
• Peter Jorgensen Consulting – Off-market property in Paris (2026, in French)
• Home Select – Accessing off-market properties in Paris (in French)
• data.gouv.fr – DVF property transaction database, DGFiP (in French)
• Notaires de France – Checking the origin of funds (in French)

This article is for information purposes only. The off-market shares quoted are professional estimates, not official statistics.