,%20while%20French%20property%20prices%20remained%20stable%20in%20the%20third%20quarter,%20only%20Paris%20and%20Ile%20are%20managing%20any%20significant%20growth.%20This%20is%20what%20we%20would%20expect%20because%20of%20what%20we%20know%20about%20from%20market%20reports;%20that%20foreign%20buyers%20are%20supporting%20most%20property%20markets%20in...){kind=link}
French Property Prices Stabilize
French Property Prices Stabilize
According to the latest figures from the French equivalent to a National Association of Estate Agents (FNAIM), while French property prices remained stable in the third quarter, only Paris and Ile are managing any significant growth. This is what we would expect because of what we know about from market reports; that foreign buyers are supporting most property markets in Europe,
The figures from FNAIM, the National Association of French Estate Agents, show that some regions in the country, notably in Normandy, Picardie and Lorraine, are still seeing prices drop, but that the overall outlook is positive.
The FNAIM say that prices rose between 2.5% and 6% in Paris and the Ile de France, with increases also being seen in Aquitaine, Brittany and PACA (Provence and the Cote d'Azur), while in Normandy, Picardie and Lorraine, prices fell between 2.5 and 6%.
The FNAIM is now predicting that prices will rise 2% to 3% this year when final figures are in. This is compared to their earlier forecast of a 2% - 3% decline in prices in 2010. It also believes that sales will increased to 700,000 this year, compared to 600,000 last year, and 800,000 in 2007.
The fall in mortgage interest rates, which at an average of 3.3% are lower than they have been since the aftermath of World War II over fifty years ago, is one of the main reasons for the upturn in fortunes in the French property market.
The end of tax reliefs and breaks for property purchases and investments on January 1st is also likely spurring people into purchasing now the market looks to have bottomed in most places.
While the price rises in Paris and the Ile de France are confirmed by figures from the French Notaires, who recently reported recently a 6% rise in prices in Q2, the wider report is much less detailed than what we usually see in FNAIM reports. This could mean that they are not as sure of their research and predictions as normal.
Meanwhile Century 21, one of France's largest chain of estate agents issued a more detailed report. It said that prices are stable, with the exceptions of: Burgunday, Auvergne, Champagne Ardenned, Lower Normandy where they are down 5.9%, 4.5% and 2.25% and 2.27% respectively.
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