French Luxury Real Estate : Buyers Left in 2013 now Returning

Luxury real estate owners in France according to an new article in LeFigaro left Paris last year (2013) seeking cities less plagued by taxation like New York and London.

When you define luxury as properties costing more than one million dollars the number of sales have exploded in places such as San Francisco ( +62 %) , Los Angeles (+40%), Sydney ( 29 % ), New York ( 22 % ) and London ( +20 %).

However, in 2013 in Paris, transactions were down 7.5 %.

According to the research, foreign luxury property buyers have had an initial fear of the French aggressive taxation policy and last year as a result turned away from the French real estate market.

Now due to wealthy French property owners leaving the market, the surplus of luxury properties has pushed prices down. This has now started to stir up interest with buyers returning to the market to invest. March 2014 showed an 106 percent increase in sales over March 2013.

Paris is still seen as a beautiful city and a great place to invest regardless of the fiscal policies

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Read original article in French here