French Mortgage Lending Down Excess French Paperwork to Blame

Reuters Paris published an article on June 30 2014 centered on the fact that French mortgage lending has gone down 43 billion euros in May.

This they believe has happened since the new loi Alur that arrived in March 2014 requires an enormous amount of extra paperwork for the sale of apartment properties in France, thereby slowing down the sales process of French property.

Even with interest rates at a historical low in France property sales are taking a long time to take place.

Laurent Vimont of Century 21 France says due to new French government document requirements the sales promise document can reach 650 pages compared to approximately 100 pages before the arrival of the new law.

Read the full article in English here