French Real Estate Market Update July 2013

french real estate news july 2013

July 2013, The French real estate market, despite low interest rates and the fact that overall price are down, is still running at slow speed.

OVERALL PRICES ARE DOWN

According to FNAIM, prices continue to fall down 0.7 percent in the last 3 months for all of France. When you compare year to year the prices are down approximately 3.6 percent. Note these are average prices, in places like in Provence-Alpes-Côte d’Azur prices are said to be down 7.6 percent.

MORTGAGE RATES ARE EXCELLENT

Historically low interest rates are on average at 3 percent. This combined with low prices is rare in the French real estate market. Yet, the French real estate buyers are not excited.

According to one poll 38 percent of French people feel it is not the right time to buy and less than 50 percent believe it is a good idea to buy.

UNCERTAINY IN THE FRENCH REAL ESTATE MARKET

62 percent of sellers think conditions are not right to achieve a sale.

It is estimated only 72,000 transactions will take place this year compared to 98,000 last year.

Overall, the market is filled with buyers and sellers who lack confidence.

Article inspired by content from Explorimmo.com

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Worth noting: Some well informed buyers have made well priced purchases this year. Also, sellers selling a property and buying a more expensive one at the same time are winning as well.

If you need more advise from local experts seek an English speaking French real estate agent or English speaking French notary today.  We can help put you in contact with one free of charge. Contact us here.