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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