According to an article in Le Monde, Sotherby’s the international real estate agency with over 50 offices in France announced they saw a ‘slight recovery since the end of December 2013. 2013 in French real estate was seen as ‘very difficult’ time by Sotherbys.
There are luxury properties on the market a year and a half or more in area where there is a lot of supply French luxury properties. (Remember in a prior article we shared how there is more than one property available for each buyer on the market statistically speaking, at this time)
Alexander Kraft, CEO of Sotherby’s International Realty France said that sellers who have had property excessively overpriced are now accepting price reductions of 10 to 20 percent to bring their property into alignment with the real market value.
This is not surprising since for the experienced real estate professional in France since traditionally there is always a lot of property on the market that is very overpriced.
NOTE: Even now in a slow French real estate market well priced properties do sell. The challenge has always been to locate the best deals before they sell.
Read full article in French here
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