French Cut
French Property Market Update – April 2009
The last review market published by the Fà © dà © ration Nationale de l'Immobilier (FNAIM) Which is the French National Federation of Real Estate Agents, confirms the general trend with price cuts in the first Quarter of 2009, but emphasize on the fact there is no risk of a property crash.
have participated, according to a survey conducted by the internal FNAIM (260 brokers, IT), whose turnover for the first Quarter of 2009 conducted is on average by 30% over the first Quarter of 2008. An article in the French newspaper "Le Monde" (in which the FNAIM Market Report and a report from the French notaires) shows that the notaires activity in 2008 declined by 20% over the previous year. Visit the resale market by 17%, up from 802,000 years 2007 667 000 in 2008. New sales fell by 37.6% (79.4 thousand in 2008 against 127 300 in 2007).
As a consequence, decided the great French builder Price reductions on most of its development during the fourth Quarter 2008 and the first Quarter of 2009, 10 to 20%.
The FNAIM mentioned that the government is more Measures to revitalize the French took
target = "_blank" title = "French New Build" French New Build Market set but not yet in force significant actions for the resale market. This can easily be explained by the Notaire figures already mentioned. Thus, the recent tax Incentives for taxpayers, such as French dedicated "Loi Scellier" to increase the
French investor market. It can be seen by considering the developer quotations on the Paris stock exchange as the Nexity has increased from 76.22% since 01 January 2009. It also explains why it is proving more and more difficult to continue to get discounts on new and off plan property in France.
The resale market:
The financial earthquake and the brutal deterioration of the global economy were an impact on the resale market, but not comparable to the seen in the UK or the USA. The number of transactions conducted by brokers fell on average by about 25%, while the end of the price rise was favorable to support the solvency of demand (+1.5% on average every year between 2005 and 2007) and compatible with the support of high activity, close to 700,000 transactions per year.
The real estate market, a slow decline in prices, but no danger a crash
was no surprise price cut of resale properties in the first Quarter of 2009 confirms, on the flats (- 0.4%) and houses (- 1.7%). But the decline is less sharp as a whole (- 1.0%) that this in 3rd Quarter, 2008 (- 2.9%) and the fourth Quarter of 2008 (- 6.5%). Sales in the first Quarter 2009, prices were lower by 9.8% compared to sales in the first Quarter closed realized 2008th
In the country that in 2008, declines have occurred in the prices reflect: -7.7% and -6.1% respectively in the East and West, to France, -6.4% in the South-West, -8.8% in the center and in the Alps, -11, 2% in Paris Ile-de-France and -13.3% in the south-east. The picture of the prices on the Paris market (recorded – 4.9% more than a year), there is no doubt that a lot of sellers have now agreed their asking price moderate.
According to the survey FNAIM 1 of 2 suppliers in France is now ready to negotiate his asking price with an average decrease of 14%. One reason stems from the fact that the properties longer on the market: five months on average in 2009 compared to 3 months at the beginning of the year 2008th But more and more experts now believe that the lower prices achieved on the
Property> French Property Market and hope that soon the end of the tunnel pretty, especially with the improvement of the solvency of French buyers.
The solvency of the buyer is French improvement
The current interest is cut by the European Central Bank (up to 1.5% in April 2009) realized helped to ease the credit. In France, you can now easily one monthly repayment mortgage at 4.25% when it was at 5.15% in November 2008. And most importantly, carried the most recent price reduction for the payment ability of buyers to improve French. The solvency indicator was increased from 5.2% in the first Quarter 2009 compared with the previous year.
The impact of the price reduction of 10% and a decline of more than 60 basis points rate to deserve to be appreciated, because this two collapses, make it possible to reduce the rate of the efforts of private households by about 5 points. So, a mortgage in the first Quarter of 2008 declined because a Set of expense is too high, is 35% is more accepted today, taking into account the situation on the market!
In other words, there is always easier for French people get a mortgage and this has already brought some dynamism to the market.
2009 forecast
The latest price cuts may only to be welcomed by the real estate market. To achieve the combination of low prices of the title = "French Property Market"> French property market sellers willing to negotiate the asking price with an average decrease of 14% and the imminent return of the buyer in French market thanks to the improvement of their solvency, it would not be surprising to see the market record sooner than anyone expected.
About the Author
Matthieu Cany is Managing Director of Sextant French Property
Les Clowns: The French Cut
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