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Place des Victoires, Paris

Paris Property Prices Still On the Rise!

French Property Insider
Volume VIII, Issue 39
October 7, 2010
Paris, France
adrianleeds.com/frenchproperty/insider

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Bonjour French Property Insider Subscriber,

I've come back to Paris after three weeks Stateside to the latest report on the Paris property market May through July 2010. I am not surprised -- prices are at an all time high and the market is active.

Forty-seven-thousand-two-hundred residences were sold on the Ile-de-France, 38% more than for the same period in 2009! Of that, 9,900 were sales in Paris -- 31% more for the same period 2009! It's reminiscent of the 2007 market, prior to the economic crisis. Prices have increased 9.1% over one year, July 2009 to July 2010 and a new record high in Paris was set up 11.2% May - July 2010 compared with 9.9% April- June 2010.

As a property owner I am very pleased. As a would-be buyer, I'd be moving quick to take advantage of the current opportunities -- with lending rates as low as 2.2%!

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To residents of the 3rd Arrondissement:

Paris Mayor Bertrand Delanoë will be speaking to local residents of the 3rd arrondissement, as he does each year at each "Mairie" (city hall). This year he promises to address the topic of HOUSING IN PARIS at the upcoming meeting Tuesday, October 12 at 6:30 p.m. in the Salle Odette Pilpoul of the Mairie of the 3rd, 2, rue Eugene Spuller.

To learn about the mayor's speaking schedule a other mairies, download the pdf at www.mairie03.paris.fr/

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Are vacation rentals still legit? Despite recent 'bans' in Paris, S.F. and N.Y., don't cancel your reservation!

By Brad Tuttle
www.msnbc.msn.com/

Here's the deal: Late last year, city officials started to enforce a 2005 law that restricts owners from renting at their properties for periods of less than one year. Citing a lack of affordable housing in the central city — always a popular topic among voters, and, yes, this began in a run-up to elections — Mayor Bertrand Delanoë ordered a local housing agency to warn some of the estimated 38,000 offenders that they were violating the law by renting flats for shorter spans. How many warning letters did the housing authority send out? As of midsummer 2010, about 25.

"For the moment," says one property owner who prefers to remain anonymous, "any enforcement of this law is minimal to the point of being invisible."

If enforcement efforts are ever ramped up substantially, short-term rentals could be harder to come by in Paris. Even though no owners have been hit with the maximum €25,000 ($32,304) fine for violating housing regulations, the possibility of such a fine will probably be enough to turn some short-term listings into long-term rentals. Bottom line: In Paris, there has been no noticeable drop-off in owners posting short-term apartment rentals. At last check, homeaway.com listed an all-time high of 1,605 properties in Paris.

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French commercial property values end two year decline as cash rich investors buy prime stock.
www.propertywire.com/

Commercial property values in France increased in the first six months of the year, ending a two year decline as investors competed to buy the best office buildings, the latest research shows.

Properties ranging from apartment blocks to shops increased 1.6% in the period, according to the London based Investment Property Databank index. On a year on year basis values fell 0.4% after a drop in the second half of 2009, IPD said...

To read the article in its entirety, click here:
www.propertywire.com

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A bientôt,

Copyright 2011, Adrian Leeds®
Adrian Leeds Group, LLC, www.adrianleeds.com