French Property Insider Volume XI, Issue 40 Thursday, October 3, 2013 • Paris, France
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Moving Your Money
Moneycorp and World First -- Our Best Currency Specialists
Transfer Currency and Save Money in the Process... with Moneycorp
When you're buying a holiday home or investment property overseas, trading your currency can be a crucial cost factor. The euro exchange rate is constantly fluctuating, so trading at the right time will mean your money goes a lot further. Adrian Leeds Group, LLC and Moneycorp are working together to ensure you make the most of your Dollar or Sterling when buying a property in France or anytime you transfer from one currency to another.
A recent change to U.S. regulations has meant that currency companies have to acquire state-by-state licenses in order to service U.S. residents. World First has an office in New York and are working hard to expand their U.S. permissions to make the process of sending your U.S. Dollars to France as painless as possible.
World First can currently make currency transfers to and from those resident in the following states: Florida, Indiana, Montana, New Mexico, New York, Rhode Island, South Carolina, Wisconsin.
This is the first time we've seen a downturn in prices in Paris since 1998! Changes in Capital Gains Tax Laws and other reforms have played havoc with the real estate market, particularly affecting the volume of sales and on property prices outside of the Capital.
Meanwhile, Paris holds strong only a decrease per square meter of 150€ from second quarter 2012 to second quarter 2013. We believe the current administration will be once again encouraged to make further reforms to boost sales and better hold price points, however, this is a great time to make an investment when the market is soft -- when it's a buyer's market...not something we've seen for well over a decade.
See the following report from the Chambre de Notaire (Translated from -- paris.notaires.fr/):
At the end of June 2013, the real estate market both in Paris and in the Ile-de-France was marked by a modest upturn in the number of sales of apartments and houses. Declining prices remained moderate in the region. In the coming months, consumer confidence and investors will play a key role in the state of the Paris real estate market.
In the second quarter of 2013, sales volumes for both new build as as well as resales have continued to deteriorate after a low point in the first quarter of 2013.
At the end of June 2013, the number of sales had increased by 10%, in comparison to a very poor second quarter of 2012, with a stronger increase in the Petite and in the Grande Couronne (respectively 11% and 12%) than in the Capital (5%). Second quarter sales in 2013 rose by 4% compared to the second quarter of 2012.
But signs of improvement in activity remains modest, as they relate to the second quarter and the number of sales is capped at a low level in the new build as well as in the resales.
In the second quarter of 2013, Ile-de-France prices fell by 1.2% in one year. A decrease of 0.2% was recorded in the first three months to the end of June 2013. Lower prices are therefore moderate and it is generally observed that the adjustment does not occur uniformly over all properties nor in all departments.
This slight decline in prices for both apartments (prices down 1.1% year on year and 0.4% in three months, with an average price of 5,450€/m2) and for houses (-1.5 % year on year and 0.3% over three months with an average price of 302,300€).
However, the fall in prices is more sensitive in the Grande Couronne (-1.4% over one year) than in the Petite Couronne (-0.4% over one year).
In the capital, the price has dropped at the end of June 2013 to 8,200€/m² in second quarter 2013, falling 1.9% to 150€ in one year and by 1.1% compared to the first quarter of 2013. Prices range from 12,000€/m² in the 6th arrondissement to 6,670€/m2 in the 19th. __________
With lending rates as low as 2.15% (!!), low prices and large inventory make this a perfect time to invest.
The most recent lending rates from Banque Patrimoine et Immobiler applicable from September 9th, 2013:
SOLEIL - VARIABLE: 2.15% ; E3m + 1.90% RAINBOW – 10 YEARS FIXED - 2.80% MINIMUM LOAN AMOUNT – 100.000€ MAXIMUM LOAN AMOUNT – 2.000.000€ SAPHIR : CEILING AT 2% VARIABLE DIAMOND : CEILING AT 1.75%
P.S. If you're searching for a longer term apartment rental in Paris or the areas surrounding the City of Light for stays of 3 months to 3 years, the Adrian Leeds Group can help! We can assist you in finding the ideal furnished or unfurnished apartment based on your specific preferences, needs and budget, or view an apartment you've already found. For details or to book our services, visit Long-term Apartment Search or email email@example.com.
P.P.S. Join us on October 8 at 3 p.m. for Parler Paris Après Midi when Cara Black, national bestselling author of 13 books in the Private Investigator Aimée Leduc series discusses "The little known artists quartier below Montparnasse: My research with the Art Cops in Paris and Interpol for stolen art." Attend the discussion and meet new friends! Upstairs at La Pierre du Marais on the corner of rue des Archives and rue de Bretagne, 75003 Paris, Métro Lines 9, 3 et 11, stations Temple, République or Arts et Métiers. Costs nothing except for what you drink. I look forward to seeing you there!
See Adrian Leeds and French Property Consultation On House Hunters International!
Air dates/times: October 13, 2013 - 11:30 PM e/p October 14, 2013 - 2:30 AM e/p
Dr. Jayne Lee fell so in love with Paris that she geared her career in medicine towards moving there. Soon enough she found a job practicing telemedicine and fell in love with Edouard. But for these newlyweds, buying an apartment in one of the most coveted and expensive cities in the world isn't as easy as falling in love. While Jayne needs an office as soon as possible, Edouard wants to be sure there is room for a future family. Property Consultant Adrian Leeds desperately searches for a compromise when House Hunters International goes to Paris, France.