French Property Insider Volume XIII, Issue 32 Thursday, August 6, 2015 • Paris, France
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Cité du Petit Thouars, 3rd Arr.
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Bonjour French Property Insider Subscriber,
Last week we wrote about the new rent controls in Paris. It's not making everyone happy -- just as we might have suspected -- particularly landlords and property agents who are stepping up to the plate to let the city know that this is a sure-fire way of deterring property investment. Duh. (We could have told them that!)
The new laws enforce a level of rents no more than 20% above or 30% below the median price for each area. As a result, two official complaints are planned to be filed by professional organizations (UNIS, the largest union for property syndicates is one of them) to challenge the city -- the decree that introduced the measures and the method of pricing. Officials from these organizations who spoke to the press called it "toxic," a way to "drag down investment in Paris" and "devalue the capital of landlords."
This is just more of the same tactics of the current Socialist administration that, while in the interest of the 'little guy,' results in negative reaction and ultimately hurts that 'little guy,' as well as ultimately hurting the city economically and otherwise.
Paris isn't the only city at risk. The law could be extended to Lille, Grenoble and others, following on the heels of a similar measure in Berlin where the German lower house of parliament approved a rent cap law.
From our perspective, it not only means that investors will no longer see Paris as viable compared to other markets, but current landlords will stop making improvements in the properties they currently own without reasonable profits. It further reduces the value of their property, adding even more reason to let their properties go without proper maintenance.
This is also another strong arm approach without consideration of basic supply and demand economics (what I call Economics 101!) that will not benefit the city, the landlords nor the tenants.
Would the city really want to see Paris become a slum? That's what it risks.
P.S. For expats who need assistance with financial planning, the Adrian Leeds Group recommends Dunhill Financial. To plan for your retirement, your savings for educational needs or to arrange your estate, Brian Dunhill is happy to discuss your options during a telephone consultation or face-to-face meeting. Visit Financial Planning for Expats for more information today!
P.P.S. I will be on REAL vacation August 8 through 15 and that week, there will be no French Property Insider!
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