1) Fighting City Hall 2) Easier to Get a Work Permit 3) Still a Great Time to Buy

Paris mayor Anne Hildalgo1) FIGHTING CITY HALL: MORE ABOUT THE PARIS RENTAL LAWS

If you did not read Monday’s Parler Paris Nouvellettre®, then be sure not to miss it. “A Celebration of Life and of Our Rental Rights” if you are concerned about the loss of our rights as property owners in Paris.

There is an organization, the Syndicat des Professionnels de la Location Meublée (SPLM), that was formed in March 2010 by a group of professional rental agencies mainly based in Paris who felt a need to work together toward establishing common business practices and ideals for the betterment of the vacation rental industry in France and in particular in Paris. Unfortunately, membership is not open to individual owners or agencies which operate outside of France.

I would propose an alternative organization open to everyone wishing to support the cause, regardless of their status in order to amass real strength to combat the unrighteous laws and the city’s tactics to secure more housing for Paris residents by penalizing landlords and tenants alike.

If you are interested in working with me as a volunteer to create a ‘consortium’ to gather this support and show the city officials how to find better solutions than those they are currently employing, please do the following:

A. Sign our petition

B. Email me at [email protected] to be on a special mailing list to learn how you can participate.

C. If you are an owner of a rental property in Paris or a renter who needs accommodations less than one year (!) and believe your rights are compromised by unfair laws and practices, do not panic! With your help and determination, we can fight this and win!

2) LIVING AND WORKING IN FRANCE HAS GOTTEN EASIER

In a meeting with Immigration Attorney Erin Clor yesterday, I learned more about the “Passports Talents” or “Carte Compétences & Talents” — measures to reverse the failures of the current immigration laws.

The idea is to encourage more start-ups and attract the right kind of foreigners to immigrate to France — creators, innovators and entrepreneurs. France is seeking those who will “make a significant or lasting contribution, through their skills or talents, to France’s economic development or to its intellectual, scientific, cultural, humanitarian or athletic prestige, and directly or indirectly, to that of your own country.” Family members (spouse and underaged children) will be issued a “Vie Privée et Familiale” card. This card allows a spouse to legally work in France, too.

Those that qualify for working permits in France include university graduates; qualified professionals with a minimum of 3 to 5 years of professional experience in the field they apply for the visa; investors in an economic project (minimum investment of 300,000 Euros or proof of capacity to create a minimum of 2 sustainable jobs in France, the one of applicant or his family excluded; independent professionals such as artists, authors, athletes, etc.; and senior manager and high level executives employed by a french company that is part of an international group.

To learn more, download the “dossier de press” and be sure to attend our FREE FINANCIAL AND IMMIGRATION FORUM Thursday, July 2, 2015 with financial consultant Brian Dunhill, immigration attorney Erin Clor and their team for an in-depth look at Expat challenges! Details available on our Conferences & Events page (Be sure to register in advance at dunhillfinancial.be/events.html)

3) 10 THINGS TO KNOW ABOUT THE PARIS PROPERTY MARKET IN FIRST QUARTER 2015

The Paris market is still adjusting — prices are still eroding slightly and sales volumes are stagnating.

1) Prices continue to decline in the Ile-de-France

Throughout the Region, prices continued to erode at a slower rate: -2.6% 2014-2015 for Paris apartments at an average price to €5,260/m², and -2.1% for houses with an average price of €289,500.

2) Ile-de-France houses cost €289,500 on average.

In late March 2015, a house cost €337,500 in Petite Couronne (-2.1% year over year) and €269,200 in the suburbs (-1.0%).

3) The average price of apartments in the Paris region €5,300/m².

The price per square meter of an apartment was €5,260 in the Ile-de-France in late March 2015 (down 2.6%). In the Petite Couronne, it took €4,260/m² (-2.0% year over year) to acquire an apartment and €2,920/m² in the suburbs (-2.9%).

4) The average price in Paris is at €7,900/m².

In Paris, the price per square meter continues to decline slowly. In late March 2015, priced moved to €7,910/m² (-2.9% year over year).

5) Prices fell more than €500/m2 in Paris in 2.5 years.

From €8,440/m2 on the average at the end of September 2012 to €7,910/m2 in March 2015, prices in the capital have decreased from €530 in 2.5 years.

6) Prices and price declines vary significantly across the districts of Paris.

Parisian arrondissements are experiencing price decreases between -0.8% and -8.9% (over 7% decrease in the 6th and 8th arrondissements). The fall in prices is recorded in all districts, except for the 9th and 15th whose prices stagnated over the year. Four districts always have higher than €10,000 per m² (compared to 8 districts two years ago). The most expensive is the 6th arrondissement (11,280/m2) and the cheapest the 19th (€6500/m2).

7) Strong price differences in Parisian neighborhoods.

The most expensive neighborhoods of the capital are Odéon (12,810/m2), St. Thomas Aquinas (€12,420/m2), Invalides (€12,180/m2) and Monnaie (11,280/m2). The least expensive neighborhoods are La Goutte-d’Or (€5,970/m2), Pont de Flandres (€6,090/m2), La Chapelle (€6,170/m2) and Saint-Fargeau (6,330/m2).

8) The fall in prices will continue in the coming months and will experience a seasonal break in summer.

According to the leading indicators based on preliminary contracts, the downward trend will continue over the coming months. It could be interrupted occasionally for some markets, as is traditionally the case at the beginning of the summer, but that does not change which annual price erosion.

In Paris, the selling price, set at €7,910 per m², will still lose a few euros in the months before recovering to €7,950 per m² in July.

In the Petite Couronne, the annual decline in apartment prices slightly accentuate the level of July (-3.3%). An annual decline of 3% of the price of apartments is expected in the Hauts-de-Seine and 3.6% in the Val-de-Marne.

For homes in the Ile-de-France, the unit price will increase to €292,400 in July 2015, as a result of seasonally higher values.

9) 31,000 homes sold in Ile-de-France in first quarter 2015.

In the former, about 30,900 homes were sold in the first 3 months of 2015, a level similar in activity to first quarter 2014, with a modest improvement for the housing market (+ 3%), and a very slight erosion in sales volumes for apartments (-1%).

The new home market is in a recovery, with home sales up 17% in the Ile-de-France when comparing the first quarters of 2014 and 2015. This movement only benefits new apartments.

10) The outlook for the summer 2015.

Business prospects appear somewhat better oriented for spring 2015. Sales in the month of April 2015 could rise by about 10% compared to April 2014. In addition, interest rates on loans to exceptionally buoyant housing constitute a favorable element to the activity. A possible increase in medium-term rates could unlock some acquisition projects. The economic situation and the downward price trend always encourages potential buyers to wait and take prudence.

Notaries note that sales remain hampered by too many constraints. If interest rates are particularly attractive, access to credit remains difficult and slow. The new complexity of the procurement process, numerous stages and additional delays resulting discourage an already faltering demand and weaken the signing of preliminary contracts. Finally, investors have abandoned the market thanks to the current fiscal environment.

In summary, beyond the first fruits of improvements, it is feared that it still lacks solid factors for a more fluid market to trigger a real dynamic recovery.

Special note: Foreign investors are back, even if the figures aren’t yet showing it. And good properties are selling quickly at full asking price. Do not subscribe to the “wait and see” attitude, lest it be too late to take advantage of this opportunity.

A bientôt ,

 Adrian Leeds

The Adrian Leeds Group

Respond to Adrian: [email protected]

 

 

 

 

P.S. Special thanks to all of you who wrote by email or snail mail, who called or texted condolence messages about the passing of my mother, Gertrude Beerman. You have no idea how touched I and my family are by your heartfelt wishes and how much we appreciate the sharing of so many of your own stories. Please accept our deepest and sincerest appreciation. Yes, she will be sorely missed, but your kindness makes it so much easier!