Mini-Conference, Moneycorp, Notaires on Strike, Sarko is Back and Paris Prices are Down!
Volume XII, Issue 37
The Living and Investing in France Mini-Conference here in Nice Tuesday night held at The Hôtel Ellington, always a delightful venue, ran smoothly and easily, with an intimate, but interested group, some of whom already own homes on the Riviera (Cap Martin, Collioure) and others who are thinking of making a purchase.
The PowerPoint presentation was a day’s worth of information packed into one hour and well-received, especially on the TWO occasions I managed to knock over a glass of water on the desk from which I was speaking while flailing my arms! No one seemed to care, except me (!) and it added to the fun of the evening and camaraderie. It was a first for me to have been so clumsy, but…never a dull moment!
Last night Moneycorp launched their new Nice office with a party at La Terrasse du Plaza. Moneycorp is the primary of the currency specialists with which our clients work to save money when transferring from one currency to another. If you are making any kind of substantial conversions (from dollars to euros, for example) you will not want to automatically ask your bank to make the transfer, as it will surely cost you about twice what Moneycorp or our other currency brokers will offer. Visit our Global Money page for more i
nformation and be sure to tell them we sent you!
Meanwhile, the Notaires are on strike in France! Inter-departmental and regional council notarial offices were closed yesterday mobilizing to protect the “public’s legal certainty and the public service that guarantees to all, equal access to justice. Basically, the Notaires are being asked to perform more for reduced fees. To learn more, visit paris.notaires.fr or download the document of the Notaire’s position.
And more news in politics is that Nicolas Sarkozy is making a come-back! “Love him or hate him–Nicolas Sarkozy is poised to make his return to French politics this week. He’s expected to announce his candidacy for the presidency of his beleaguered UMP political party.” See thelocal.fr/20140917/ for more information!
And the latest Paris and Ile de France property prices are out for second quarter 2014. Sales volumes are still at a low level and prices are ‘soft.’ The Chambre de Notaires claims that the buyers are hesitant and the sellers are struggling to achieve their prices. Low interest rates would normally boost the market, but acquiring credit is more difficult. The buyers are young — 32% are 30 to 39 years old and 8.3% of them are made up of foreigners (17% are Italians).
What the reports never bother to mention is WHY the market is in such a state. My personal opinion is while the sagging economy can take most of the blame, the political uncertainty contributes heavily to a buyer’s optimism about making an investment. With the capital gains tax the highest ever for secondary properties, this discourages both the local and the foreign markets from further investment. With an administration that has a heavy hand on taxation, potential buyers may be reluctant to make a move until they have more certainty.
To download the official reports (in French), see these PDF documents:
Have a read. Don’t you agree? Now is the best time to buy because negotiations are more possible now than ever before. Buying at the low, is always a smart move, even if the risk is slightly greater.
Editor, French Property Insider & The Adrian Leeds Group
Email: [email protected]
P.S. Tune in to a new House Hunters International epidsode “Californians sell their Vineyard to Afford a Summer Home on the Costly Côte d’Azur” on September 22 at 10:30 p.m. and 1:30 a.m. E/P. When California winery owners Jann and Gerry decided it was time to sell up so they could afford a summer home in southeastern France, would they find a place with old-world charm for Jann but that was move-in ready for Gerry? Find out when House Hunters International and Adrian comb the Côte d’Azur.