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Paris Luxury Property Lures Overseas Rich As French Flee Taxes

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http://www.bloomberg.com/news/2013-10-14/paris-luxury-property-lures-overseas-rich-as-french-flee-taxes.html

When a 44 million-euro ($59 million) Parisian townhouse near the Champs-Elysees was snapped up just six weeks after it was put on the block, Charles-Marie Jottras knew the city’s luxury property market was turning around.

The chairman of broker Daniel Feau, an affiliate of Christie’s International Real Estate, says the firm found a Qatari buyer for the 19th-century mansion that features a dozen bedrooms on three floors, a terrace with a panoramic view of Paris, a swimming pool and a 1,000 square-meter garden.

The re-emergence of buyers from the Middle East, the U.S. and Russia together with a more than 10 percent drop in prices in a year is rekindling sales of multi-million-euro properties in the French capital. The market faced a glut after wealthy French people, including actor Gerard Depardieu, sought to offload properties as they left the country, fleeing Socialist President Francois Hollande’s efforts to add to already high taxes since his May 2012 election.

“We really had 12 dreadful months between April 2012 and April 2013,” Jottras said in an interview. “Then the market woke up nicely thanks to falling prices. Foreigners are looking at France anew because they’ve realized that, at the end of the day, the tax hell is for us, not for them.”

Foriegn buyers queuing up to be taxed by the French govt!

Paris property for the French only protests looming?

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