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Figures just in from Paris show that even central Paris is showing falls of 5.9%..I rest my case.

Elle est aussi plus forte en grande et en petite couronne, où elle atteint respectivement -8,8 % et -8,6 %, qu’à Paris, où la chute est de 5,9 %.

And that's on very low volumes.

Did you see the new building permits figures on Monday ? Down 40% from last year, which was also down quite a bit from 2007. In essence, very few new homes being privately built. The builders have slowed right down.

This is due to the lack of demand and the large inventories still to be sold.

The Journal De Dimanche had figures for coastal 2nd homes in 2009. Apart from the top end of the market, prices were set to fall 15%. They tried to spin this as prices stabilising! Sans blague ;) The very top end of the market is about 1% and as this had "only" dropped 3%, it was seen as good news.............. :rolleyes:

Summer is normally the busiest in the French market. Volumes are just not there this time around. After La Rentréee, the next leg down will begin. Watching prices between Sept and Dec 09 should be "fun" ;)

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Did you see the new building permits figures on Monday ? Down 40% from last year, which was also down quite a bit from 2007. In essence, very few new homes being privately built. The builders have slowed right down.

This is due to the lack of demand and the large inventories still to be sold.

and yet the VIs bleat that it is different this time (compared to the collapse in 90-95) due to lack of inventory

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If you are an IT bod there is loads of work. I was told that 2010 will be worse for Geneva.

I was in St Genis last week and they are still building like mad. It is becoming a real dump that side of the border unless you are right up in the foothills. Still the tramway may boost the local market when it gets built.

The problem with working in genevé is that you need a work permit à permis D to get it if you are on the french side you have to find a job in genevè then you can become a "frontalier"

I have been to "pays de gex " three times in the last two weeks a friend of mine who lives in Ferney Voltaire and has a CDI in a french company refuses to go over to the suisse side (even though he could double his wages) as it is all 3 month contract work

They have built alot in St Genis but it is not a dump they are building in Ferney as well but Gex still has alot of green spaces

I wish that the Suisse would finish there tramway went to the airport last week and got lost in Meyrin a roadwork nightmare

The real problem with pays de gex is that it is an enclave i do not live far from Genevè but the "chaine du Jura" poses a problem

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I have been to "pays de gex " three times in the last two weeks a friend of mine who lives in Ferney Voltaire and has a CDI in a french company refuses to go over to the suisse side (even though he could double his wages) as it is all 3 month contract work

I can understand that to some extent. Even permie jobs offer no more than 3 months notice and sometimes only one month. It is the closest you can get to a US style labour market in Europe in my experience.

But the French are kidding themselves. Better to take the money as even in France you will end up getting shafted in the long term.

I wish that the Suisse would finish there tramway went to the airport last week and got lost in Meyrin a roadwork nightmare

Progress is sooo slooooow and the big dig at Meyrin is horrible. I've seen them widening the overpass at the airport and the progress is snaillike.

The real problem with pays de gex is that it is an enclave

Bande de Gaza is a better description :-)

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Two more BTL companies gone bankrupt the group Madeo based at Bordeaux and Atrium Tourisme at Perpignan that makes it four this year two other companies also went bankrupt a few months ago Mona Lisa and Quietude

These companies were trying to encourage investers to buy flats in holiday towns and then rent them out to tourists didn't work investors got burnt www La Tribune .fr 7/08/2009

HSBC France predits that house prices will continue to fall by 6% in 2010

AFP New building permits down 40% in June 2009 compared with June 2008 and house sales down by 32% in Paris

The FNAIM an EAs lobby saying that 364 of the members i.e EAs have closed

Le Tèlègramme.com 7/08/2009 Brittany housing market dead nobody buying prices down 7%

etc etc

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Agentimmo, Redwine,

What would you recommend as the best source for distressed sales of French property?

When I looked at buying in France a few years ago, potential sellers were stubbornly refusing to take realistic offers - 5% off at most, if at all. Much of the stuff on the market required a great deal of work with selling prices that didn't adequately reflect the cost of renovation. Any sensibly priced property of quality in a good location was quickly snapped up emigrating Brits (or wealthy Dutch). In my experience French vendors were notably reluctant to budge on price thinking that most Brits had loads of money (which at that time was largely true given the lax lending of UK banks).

Despite the poor Euro/Sterling exchange rate I might be tempted to look again if prices keep on dropping and vendors were highly motivated to sell. There must be some expats whose circumstances are forcing them back to Blighty, eg poor health, divorce, distance from grandchildren, etc or 2nd home owners who are strapped for cash. Any ideas / links on how you tap into this market would be appreciated.

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You could also look into the French sub - prime market or "credit relais "

These are basically people that have taken out a credit at a bank and have decided to "up-grade" i.e buy another property

The French banks here encouraged first -time owners who had just bought there first home to buy another one even bigger

These people bought another property thinking that it would only take a few weeks to sell there first home after listening to and watching the pro -property media here

So they end up with having to pay for two properties and they cannot sell the property that they bought in the first place

They should of sold there there property in the first place before buying another

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I totally do not fancy that part of the Cote d'Azur. Too far away

from cosmopolitan Nice. In the winter the place is dead and in

the summer as you have noticed. No train station too.

What worries me most is that the recession does not have seem

to hit France hard enough :(

I am in Cannes at the moment. Absolutely no sign of a recession. The place is packed.

The restaurants are full, and the wealthy are flaunting it. This is one place that reinforces the wealth divide.

No sign of price reductions in the immobiliers. Still at least 190,000 euros for a 30 sq m studio in the centre. Prices are ludicrous.

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I am in Cannes at the moment. Absolutely no sign of a recession. The place is packed.

I was there during the film festival. On Canal+ they had this typical programme on the spot with all the beautiful girls. One of them was announcing the weather. It rained everywhere in France, so she mentioned, but then came the most important part which she had to repeat for 3 consecutive days:"Mais, il ne pleuvra pas a Cannes!" (so it was raining everywhere in France, but not in Cannes, which was true).

Considering holiday/retirement kind of places, then Yes, the Cote d'Azur is probably the nicest place in the world to stay, but prices must drop. I will surely not start buying there now since overrated Spain did nicely get hit.

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I am in Cannes at the moment. Absolutely no sign of a recession. The place is packed.

The restaurants are full, and the wealthy are flaunting it. This is one place that reinforces the wealth divide.

No sign of price reductions in the immobiliers. Still at least 190,000 euros for a 30 sq m studio in the centre. Prices are ludicrous.

Illusion, illusion, mon ami.

Cannes is THE place where the minions go to "live the dream" and smell that little bit of stardom. Summer is the pinnacle of the season.

The nouveaux rich and not so nouveaux HAVE to be seen flaunting it at Cannes, otherwise they won't get in Heat and Closer magazines for the rest of the year. ;)

EAs know the summer is where they can try to sell some of the stuff that will keep them afloat. I know some EAs and they tell me it's grim in Cannes and all along the coast. Knock 25% off any price you see in their windows, as a minimum. They'll still talk to you.

Come back to visit on a wet November evening. Then you can park your car within 100M of the Croisette for free. And the cafe and bar owners will be desperate to have you in the door. Best time of the year to visit, imo. B)

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Agentimmo - do you reckon that 25% is equally applicable to land ? I'll be back down that area (Frejus) last week of August and am definitely interested in buying some land at some point in the future, maybe 10-20 minutes or so inland. Wonder whether its worth making some first contacts with agents ?

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Now in Nice.

Just back from eating out near the Palais de Justice at the Vieux Ville. It was absolutely packed out, had difficulty getting a seat at Chez Freddy.

What credit crunch?

I walked down rue Massena and there was a good deal of activity in the Immobilliers. No much evidence of price reductions in the windows.

I find it hard to believe that there is a property slump in the CdA.

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Its peak holiday season, places like that are bound to be packed out.

The town I live in is a magnet for tourists, you can't move in the centre in the summer holidays, especially the first couple of weeks of August and its a nightmare to get in a restaurant. Have a friend who is an estate agent, loads of people looking in windows, some even discussing, but he knows that 20% off asking price is the going rate here, no-one is buying. The asking prices in the windows have hardly moved at all in the last couple of years, the selling prices have, as have the volumes.

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Alba, come back to the Vieux Nice in 2nd week of Sept and you can walk straight into most restaurants. Not sure if you've visited down here before, but July and especially August are always busy. The whole world visits. Outside these 2 months, it's actually quite a decent place. And between Oct and May (Cannes festival excluded) are the best periods to visit. No queues.

As Smog says, EAs windows never show the true price. It's all part of the Riviera illusion. Has always been like that. The EAs down here are sharks. They are always on the look out to con a starry-eyed tourist who wants to buy.

Try going into an EA, point to a flat in the window that costs 250K euros and ask if it's negotiable at 200K euros? You might be surprised by their reply ;)

The next leg down here will start in October. That's when all the public servants realise that they need to sell. Also those that work for big companies likes banks, France telecom, insurance cos, EDF and the like.

They start their new jobs in Sept, after schools go back. They are forced sellers as few can keep paying for 2 properties. They'll try to hang on , but once Christmas comes they are stuffed.

Same scenarion as 1993 onwards is about to start playing out here, imo.

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Alba, come back to the Vieux Nice in 2nd week of Sept and you can walk straight into most restaurants. Not sure if you've visited down here before, but July and especially August are always busy. The whole world visits. Outside these 2 months, it's actually quite a decent place. And between Oct and May (Cannes festival excluded) are the best periods to visit. No queues.

Couldn't agree more. We're in Brittany for the summer, but will visit Cannes, Nice, Antibes, Monaco, San Remo etc over the winter months as we did last year. Life's a bitch when you're retired ;).

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I know it is busy on the CdA at this time of year, I have been here each year for the past three, but it is absolutely packed!

I move on to Beausoliel and could not get a room there or in all of Monte Carlo. I then moved further along the coast to Menton and everything was complet. It was getting late and I had to cross the border into Italy, and even there it proved very difficult.

The hotel prices have risen considerably and eating in restaurants is also much more expensive, excluding the exchange rate. This is not having an effect on the numbers. I honestly can't see a recession here. I also get the impression that the less well off French and Italians are better off than the equivalent Brits.

I watch them eating multi layered platters of seafood in the restaurants. I feel like the poor relation. They are still spending!

Unrelated to the above, an evil sod in Cannes put a lghted cigarette on the wiper to crack the car windscreen, which it did. They were obviously attracted by the right hand drive.

There is an underlying anti Brit feeling in France. I don't understand their mentality. Hundreds of thousands of us died on French soil, yet they resent us deeply.

I queried two elderly French males about it, and the reasons they came up with were the 100 years war, and the fight in the American colonies. For goodness sake!!!

Yet they suck up to the Germans, I have seen it so often.

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I know it is busy on the CdA at this time of year, I have been here each year for the past three, but it is absolutely packed!

Provence-Alpes-Cotes d' Azur is the third most populated region in France with a population of nearly 5 million

Nice has a population of 347000 if you add on its urban area nearly a million people live there

Today is a bank holiday in France and it is very hot so i can imagine that lots of locals are out on the beaches and in the restos

Not forgetting the tourists who are on holiday this is the height of season so don't expect to see the place empty

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Alba,

Thanks for your report!

I know the area you are talking about very well and I can sense your amazement. So far I had exactly the same feeling; how can it be? There is recession everywhere, yet none of it is visible in the CdA. Me being a total bear and even speculating on it, I got kind of worried every time I went to the CdA to see literally no downturn. Is the CdA an illusion? Or is in fact the rest of the world being in a recession an illusion? It made me think of one other possibility. Obviously I am not the only one that managed to make money out of this recession. In fact I think it is the classier people that have. And the classiers never had much interest in Spain, they would go to the CdA anyhow, so whatever cannot afford going there any longer has been replaced by guys like us that are now hoping to take some benefit of the crisis.

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