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Nice chart, GreenGreen.

Looks like Europe still has to endure its property crash?

All seems hopelessly over-valued. :(

Well the ECB is talking about 3 interest rate rises this year. Won't affect the majority of existing loans on fixes but people are being squeezed by the rise in fuel prices. Interest rate rises will affect other loans though.

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Well the ECB is talking about 3 interest rate rises this year. Won't affect the majority of existing loans on fixes but people are being squeezed by the rise in fuel prices. Interest rate rises will affect other loans though.

In the holiday home hotspots, a lot of foreign buyers have bought on variable IR's. I expect this market to be hit harder by IR rises.

Watched a documentary on France 2 last night. About local Credit Agricole banks on the west of France and the types of everyday customers and situations they encounter. Mildly entertaining, it was obvioulsy made to show the banks in a better, more humane light - no doubt to offset their current poor image.

Highlight was the couple who no longer worked. Both were on disability benefits, and in their late 50s by the look of it. She was a cleaner. No idea what the partner did. Looked like a manual worker.

Anyways, they were quite chuffed talking to their banker about the 4 properties they had and how they had loans of 700,000€ (!!). The woman claimed she could afford them because they had worked hard and saved all their lives... :rolleyes:

She had bought the last with the help of her son. Quite coy about the details. I suspected Liar Loans somewhere.....

In summary - they admitted they didn't own them. The bank did. They were having problems keeping up with payments as the tenants weren't paying rents. (In France ! Who would have believed it.. ;) )

They wanted to get rid of them. I got the impression they realised they were up sh*t creek but put a brave face on for the cameras.

The interviewer mentioned "sub-prime" at one point. Silence, then a big laugh. Told me everything I needed to know. B)

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http://www.sudouest.fr/2011/03/11/un-mauvais-film-au-chateau-339363-3778.php

Southwest 11/3/11

Un mauvais film au chateau

A bad film at the chateau

Quote

The english owners of the now burnt down "Chateau de Cezerac" had not insured there property !!

The fire during the night of the 17th november 2010 of this chateau dating back to the XVe century is owned by Anthony ******* one of the makers of the 'Harry Potter films'

The owners seemed to have fallen on hard times 30 companies that they own have all gone bankcrupt leaving not a penny left to insure there castle

Just before the fire the baliffs were about to be sent in to seize there property (already for sale)

However two kids aged 12 to 13 broke in and were using aerosols as flamme throwers set fire to the castle!!

The damage is estimated at over 5 million euros!!

Ruined just like there castle

There only hope is that the parents insurance might pay but it might take years if ever

IMHO a sign of the times the rich leading a life in the chateau

The ex european royality on the French Riviera etc etc

This is all old fashioned today and they can't even afford the insurance :o

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Typical VI research.

Yes. I note that the co-author is none other than the EA himself.

Donal Warde is director of Warde Property, a real estate agency based in Nice, France. Originally from Ireland, he is also a student studying for a Masters in Finance specializing in International Wealth Management at the International University of Monaco for the 2010/2011 cycle. He obtained his bachelor’s degree in Business Studies in Ireland before moving to France in 2005 and has worked in real estate since 2006.

Lots of fancy charts and figures.The bold Donal should explain how the market can keep rising whilst, accoding to his own chart, real GDP on the Riviera is now below what it was in early 2006? ie. has been falling for the last 4yrs.

He's worked in real estate since 2005, so has never known anything but a housing bubble. Yeah, I guess he's the man to ask when is the best time to buy ;)

There are now 4 villas "A Vendre" within a stone's throw of where I live. 2 have been for sale for > 1 yr. Nothing is moving. Some small 1-2 bed appts on the coast, but not a lot else. The banks are not lending to the average buyer. Volumes are very low. Even on millionaire's row , the Cap D'Antibes, there's a villa with sea view that's been for sale for > 1 yr. Sign is in French/Russian. However, it looks like the mafia and oligarch's are watching the roubles as well...... B)

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Yes. I note that the co-author is none other than the EA himself.

Lots of fancy charts and figures.The bold Donal should explain how the market can keep rising whilst, accoding to his own chart, real GDP on the Riviera is now below what it was in early 2006? ie. has been falling for the last 4yrs.

He's worked in real estate since 2005, so has never known anything but a housing bubble. Yeah, I guess he's the man to ask when is the best time to buy ;)

There are now 4 villas "A Vendre" within a stone's throw of where I live. 2 have been for sale for > 1 yr. Nothing is moving. Some small 1-2 bed appts on the coast, but not a lot else. The banks are not lending to the average buyer. Volumes are very low. Even on millionaire's row , the Cap D'Antibes, there's a villa with sea view that's been for sale for > 1 yr. Sign is in French/Russian. However, it looks like the mafia and oligarch's are watching the roubles as well...... B)

I don't think the overall impression from the report was a strong bull market. Increases of around 5 or 6% per year should be achievable in the context of a stronger economic recovery worldwide.

The amount of foreign investors would make it less reliant on local GDP.

But like any report on a large-ish area, there will be a lot of different markets and market conditions.

Nice itself seems to be doing OK overall. Places with a heavy dependence on foreign buyers might be on more fragile footing in the long run.

I'm an estate agent in Nice, so I have more experience in this market. I'm Irish, so I know what a big bear market looks like, unfortunately.

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Nice itself seems to be doing OK overall. Places with a heavy dependence on foreign buyers might be on more fragile footing in the long run.

I'm an estate agent in Nice, so I have more experience in this market. I'm Irish, so I know what a big bear market looks like, unfortunately.

Times are hard for you seeing as you are trying advertise your business here on this site for free!

I just took a quick look at Nice post code 06000

6137 properties for sale

5486 flats

651 houses

Lets be honest about these so called foreign buyers can you give the figures?

As for the French Riviera the good old days when Queen Victoria stayed in Menton in 1882

The Prince of Wales prefered Cannes along with there mates the old europe ex royalty the Prince of Romania and the Princess of Bulgaria

Churchill ,Somest Maughan not forgetting Coco Chanel

The Sixities Brigitte Bardot and the jet set are today nothing more than distant memories

They remind me of a Stephen King book called the Shining when the dead from the past come back to life in the hotel

This is an EAs sales pitch the myth of the French Riviera !

Times have changed Nice is a city that has the highest amount of over 60 year olds or OAPS

In all of france

Nice = The past the roaring twenties etc

ount of over 60 year olds in France or OAPs if you like

No doubt watching old Charlie Chaplin films and trying to dance the charleston(when possible)

Nice the roaring twenties

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Times are hard for you seeing as you are trying advertise your business here on this site for free!

I just took a quick look at Nice post code 06000

6137 properties for sale

5486 flats

651 houses

Lets be honest about these so called foreign buyers can you give the figures?

As for the French Riviera the good old days when Queen Victoria stayed in Menton in 1882

The Prince of Wales prefered Cannes along with there mates the old europe ex royalty the Prince of Romania and the Princess of Bulgaria

Churchill ,Somest Maughan not forgetting Coco Chanel

The Sixities Brigitte Bardot and the jet set are today nothing more than distant memories

They remind me of a Stephen King book called the Shining when the dead from the past come back to life in the hotel

This is an EAs sales pitch the myth of the French Riviera !

Times have changed Nice is a city that has the highest amount of over 60 year olds or OAPS

In all of france

Nice = The past the roaring twenties etc

ount of over 60 year olds in France or OAPs if you like

No doubt watching old Charlie Chaplin films and trying to dance the charleston(when possible)

Nice the roaring twenties

Very funny post !! :D

You have obviously seen the OAPs arrive at the Casino at Juan-Les-Pins on Sundays when they have their "Thé Dansant". B)

Fur coats. Smoking jackets. Shades. and the driver leaving them off at the front door. So comical, it's almost a tourist attraction and one of the few things that is free in that town.

Nice and the Riviera is still a decent place to live. But the hype surrounding the golden age - long gone - is laughable.

The EA made some valid points. However, many EAs are feeling the pinch as volumes are well down on the boom years. 1-2 beds are still moving, but I'd be interested to see stats for villas on the coast. Nothing seems to be selling. I've a friend trying to sell near Opio. The EA has got her to agree to the price paid in 2006. Not yet found a buyer , 8 months later. I suggest she drop to the 2003 price. Nearly had a heart attack. :ph34r:

This bubble is deflating, slowly. Should be good news for the EAs, as turnover might see them survive in the long run.

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Very funny post !! :D

You have obviously seen the OAPs arrive at the Casino at Juan-Les-Pins on Sundays when they have their "Thé Dansant". B)

Fur coats. Smoking jackets. Shades. and the driver leaving them off at the front door. So comical, it's almost a tourist attraction and one of the few things that is free in that town.

Thanks for the tip actually i will soon be coming down your way during the easter holidays or the first week in May

A friend of ours who bought due to tax reductions a flat in a holiday complex not far from Nice is lending or rather renting us his flat

Swimming pool, bikes the usual holiday stuff a change for the wife and kids

I might just go along to an afternoons Thè Dansant (serious)

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Theres a new house for sale on M6

The show starts at 20.45 pm and finishes at 1.25 am

Wednesday the 16/03 its nearly spring time so its time to buy

Actually its only the first one that is not a repeat

Dominique and Phillippe live in a small house in a place called 'Willems' near Lille

Since the departure of there two children they have decided to sell there property

There house house has now been up for sale for the last three years :lol:

BTW M6 are actually filming near Strasbourg at a place called 'Oberschaeffolshiem' for a new show

Anybody that wants to try to sell well you contact there website

Then you have to pass a casting

Also anybody that wants to visit the property near Strasbourg well viewing starts next Friday (you might end up on French TV)

The vendors in question are put up in a hotel while Steph and Aurèlie or Sophie change your property

Anyway i know that its Aurèlie whos in Strasbourg so we will probably have Sophie for tommorrows show

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Theres a new house for sale on M6

The show starts at 20.45 pm and finishes at 1.25 am

Wednesday the 16/03 its nearly spring time so its time to buy

Actually its only the first one that is not a repeat

Dominique and Phillippe live in a small house in a place called 'Willems' near Lille

Since the departure of there two children they have decided to sell there property

There house house has now been up for sale for the last three years :lol:

BTW M6 are actually filming near Strasbourg at a place called 'Oberschaeffolshiem' for a new show

Anybody that wants to try to sell well you contact there website

Then you have to pass a casting

Also anybody that wants to visit the property near Strasbourg well viewing starts next Friday (you might end up on French TV)

The vendors in question are put up in a hotel while Steph and Aurèlie or Sophie change your property

Anyway i know that its Aurèlie whos in Strasbourg so we will probably have Sophie for tommorrows show

Oberschaeffolsheim... not a million miles from me, but far enough thankfully, it will be interesting to see how they portray that place... people do live there but like most villages around Strasbourg it's a complete ghost town every day but Saturday afternoon.

Also just down the road from the sh*tholes of Lingolsheim and Koenigshoffen, not sure the crime rate figure would be nice to look at.

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House for sale last wednesday night

Willems a mining village near Lille

What a dump it looked like any mining village any where all of the houses looked the same!

It was set in France but it could of been in Co Durham

I was expecting to see Billy Elliot dancing in the streets along with a miners band

House put up for sale in 2008 for 400K

A notary estimated the price :lol:

Steph said "i hope that he has changed his job"

House built in 1926 also its inherited property

Three visits in three years

I thought that it was a zoo

They have lots of animals

Pigeons

Rabbits

Ducks

Dogs

Chickens

Cats

Ferretts

Also a goat

Steph knocked the price down to 280K in less than 15 minutes or -33%

Sophie spent over 5K trying to make it look decent ( i would of said 10K) even then it wasn't finished!

Its good to see that Sophie was trying to look cheerful she even changed her 'look' three times (i felt that she was letting herself go recently)

Well nobody bought it off camera they said that it was sold for 254K but this is not true its still for sale at 279K :lol:

Willems well the only good thing that could be said about this village was the fact that its not far from Lille!!

BTW inherited property is the worst property that you can buy these vendors got it for nothing so they want the maximum

Average prices for property there at 197K

I felt sorry for the wife as she cried in Stephs arms as he was leaving to go back to Paris

Do not worry i won't abandon you' he told her (as he ran away to catch his train)

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Oberschaeffolsheim... not a million miles from me, but far enough thankfully, it will be interesting to see how they portray that place... people do live there but like most villages around Strasbourg it's a complete ghost town every day but Saturday afternoon.

Also just down the road from the sh*tholes of Lingolsheim and Koenigshoffen, not sure the crime rate figure would be nice to look at.

Theres also an English side to this show

Steph drives an old mini ,when in Paris on his scooter he puts on his 'union jack' helmet

Also in several of these shows theres often 'union jack flag' cushions

Aurèlie was wearing a 'union jack' tee-shirt when she was in Marseille

I would go along( if it was not so far from here ) next friday just to see Aurèlie !!

I would recommend anybody that can't sell to try this show

At least you get your property "re-looked" for free and i believe that you would get a warm welcome because this is TV and it would make a change

2.9 million watched last Wednesdays show!

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Times are hard for you seeing as you are trying advertise your business here on this site for free!

I just took a quick look at Nice post code 06000

6137 properties for sale

5486 flats

651 houses

Lets be honest about these so called foreign buyers can you give the figures?

I can't find figures on buyers or owner's nationality, although to my knowledge French Notaries have access to these details.

My report deals with secondary residences and has relevant stats on that.

Volumes are down, for sure. For us and most agents I know, end 2008/early 2009 was very quiet. Last year was reasonably good for us and this year seems good, so far. It will be interesting to see how the UK economy affects their purchases of secondary homes over the next 2 or 3 years, as cuts start pinching.

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http://www.nicematin.com/article/immobilier/attirer-la-clientele-etrangere

Nice matin 17/3/11

Attirer la clientèlè étrangère

Attract the foreign client

Quote

How do you attract the rich foreign buyers who surf on the web and do not visit the EAs?

The EAs of the Fnaim have just debated this problem at Nice Airport with other EAs from over 30 countries

We have just joined an American network called Proxio

The president of the local Fnaim underlines this urgent problem!

Due to the fact that the British have nearly all DESERTED the market as well as the Italiens

Up until 2009 the foreign investors accounted for 20% of our property sales but today you can divide this figure by four

Today we are looking elsewhere Russia ,China ,India the middle-east and we have to inovate to attract them

IMO I find it strange that they should use a system from the USA when in nearby Monaco theres only 350 americans that live there at least in 2008 along with an estimated 2666 British

The same goes for the Dordogne theres only 12,000 British who live there all year round even though the Depts population is 450,000

Hence the myth of the foreign buyer as if this minority really does affect the French Property Market

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Yahoo.fr still pumping and dumping SCPI's in the hope of finding the Greater Fool !!

http://fr.finance.yahoo.com/actualites/D%C3%A9couvrez-placement-rapporte-yahoofinancefr-3429388460.html?x=0

From the comments, few seem duped B)

Ah The SCPIs or "paper stones" as they are called

You make 9% interest a year (according to a graph)

How it works is you buy shares in a property and you get your cash back due to the 'profits' that are made on the rents

A long term investment 9 to 15 years but entry fees are at over 10%

A total mugs game IMHO

As you say the readers comments are good apart from a certain 'Julien' who invested a 100K in the SCPIs a winner :lol:

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http://fr.finance.yahoo.com/actualites/7-bonnes-raisons-rester-yahoofinancefr-3978175201.html?x=0

Talking about yahoo what about this 5/3/11

7 bonnes raisons de rester locataire

7 good reasons to continue to rent

1 Less paperwork

2 You can continue to live in Paris

3 You can also afford to go away for a weekend break

4 You do not divoce or rather a lower risk

5 You pay less tax

6 You don't help make the banks rich eg paying back a credit

7 You are free to move around (you do not have to sell before moving)

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http://www.nicematin.com/article/immobilier/attirer-la-clientele-etrangere

Nice matin 17/3/11

Attirer la clientèlè étrangère

Attract the foreign client

Quote

How do you attract the rich foreign buyers who surf on the web and do not visit the EAs?

The EAs of the Fnaim have just debated this problem at Nice Airport with other EAs from over 30 countries

We have just joined an American network called Proxio

The president of the local Fnaim underlines this urgent problem!

Due to the fact that the British have nearly all DESERTED the market as well as the Italiens

Up until 2009 the foreign investors accounted for 20% of our property sales but today you can divide this figure by four

Today we are looking elsewhere Russia ,China ,India the middle-east and we have to inovate to attract them

IMO I find it strange that they should use a system from the USA when in nearby Monaco theres only 350 americans that live there at least in 2008 along with an estimated 2666 British

The same goes for the Dordogne theres only 12,000 British who live there all year round even though the Depts population is 450,000

Hence the myth of the foreign buyer as if this minority really does affect the French Property Market

I just love this myth of the rich foreign cash buyers! It has been going on for years now. There is no such thing as a rich foreign cash buyer!Most property purchases in the last 10 years had been done via loans and that lead to the current crisis. FNAIM is behind the curve as usual. the US property market is the sickest of the lot.Why on earth would someone take the US property as an example?.

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http://www.sudouest.fr/2011/03/23/couze-et-saint-front-24-un-britannique-soupconne-d-une-vaste-escroquerie-351194-1733.php

Southwest today

Couze-et-saint-Front (24) Dordogne

Un Britannique soupconne d' une vast escroquerie

A Brit suspected of a massive con

Quote

Since Monday two policemen from London are in Bergarac

Suspected to be the origin of a con/fraud of over 20 million pounds the over 60 year old has today been charged

With the help of the French police they have searched his massive property in the Dordogne

He has also been charged in Cornwall where he also owns several properties

His company called 'Crown Currency Exchange Ltd' which offers on its website very high rates of exchange designed to encourage thousands of future Brits who wanted to stay or buy property in France

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http://www.sudouest.fr/2011/03/24/ils-ont-perdu-au-change-351727-1889.php

Ils ont perdu au exchange

They have lost on the exchange rates

Just going back to yesterdays post

Well its all coming out about this fraud in the UK mainly in Devon and Cornwall which dates back to last October

Seven arrested in the UK Peter Benstead 68 years old his wife Victoria as well as there two children!

10,000 victims mainly in Devon and Cornwall

Here in France well its a police helicopter as well as 15 policemen not forgetting fraud police etc

Four london policemen headed by detective inspector Paul Bean

They left with over 2m3 of documents the police called this a good example of international crime fighting

As for the locals

Quote

In the commune the family Benstead were quiet "they only mixed with other members of the British Colony" according to the local mayor

IMHO yet again another example of zero intergation just like' Helen of the Spring ' who killed a Dutchman for a glass of water!

TBH i prefer the French version 'Manon of the Spring' at least she did not kill anybody

Just replace 'British Colony' by

**** Colony

Dutch Colony

Spainish colony

German Colony

etc etc etc

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Le Crash ? Bah Non. Guardian article - Le Recovery

The comments are funny/true.. especially 'thwaites' and 'bretonexpat'.

I find it strange that newspapers would bother to publish yet another VI article but still allow comments at the bottom, which usually destroy the (non existent) logic of the article.

One comment from 'pompeynohoper' says:

Couldn´t you write an atricle about the joys-or not-of living in France? No, instead it is all "investment" and "profit" ...

To answer that question, just look at - the article writer's site

Graham's latest book, Profiting from Property in a Recession, is the fourth he has written on the property business, and it is available now from www.amazon.co.uk.

Graham has written three other books on property, is an occasional guest on radio programmes about housing, and is a buy-to-let landlord in the UK.

In short, he knows what he's talking - and writing - about.

:lol::lol::lol:

If property is such a good investment, why isn't he investing in properties, rather than being a useless VI hack selling books on the subject ?

Finally, this comment is good.., from 'baerchen' :

I almost bought a place in the Dordogne a few years back until I woke up and saw sense. Buying a property based on the whim of Michaell O'Leary who can close the RyanAir route to Bergerac or Limoges or some other God-forsaken bit of tarmac in the arsehole of the world at the drop of a hat is a somewhat risky strategy.

Mind you, I do miss those days of sitting in the square paying €5 for 250ml of warm Kronenbourg served in a chipped, dirty Duralex glass.......

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France is booming according to this article:

Top price risers in 2010

1. Hong Kong - 20.1%

2. Latvia - 16.9%

3. Israel 16.2%

4. China (Based on Beijing & Shanghai) - 15.3%

5. Singapore - 14%

6. Austria - 9.9%

7. France - 9.5%

8. India - 8.9%

9. Poland - 8.1%

10. Denmark - 7.8%

Worst price fallers in 2010

40. Spain -3.5%

41. Japan -3.6%

42. Portugal -4.0%

43. United States -4.1%

44. Greece -6.0%

45. Dubai, UAE -6.1%

46. Croatia -7.2%

47. Ukraine -7.8%

48. Lithuania -10.1%

49. Ireland -10.8%

http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=527487&in_page_id=57&ct=5

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