French Property

[Democorruptcy]

I remember reading something earlier on about a tax change to encourage people to offload investment properties.

25% reduction in taxes until 31st Aug 2014 might be an incentive to make a few offload their property?

Q: We wish to sell our holiday home, but were told to wait for some changes to capital gains tax before putting it on the market. Can we now go ahead?

Yes you can. In fact the changes took effect on 1 September.

Sales of second homes are now exempt from capital gains tax after 22 years, rather than 30 as was the case prior to 1 September. Up until 22 years of ownership, a 6% reduction can be applied for every full year of ownership after five years, with an additional 4% “balance” applied for the final year.

After applying the “period of ownership” reduction, any sales taking place between 1 September 2013 and 31 August 2014 will benefit from an additional 25% reduction.

After calculating all reductions, the rate of tax applicable is unchanged at 19%.

Property sales are, however, also subject to ‘social taxes’ at a current rate of 15.5%. Here sales are not fully exempt after 22 years, but 30. Again reductions apply depending upon the length of ownership; 1.65% for each year from 6 to 21, 1.6% for the 22nd year and 9% per year for the remaining years, giving a total exemption after 30 years. The 25% one year additional reduction mentioned above also applies to ‘social taxes’.

http://www.frenchentree.com/fe-legal/DisplayArticle.asp?ID=46862

[redwine]

I remember reading something earlier on about a tax change to encourage people to offload investment properties.

25% reduction in taxes until 31st Aug 2014 might be an incentive to make a few offload their property?

http://www.lesechos.fr/entreprises-secteurs/service-distribution/actu/0203149900309-le-senat-rejette-la-reforme-des-plus-values-immobilieres-632479.php

There is a problem with the article on Frenchentree.

The changes did not take place on the 1st of September because it has to become a law and it was rejected by the senat on the 25/11/13.

Its now back in parliament and it won't be decided until the end of this month as part of the Finance Law 2014.

I always thought that it was a tax reduction meaning that you pay and then you can claim a tax reduction on your income tax the following year.

Meaning that only those who are tax residents in France can claim a reduction i am not sure if it applies to non tax residents.

Best to wait and see.

[redwine]

http://www.midilibre.fr/2013/12/12/comment-survivre-avec-600-eur,796249.php

Midi-Libre 12/12/13

Comment survivre avec 600 euros par mois en Languedoc-Roussillon.

How to survivre with 600 euros a month in the Languedoc-Rousillon.

Quote.

The Languedoc-Rousillon accumulates new records of poverty and unemployment nearly 540,000 Languedociens are poor in 2013 behind the figures are alarming human situations.

The increase will give you vertigo between 2008 to 2010 the number of persons who have passed below the poverty line has increased by 10% in the Languedoc-Roussillon compared by 2% on the national level.

The poverty rate accounts for 32% of the population living in Perpignan and Beziers with Nimes at 29% (18,670 households) and Montpellier with 27% (27,853 households) one in five Languedocien lives below the poverty level.

County by county the Aude is classed at the second county (21%) in France.

The Rural Zones.

Rural poverty is more important than elsewhere in the Languedoc out of the 500,000 poor a 100,000 live in rural areas.

In the Lozere 17,7% of the over 65 year olds live below the poverty line thats twice as high as the national average 9,3%.

In Beziers a third of the population are poor .

Beziers as well as Perpignan are the towns that are suffering the most 32% of the population live in poverty double the national average.

In the suburb of the Deveze 11,000 households are concerned but over the last few years the town center has seen an increase in the poor.

The Slumlords and those who rent out hovels the cheap hotels whose neighbours today are the buildings that are falling into ruins .

The problem today is the increase in slum housing in the town center;

Famillies of immigrants quickly find a place to live due to the slumlords and others who rent out slum property.

The crisis of 2008 increased the migrations from Morrocco,Spain and Turkey and today the town center is turning into a ghetto.

These populations do not mix together....

The foreign population has increased in Beziers they accounted for 7,8% of the population in 1999 compared with 10,2% in 2008(5,8% national).

They are particulary important in the town center 19,3% and in the area of St Jacques with 26,8%.

Over the years the regional council have remarked that the population of the town center of Beziers has a high level of financial problems with low education levels a high number of single parents and an important amount of persons in a situation of addictions.

The number of unemployed in the region has doubled since 2008.

[Alba]

Thanks for that Redwine. Scary figures!

I visited Beziers and Perpignan a number of times and I was aware of the problems, particularly the periodic violence in Perpignan between immigrant groups.

Narbonne seemed immune despite being sandwiched between the two. However, it may only be a matter of time before this city is affected also, given the obviously rising tide of problems.

These stats make me re-think any dreams (however slim) of returning to Narbonne.

http://www.midilibre.fr/2013/12/12/comment-survivre-avec-600-eur,796249.php

Midi-Libre 12/12/13

Comment survivre avec 600 euros par mois en Languedoc-Roussillon.

How to survivre with 600 euros a month in the Languedoc-Rousillon.

Quote.

The Languedoc-Rousillon accumulates new records of poverty and unemployment nearly 540,000 Languedociens are poor in 2013 behind the figures are alarming human situations.

The increase will give you vertigo between 2008 to 2010 the number of persons who have passed below the poverty line has increased by 10% in the Languedoc-Roussillon compared by 2% on the national level.

The poverty rate accounts for 32% of the population living in Perpignan and Beziers with Nimes at 29% (18,670 households) and Montpellier with 27% (27,853 households) one in five Languedocien lives below the poverty level.

County by county the Aude is classed at the second county (21%) in France.

The Rural Zones.

Rural poverty is more important than elsewhere in the Languedoc out of the 500,000 poor a 100,000 live in rural areas.

In the Lozere 17,7% of the over 65 year olds live below the poverty line thats twice as high as the national average 9,3%.

In Beziers a third of the population are poor .

Beziers as well as Perpignan are the towns that are suffering the most 32% of the population live in poverty double the national average.

In the suburb of the Deveze 11,000 households are concerned but over the last few years the town center has seen an increase in the poor.

The Slumlords and those who rent out hovels the cheap hotels whose neighbours today are the buildings that are falling into ruins .

The problem today is the increase in slum housing in the town center;

Famillies of immigrants quickly find a place to live due to the slumlords and others who rent out slum property.

The crisis of 2008 increased the migrations from Morrocco,Spain and Turkey and today the town center is turning into a ghetto.

These populations do not mix together....

The foreign population has increased in Beziers they accounted for 7,8% of the population in 1999 compared with 10,2% in 2008(5,8% national).

They are particulary important in the town center 19,3% and in the area of St Jacques with 26,8%.

Over the years the regional council have remarked that the population of the town center of Beziers has a high level of financial problems with low education levels a high number of single parents and an important amount of persons in a situation of addictions.

The number of unemployed in the region has doubled since 2008.

[shindigger]

http://www.midilibre.fr/2013/12/12/comment-survivre-avec-600-eur,796249.php

Midi-Libre 12/12/13

Comment survivre avec 600 euros par mois en Languedoc-Roussillon.

How to survivre with 600 euros a month in the Languedoc-Rousillon.

Quote.

The Languedoc-Rousillon accumulates new records of poverty and unemployment nearly 540,000 Languedociens are poor in 2013 behind the figures are alarming human situations.

The increase will give you vertigo between 2008 to 2010 the number of persons who have passed below the poverty line has increased by 10% in the Languedoc-Roussillon compared by 2% on the national level.

The poverty rate accounts for 32% of the population living in Perpignan and Beziers with Nimes at 29% (18,670 households) and Montpellier with 27% (27,853 households) one in five Languedocien lives below the poverty level.

County by county the Aude is classed at the second county (21%) in France.

The Rural Zones.

Rural poverty is more important than elsewhere in the Languedoc out of the 500,000 poor a 100,000 live in rural areas.

In the Lozere 17,7% of the over 65 year olds live below the poverty line thats twice as high as the national average 9,3%.

In Beziers a third of the population are poor .

Beziers as well as Perpignan are the towns that are suffering the most 32% of the population live in poverty double the national average.

In the suburb of the Deveze 11,000 households are concerned but over the last few years the town center has seen an increase in the poor.

The Slumlords and those who rent out hovels the cheap hotels whose neighbours today are the buildings that are falling into ruins .

The problem today is the increase in slum housing in the town center;

Famillies of immigrants quickly find a place to live due to the slumlords and others who rent out slum property.

The crisis of 2008 increased the migrations from Morrocco,Spain and Turkey and today the town center is turning into a ghetto.

These populations do not mix together....

The foreign population has increased in Beziers they accounted for 7,8% of the population in 1999 compared with 10,2% in 2008(5,8% national).

They are particulary important in the town center 19,3% and in the area of St Jacques with 26,8%.

Over the years the regional council have remarked that the population of the town center of Beziers has a high level of financial problems with low education levels a high number of single parents and an important amount of persons in a situation of addictions.

The number of unemployed in the region has doubled since 2008.

My Puisserguier dwelling lady friend is up against it right now.

She brings up 2 kids on her own, and recently had her beno cut to about 300 euros a month.

She does live on the ground floor of her parents house so that helps.

But I don't see these hard realities really reflected in the price of Herault property on Leboncoin etc.

Maybe actual selling prices are actually much lower.

I'm beginning to think she would be better to come over here!

[davidg]

My Puisserguier dwelling lady friend is up against it right now.

She brings up 2 kids on her own, and recently had her beno cut to about 300 euros a month.

She does live on the ground floor of her parents house so that helps.

But I don't see these hard realities really reflected in the price of Herault property on Leboncoin etc.

Maybe actual selling prices are actually much lower.

I'm beginning to think she would be better to come over here!

There was an article in le Figaro magazine last week claiming that selling prices outside of urban areas were down 25% in the last 12 months.

A lot of sellers are still in denial - Redwine has posted numerous articles about this. An estate agent friend has had a place on her books since before the financial crisis in 2008 and it was overpriced then. If they'd followed her advice they would probably have sold back then, now the place is not worth half of what they are asking.

Another problem for peri-urban sellers is that estate agents won't take clients to visit remote properties due to the cost of petrol!

Edited December 16, 2013 by davidg

[redwine]

There was an article in le Figaro magazine last week claiming that selling prices outside of urban areas were down 25% in the last 12 months.

A lot of sellers are still in denial - Redwine has posted numerous articles about this. An estate agent friend has had a place on her books since before the financial crisis in 2008 and it was overpriced then. If they'd followed her advice they would probably have sold back then, now the place is not worth half of what they are asking.

Another problem for peri-urban sellers is that estate agents won't take clients to visit remote properties due to the cost of petrol!

On the 10/12/12 Friggit published his end of the year thoughts on the state of the French housing market.

Prices remain high (the black curve) they are slowly going down the reason why prices still remain high is due to low interest rates on French public debt it seems unlikely that there will be a sudden over night crash.

He also said that todays market depends upon local factors such as income and projected income,unemployment the population the percentage of property for sale and for rent predicted future homes for rent/sale and the amount of residences secondaires etc....

With prices going down by an average of 0.4% every six months this means that a 35% price fall would take 27 years just to get back into his 'tunnel' or affordabe houses when compared to income/prices.

The banks are often blamed for not lending but times have changed 10 years ago they were lending high sums of cash to buyers that were working on 6 month contracts

Today they are not prepared to take any risks.

The average wage in Montpellier is 1350 euros a month lets say a working couple have a monthly income of 2,000 euros and they want to buy a house that costs 250K.

Banking laws have been changed today they are allowed a 33% debt rate this was not the case 10 years ago.

2,000 -33% = 660 euros a month to pay the mortage so it would take them 32 years to pay off there loan.

With a downpayment of say 40K that would only cover fees insurance etc

French banks are not going to give out 32 year loans.

What has changed is the profile of the buyers banks will only lend to the well off middle class with good safe well paid secure jobs average income of 4,000 euros a month they have savings for a down payment there loans are on average for 15 years.

Buyers like them are not going to be found in rural France where there is no work.

A rural county cannot develop due to the ageing population that lives there with a limited budget due to a lack of income the regional councils spend most of there budget on trying to keep public services running.

It costs alot of money trying to keep a school open when it only has 5 pupils but in the past it once had over 70.

The medical desert is often mentioned in the news what they are doing is to bring doctors from Spain and Eastern Europe into rural counties this is also a burden on public finances its not cheap other examples such as paying for a bus service when there are harldy any passengers

The recent French g'vts 'Mona Lisa' report also highlights another problem that they are facing over 3,000 suicides were commited last year in rural France from the age of 65 years and over.

They are trying to find a solution in the form of social help for those who are living in rural isolation again this is going to be yet another burden on local rural budgets.

You see its impossible for them to develop and to attract todays well off buyers thats why prices are falling in rural France.

Its only today that the fall has slowly creeped into the suburbs of the towns.

[redwine]

http://www.lunion.presse.fr/region/immobilier-de-bonnes-affaires-aux-ventes-forcees-ia3b26n269443

The Union Ardennais 18/12/13

Immobilier de bonnes affaires aux ventes forcees.

Property bargains are to be found at the forced sales.

Quote

"The starting price is fixed at 40,000 euros and the bids at 1,000 euros".

After this announce that was made by the court judge the auction for a house begins.

A deadly silence reigns in the court of Soissons!

"41,000 euros to the court" the silence once again falls "50,000 euros" cries a lawyer.

The auction continues and comes to an end at 78,000 euros finally a buyer from Paris wins the bidding.

On Tuesday two other sales were held for those who made the highest offer.

They are called forced sales.

The 'chateau de vivieres' with a 600m2 home and 7ha of land asking price 1,000,000 euros it was sold for .....1,005,000 euros !

For this type of property the buyers are not normally interested.

"Its the lawyers who bid at the auction".

These types of auctions are to be found advertised in the legal section of newspapers.

Sales of this kind attracts property investors and private buyers who are looking for a bargain.

Just like this 150m2 house in Soissons that was proposed last October for a 110,000 euros although even at that price it did not sell.

The fault of the local property market that is hardly flowering !

Where do these houses come from ?

Very often a forced sale is the result of a rather long procedure more than often its someone who has bank debt (not being able to pay back there loan) and its impossible for them to settle there debt.

[swissy_fit]

http://www.lunion.presse.fr/region/immobilier-de-bonnes-affaires-aux-ventes-forcees-ia3b26n269443

The Union Ardennais 18/12/13

Immobilier de bonnes affaires aux ventes forcees.

Property bargains are to be found at the forced sales.

Quote

"The starting price is fixed at 40,000 euros and the bids at 1,000 euros".

After this announce that was made by the court judge the auction for a house begins.

A deadly silence reigns in the court of Soissons!

"41,000 euros to the court" the silence once again falls "50,000 euros" cries a lawyer.

The auction continues and comes to an end at 78,000 euros finally a buyer from Paris wins the bidding.

On Tuesday two other sales were held for those who made the highest offer.

They are called forced sales.

The 'chateau de vivieres' with a 600m2 home and 7ha of land asking price 1,000,000 euros it was sold for .....1,005,000 euros !

For this type of property the buyers are not normally interested.

"Its the lawyers who bid at the auction".

These types of auctions are to be found advertised in the legal section of newspapers.

Sales of this kind attracts property investors and private buyers who are looking for a bargain.

Just like this 150m2 house in Soissons that was proposed last October for a 110,000 euros although even at that price it did not sell.

The fault of the local property market that is hardly flowering !

Where do these houses come from ?

Very often a forced sale is the result of a rather long procedure more than often its someone who has bank debt (not being able to pay back there loan) and its impossible for them to settle there debt.

I've seen these advertised.

One I saw the other day was an apartment in the 19th arrondissement, but it was occupied which surely makes it a non-starter for anyone not 100% familiar with French property law.

[redwine]

I've seen these advertised.

One I saw the other day was an apartment in the 19th arrondissement, but it was occupied which surely makes it a non-starter for anyone not 100% familiar with French property law.

Did you really ? because i have never seen one that has been put up for auction that is occupied.

As the article says it is only after a long procedure that the property is put up for auction.

The banks in question would have evicted the owners along time before the property was put up for auction and they would have tried to of sold it using there own(for certain banks ) EA networks.

Even if the property was occupied which i doubt because lawyers and judges would hardly be trying to sell property during the winter truce and even if they did then the occupants would be allowed to stay in the property until the 30/3/13 after that the baliffs and more than often the police will come along and evict them.

[swissy_fit]

Did you really ? because i have never seen one that has been put up for auction that is occupied.

As the article says it is only after a long procedure that the property is put up for auction.

The banks in question would have evicted the owners along time before the property was put up for auction and they would have tried to of sold it using there own(for certain banks ) EA networks.

Even if the property was occupied which i doubt because lawyers and judges would hardly be trying to sell property during the winter truce and even if they did then the occupants would be allowed to stay in the property until the 30/3/13 after that the baliffs and more than often the police will come along and evict them.

Well yes, I was surprised as well.

I don't have the ad to hand, it was in one of the Paris freebie papers on the metro.

There were a few other properties, they were all empty, but not this one - 54m2 in the 19th offered at 100k which is(I think) quite cheap.

[davidg]

Even if the property was occupied which i doubt because lawyers and judges would hardly be trying to sell property during the winter truce and even if they did then the occupants would be allowed to stay in the property until the 30/3/13 after that the baliffs and more than often the police will come along and evict them.

I've not seen the property Swissy talks about but I don't see an issue with selling a property which has sitting tenants, for example. You often see properties sold with tenants. I will see if I can find out what the lease situation is with reposed properties.

As for getting rid of tenants, I'm told by regie who deal with this kind of thing that, in Paris at least, it can take 2 years even if there is a breach of the contract terms such as not paying rent as the legal procedures are complicated and long-winded. You can often go through a couple of "winter truces" before the bailiffs can move in. That's what I'm told, I've never gone through the process myself.

[davidg]

Here is some information on occupied properties.

http://www.vlimmo.fr/fr/page_logementoccupe.htm

don't forget that there are still properties rented out under the old 1948 law (effectively lifetime tenancies with strict rent controls) which make evicting tenants who are paying their rent difficult.

[redwine]

Here is some information on occupied properties.

http://www.vlimmo.fr/fr/page_logementoccupe.htm

don't forget that there are still properties rented out under the old 1948 law (effectively lifetime tenancies with strict rent controls) which make evicting tenants who are paying their rent difficult.

I read your link it seems that if you are going to buy at auction you have to find out whether or not the property that is up for auction has a tenant if they pay there rent then you will have to them 6 months notice or at least until the end of there rental contract with a reason such as you are going to live in the property.

Having said that there are many different types of auctions the ones you should stay away from are the notarys auctions when a private seller puts there property up for auction they are not forced sales.

I remember seeing one last year asking price 350K thats before bidding not forgeting the fees after the auction and it was advertised before on Se Loger for 350K !

You can still be evicted during the winter truce if alternative housing has been offered and the tenant refuses another example is a squatter they have been evicting squats in Paris last week.

An owner who has sold his property but refuses to leave is considered as a squatter even after a forced sale.

There was an increase in evictions just before the winter truce dead line the 15/11/13 they made news headlines because of the way in which they were carried out.

They tend to be women a 54 year old woman who had been unemployed for the last 3 years was evicted from her flat the problem was the baliffs who today ask just about everytime time for police help she is hardly going to attack french riot police !

Switzerland does not have a winter truce even if you are paying your rent they can still evict you if you refuse to leave.

There was a case last November a 74 year old woman with her 8 cats !

She paid her rent the landlord had cut off her electricity and water and the last i heard she was going to live in her car.

You have to be able to spot the difference between those who are in a difficult social situation and others who can afford to pay but do not having said that the vast majority pay there rent in France and eviction figures are low i don't know anybody who has been evicted.

A sign of times was yesterdays news when the restos du coeur announced over a million had signed on to recieve free meals last year there was 960,000.

Also a new boom business in France !

House alarms, home security,cameras digi codes are doing well due to the massive increase in house burglary .

[swissy_fit]

Here you go, I found the ad as the rag was still in my room, click "ventes affichées".........

In the printed version, on re-reading it sounds as if the cellar and parking space are occupied but not the apartment.

http://www.freaud-adj.com/

As an aside, if I was a lawyer and my name was a simple anagram of the word for fraud, I'd change it, however appropriate that might be.........

.

[davidg]

Having said that there are many different types of auctions the ones you should stay away from are the notarys auctions when a private seller puts there property up for auction they are not forced sales.

Fortunately I don't frequent any of the auctions although I have watched Homes Under The Hammer once or twice but I will take your advice.

[redwine]

Here you go, I found the ad as the rag was still in my room, click "ventes affichées".........

In the printed version, on re-reading it sounds as if the cellar and parking space are occupied but not the apartment.

http://www.freaud-adj.com/

As an aside, if I was a lawyer and my name was a simple anagram of the word for fraud, I'd change it, however appropriate that might be.........

.

You have posted a link to a lawyers website...........

[redwine]

Fortunately I don't frequent any of the auctions although I have watched Homes Under The Hammer once or twice but I will take your advice.

I don't either and i have never watched Homes Under The Hammer although i still sometimes watch M6 House For Sale.

[swissy_fit]

You have posted a link to a lawyers website...........

Er, yes, and then you click "ventes affichees" as I wrote, and you will see the advertisement for the apartment (and one or two others including a house in the 18th for 1400,000 euros!)

There is no direct link to the ad.

[redwine]

Er, yes, and then you click "ventes affichees" as I wrote, and you will see the advertisement for the apartment (and one or two others including a house in the 18th for 1400,000 euros!)

There is no direct link to the ad.

Hello Swissy i found it along with the others.

Its a one bedroomed flat on the 7th floor total surface 54m2.

Along with an underground parking space on level 2 and a cellar again underground on level 3.

As far as i can tell it is not occupied because the advert does not say so but.......I took at look at the house with its starting price of 1400,000 euros !

Click onto the advert and it says that it is occupied by the owners.

The first one is also occupied the flat at Charenton Le Pont its a 4 bedroomed flat 95m2 on the 17th floor it has a cellar on the 1st floor with a parking space on the ground floor starting price 50,000 euros.

It looks cheap but theres a total of 1,290 euros in charges that have to be paid every three months.

The prices are low for Paris but thats because the price in a forced sale is the debt that is owed then during the bidding it tends to go up.

In this type of sale you may have to pay a lawyer 10% of the total price not forgetting lots of other hidden fees.

The flat for 50K that is occupied even if you bought it during the auction then it is up to the buyer to pay the baliffs to evict the occupants .

BTW I don't understand the massive debt on the house .

What else you are only allowed one visit before the auction this could be delicate when the owners are still living there.

[davidg]

I don't either and i have never watched Homes Under The Hammer although i still sometimes watch M6 House For Sale.

Plaza is good and I like the interior designers but I'm more a Marc-Emmanuel fan :-).

I will have to post some pics of the places being built round here, some are real crap but they are throwing up stuff all over the place. They've just started a new estate which is being built right next to the local stinky sewage works. Rather them than me.

There are loads of empty houses around the place so I don't really understand the logic of so much house/apartment building.

Edited December 23, 2013 by davidg

[redwine]

Plaza is good and I like the interior designers but I'm more a Marc-Emmanuel fan :-).

Marc-Emmanuel who presents "tous ensemble" or all together thats shown on TF1with his unshaven look !

This is a tv reality show where property owners who are in difficulty due to a lack of cash can't finish building work such as repairs etc.

Then by magic Marc steps in with the neighbours and the builders and finish the work for free.

Everybody bursts out crying and its a happy end.....but is it really ?

[redwine]

http://www.ladepeche.fr/article/2013/12/05/1767891-castres-ville-vend-batiments-encheres-90-secondes.html

La Depeche Tarn 5/12/13

Castres La ville vend ses batiments aux encheres en 90 secondes.

Castres The town is selling its buildings in 90 seconds.

Quote

Three times 90 seconds and hop the hammer falls or not...tomorrow at 2pm at the town hall and for the first time its with a chronometer and not a candle that the notary will start the bidding for fivel properties that belong to the council.

This type of sale is rare but it has already been used by the council in 2007 at the time ten properties were sold to those who paid the highest price but tomorrow there will only be five .

"A project for investors"

"After renovation work a good investment return seems to be possible"

[redwine]

http://www.ladepeche.fr/article/2013/12/05/1767891-castres-ville-vend-batiments-encheres-90-secondes.html

La Depeche Tarn 5/12/13

Castres La ville vend ses batiments aux encheres en 90 secondes.

Castres The town is selling its buildings in 90 seconds.

Quote

Three times 90 seconds and hop the hammer falls or not...tomorrow at 2pm at the town hall and for the first time its with a chronometer and not a candle that the notary will start the bidding for fivel properties that belong to the council.

This type of sale is rare but it has already been used by the council in 2007 at the time ten properties were sold to those who paid the highest price but tomorrow there will only be five .

"A project for investors"

"After renovation work a good investment return seems to be possible"

http://www.ladepeche.fr/article/2013/12/07/1770053-castres-vente-encheres-ville-personne-surencheri.html

La Depeche Tarn 7/12/13.

Castres Vente aux encheres de la ville personne n'a surencheri.

Castres The town council auctions nobody made a bid.

Quote

Yesterday the town hall auctions for 5 properties were held and the auction took place in the town hall where a few dozen chairs were installed facing the desk where the notary who had organised the event.

Only 6 persons turned up and sat down in the room 5 of them came along just for something to do because they had read our newspaper on the 5/12/13.

After 90 seconds top chrono for each of the 5 properties nobody had made a bid on any of the properties that were put up for auction.

The notary was not surprised he said..."I could feel that the property market is today lifeless in Castres".

[redwine]

http://www.capital.fr/immobilier/zoom-sur-une-ville-et-sa-region/dans-le-centre-de-castres-certains-logements-s-echangent-des-800-euros-le-metre-carre-898589

Capital 27/12/13.

"Dans le centre de Castres certain logements s'echangent des 800 euros le metre carre".

"In the center of Castres some property is being sold for 800 euros the square meter".

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The price of property in Castres had already dropped in 2012 and has again fallen by 12% this year.

A diagnostic of the market in Castres with Nicolas an EA.

How is the market in Castres in 2013 ?

Nicholas The prices are on free fall they have already fallen on average by 12% and even 15% for property that is badly situated or with faults.

Having said that this does not encourage the buyers whose numbers have fallen by 30% this year to come back to the market.

The result is that nothing is selling in less than 7 months.