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http://www.ladepeche.fr/article/2011/06/19/1110276-le-chiffre-50.html

La Depeche 19/6/2011.

Tarn

Moins d'Anglais dans le triangle d'or.

Less English in the golden triangle.

Quote

Its difficult to recover from the crisis in the 'golden triangle' of Gaillac-Castelnau-Cordes.

Theres alot less British buyers around and the same goes for the tourists.

We presented them as being voracious when it comes to 'old bricks' they exploded the property market but since 2008 and the arrival of the famous crisis the British customers have lost there appetit.

The pound has fallen and a high number who live in the Tarn have put the key under the door dead in there souls and when they do manage to sell its often with other compatriots of her gracious majesty.

The buyers have become the sellers.

The British ?

We have 70% less and those who are hit are the retired they are trying to sell there properties estimated between 200,000 to 400,000 euros but often in vain !

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http://www.ladepeche.fr/article/2011/06/19/1110276-le-chiffre-50.html

La Depeche 25/3/15

Tarn et Garonne.

Valence d'Agen des prix toujours plus bas.

Valence d'Agen the prices continue to fall.

Quote

After two years on the bottom the property market in Valence d'Agen seems to be slowly lifting its head out of the water.

We have had a slight increase in the number of transactions this is due to the drop in prices that is still continuing in an outstanding way.

The buyers are waiting and the vendors are now starting to accept the idea of selling at a loss at least for those who bought during the 'property bubble' explains Francine of bourse property in Valence d'Agen.

Recent houses that were priced at 140,000 euros a few years ago are today being advertised for between 80,000 to 100,000 euros and 120,000 euros with three bedrooms.

Other types of property thats on the market in Valence d'Agen are old town houses with small gardens they are priced around 70,000 euros.

They attract the first time buyers and old aged pensioners who want to be near to the shops.

No investors.

Property is not adapted to the demand and the town is clearly lacking in small practical housing estates that pleases this type of client.

Many older houses also need to be renovated but the town does not attract the investors.

At the same time the town is lacking in jobs and the rental market is not dynamic it concerns a population that are precarious.

In this complicated climate the good news comes from the north suburb that is symbolized by the re-opening of the Lidl supermarket.

As for the holiday home market it seems to be on stand by.

"The english have left and today a high number of houses that they bought are up for sale and theres bargains to be found because they have also been obliged to drop there prices" notes the estate agent.

Fabie and Julie

On sale for more than a year....

The couple moved to Valence d'Agen five years ago renting with two children they have been looking to buy for the last year.

We made a few visits and a house that we found needed some work doing to it it had been on sale for a while for 160,000 euros then the price dropped to 124,000 euros we made an offer of 110,000 euros and it was accepted.

I still have the impression that theres still lots of vendors who don't want to drop there prices and the houses that we first looked at are still up for sale and have been for more than a year.

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http://www.ladepeche.fr/article/2011/06/19/1110276-le-chiffre-50.html

La Depeche 25/3/15

Tarn et Garonne.

Valence d'Agen des prix toujours plus bas.

Valence d'Agen the prices continue to fall.

Quote

After two years on the bottom the property market in Valence d'Agen seems to be slowly lifting its head out of the water.

We have had a slight increase in the number of transactions this is due to the drop in prices that is still continuing in an outstanding way.

The buyers are waiting and the vendors are now starting to accept the idea of selling at a loss at least for those who bought during the 'property bubble' explains Francine of bourse property in Valence d'Agen.

Recent houses that were priced at 140,000 euros a few years ago are today being advertised for between 80,000 to 100,000 euros and 120,000 euros with three bedrooms.

Other types of property thats on the market in Valence d'Agen are old town houses with small gardens they are priced around 70,000 euros.

They attract the first time buyers and old aged pensioners who want to be near to the shops.

No investors.

Property is not adapted to the demand and the town is clearly lacking in small practical housing estates that pleases this type of client.

Many older houses also need to be renovated but the town does not attract the investors.

At the same time the town is lacking in jobs and the rental market is not dynamic it concerns a population that are precarious.

In this complicated climate the good news comes from the north suburb that is symbolized by the re-opening of the Lidl supermarket.

As for the holiday home market it seems to be on stand by.

"The english have left and today a high number of houses that they bought are up for sale and theres bargains to be found because they have also been obliged to drop there prices" notes the estate agent.

Fabie and Julie

On sale for more than a year....

The couple moved to Valence d'Agen five years ago renting with two children they have been looking to buy for the last year.

We made a few visits and a house that we found needed some work doing to it it had been on sale for a while for 160,000 euros then the price dropped to 124,000 euros we made an offer of 110,000 euros and it was accepted.

I still have the impression that theres still lots of vendors who don't want to drop there prices and the houses that we first looked at are still up for sale and have been for more than a year.

Fabie. :)

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http://www.ladepeche.fr/article/2015/03/25/2074065-valence-d-agen-des-prix-toujours-plus-bas.html

Fabien not fabie my fault the N vanished and here is the correct link i posted the golden triangle link twice.

I wonder how they are getting on in the 'golden triangle of british property in the Tarn'

Hi RW, i wasn't picking you up on your spelling.

I just meant that it was "fabie" that locals were finding things affordable again.

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http://www.agoravox.fr/tribune-libre/article/ce-petit-coin-de-paradis-ou-le-165083

Agoravox 20/3/15

Ce petit coin de paradis ou le Front National cartonne....

This little paradise where the National Front are a hit....

Quote

Whilst waiting for the programmed triumphant victory of the NF in the local by-elections next Sunday.

I thought that i would give you my impressions of this bastion of 'assumed patriots' where i lived for three years.

This little paradise is the county of the Aisne , north-east of Paris.

Laon its main town is 1hr30 from Paris in the south Chateau-Thierry is only 90 kms from the capital.

Its where i lived three long years of depression a charming place with 40% of shabby council houses its sinister town center where the shops are closing down one after another.

The variety of supermarkets goes from Leader Price to Lidl.

Its bars where the local population are unfriendly and cold and don't know the basic rules of courtesy (they don't know how to say hello).

The rotten smell of re-cycled paper that stinks everywhere comes from the only factory in the area.

If you want to go for a walk along the side of the Marne river unfortunatley nothing has been developed for walkers.....

There is no cultural life no-opening on the outside world the mentality here is the same as it was fifty years ago.

Imagine driving forty miles passing through villages where there are no shops ,no public services only the red alcoholic faces of old aged pensioners on the pavements and the bored youths who hang around a scooter.

No railway station no trains or a bus service in the 'triangle of death' of Villers-Soissons-Chateau Thierry.

Do you know a charming town called Neuilly Saint Front ?

With its long streets that are full of empty vacant shops with there metal shutters that went down many years ago.

Only one bakery a hairdressers and a small shop is left today.

Its here that Marine Le Pen obtained 33% of the vote during the last elections and in a town where there are no immigrants or racial tension.

L'Aisne is a no man's land for as far as the eye can see the empty abandonned beach on the side of the lake Féré en Tardenois its campsite also closed down many years ago.

The motobike rodeo's around the yearly apple harvest party and always always the same closed faces of the people who pass by.

In these conditions a simple direct speech finds its public in this sinister county with record unemployment.

The people here don't vote FN because of having thought about its ideology or the use of sovereignty in the role of the nation.

They vote to complain thats all its the best that they can do in there grey daily lives.

When we maintain (or better when we make) poverty of all kinds we obtain this type of situation.

There is no secret !

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  • 2 weeks later...

http://www.lemonde.fr/argent/article/2015/04/13/selon-les-notaires-la-baisse-des-prix-de-l-immobilier-s-accelere_4615160_1657007.html

Le Monde 13/4/2015

Selon les notaries la baisse des prix de l'immobilier s'accelere.

According to the notarys the fall of property prices is accelerating.

Quote

If the price of property is resisting in the big towns the prices go down as soon as you move away from them.

In certain rural areas there are no transactions at all.

These are the current state of the market results that have just been published by the Notarys of France on the 13th of April.

The house in the countryside a disaster victim.

The market that is badly affected is the holiday home market.

"On the tourist seaside coasts the sales volumes and prices are at half- mast and should not change" wrote the notaries.

Once you go inland house prices are collapsing.

To give an example in the county of La Creuse the price of property has fallen by 50% since 2008.

Its the same in the Morvan the Perigord and the Gers.

Normandy and the Perche have registered price drops of between 20% to 25% and the Luberon of around 10%.

Based upon future pre-signed contracts the information (for the future) that the notarys have announced is an acceleration of the fall of prices.

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Interesting article, but there is also some sad news in there: Nice (+7 %)

Obviously I wonder how come there are these regional differences. In one of the comments someone questions why those areas that are now dropping so much ever went up that much to begin with.

Big question for me remains have those areas in which prices have dropped simply gone back to their realistic prices, as I personally do not want to live in any of them? Or will it still be Paris/Nice's turn to join the "party" soon?

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Interesting article, but there is also some sad news in there: Nice (+7 %)

Obviously I wonder how come there are these regional differences. In one of the comments someone questions why those areas that are now dropping so much ever went up that much to begin with.

Big question for me remains have those areas in which prices have dropped simply gone back to their realistic prices, as I personally do not want to live in any of them? Or will it still be Paris/Nice's turn to join the "party" soon?

You have to bear in mind that the Notaires are not neutral in all this and it is in their interests for prices to be high, or for there to be lots of transactions. I don't trust some of their figures and opinions. Some of the data must come from very low sales volumes and you wonder how they analyze the data. It is all a long way from the Nationwide, Land registry etc. indexes.

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You have to bear in mind that the Notaires are not neutral in all this and it is in their interests for prices to be high, or for there to be lots of transactions. I don't trust some of their figures and opinions. Some of the data must come from very low sales volumes and you wonder how they analyze the data. It is all a long way from the Nationwide, Land registry etc. indexes.

http://votreargent.lexpress.fr/immobilier/immobilier-les-prix-des-maisons-dans-plus-de-1-100-villes-de-france_1671613.html

L'express 16/4/2015.

Immobilier les prix des maisons dans plus de 1,100 villes de France.

Property the price of houses in more than 1,100 towns in France.

Quote

The prices that are shown come from Perval the national data base of the notaries and Bien the data base of the notaries of Paris Ile - de-France.

The prices of houses are median prices.

A median price ? means that half of the transactions over the last 12 months are above this price and the other half below.

For the regions price variations are calculated between the median price in 2013 and the 2014 median price.

For Ile -de-France we compare the median price of the fourth quarter of 2014 with that of the fourth quarter of 2013.

This is a map of France and you are given median prices of 1,100 towns and price variations.

Having said that its from the notaries and the way in which they calculate is confusing and its meant to confuse you because in the past they just published average house prices.

Theres alot to be said about there figures and theres an article called 'the strange case of the notaries figures' when a journalist asked them where do there figures come from ? how many sales have been made etc.

He telephoned sent mails letters asked for an interview but they would not reply.

They publish presse statements and er thats it and no questions are allowed.

The map is still worth looking at some may find confort others not but its to be taken with a pinch of salt

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Interesting. Median isn't a bad way to go as it excludes some outliers.

The important thing for a non local buyer is to be very wary of any figures given by notaires and agents; esp. in some of the dead zones you've pointed out like the Creuse and 2 Sevres.

Edited by davidg
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One final point, an observation, having lived in France for many years in 'sunny' Bretagne (not) it has been refreshing to meet so many pleasant people on our travels, I had heard stories of the Bretons being somewhat cold and unwelcoming (of course not all of them) and now I realise how true this is.

http://www.breizh-info.com/25568/actualite-societale/chateaubriant-retournez-dans-votre-pays-putain-de-riches-anglais/

Breizh info Brittany 23/4/2015

Chateaubriant "Retournez dans votre pays putain de riches anglais".

Chateaubriant "Go back home you f**king rich english".

Quote

"Go back home you f**king rich english people and give back your houses to the families who live and work here".

Proclaims Johnathan Guillaume on his facebook page he is the spokesman of 44bzh an association whose aim is to reunite Brittany.

"For those who want to squat a house (for 5 families) that belongs to the rich upper middle-class and who haven't lived there for the last 5 years.

I know a perfect place just north of Chateaubriant".

The militant independentist Breton of the extreme-left wing has succeded in two sentences to accumulate hatred against a nationality and to incite the squatting of a property that is owned by an englishman.

Anti-racist and anti-facist he is present in all of the demonstrations "against the extreme-right".

Johnthan Guillaume has revealed another face the hatred of a certain social-class and a nationality.

This position is clearly xenophobic coming from a militant of the left-wing but hasn't for the moment provoked any reaction from the other parties of virtuous Bretons who are very sensitive about this subject.

Its true that they are Europeans and moreover its the English who are aimed at.

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http://www.liberation.fr/societe/2015/04/12/carcassonne-en-plein-centre-vide_1239687?utm_source=Facebook&utm_campaign=Echobox&utm_medium=Social

Liberation 12/4/15

Carcassonne en plein centre vide.

Carcassonne in the middle of the empty town center;

Quote

In the heart of the deserted town center the shopping centers have multiplied on the outskirts.

The city Cathare was tempted by the FN but finally remained socialist.

Meeting the locals who discuss benefits the fear of the foreigner and a feeling of insecurity.

"This shopping center was one of the first ones it opened in the 1970's" remembers Jean-Francois an old man with a round stomach who is sitting in a café in the shopping center Geant Cite 2 in Carcassonne in the Aude.

"It was really good you could find the shop keepers who came from the town center they had stalls here a little like Galeries Lafayette".

Today this building with its rusted roof is the home of a supermarket a tobacconist's a haberdashery shop an optican a hairdressers and a shoe repairer.

In the car park a few caravans the tourists and two gypsy families.

In the other big sheet metal buildings a DIY shop and a hard discount and also a ruin that is covered in graffitti it was abandonned a decade ago.

This is the heart of Carcassonne's three shopping centers that were built on the outskirts of the town just after the blocks of council flats but before the sleepy pretty villages of the Corbieres.

This place says it all about the decline of these medium sized towns where you live and consume on the outskirts leaving the town center to the old and poor except for the market on a Saturday.

The rumour says that there are more supermarkets by habitant than anywhere else in France with more than 100,000 m2 thats dedicated to big shops for 48,000 habitants.

The town has a shopping density that is three times higher than the national average.

This is the limit of being absurd in the second poorest county in France.

Today the wind is blowing in the car park so we take refuge in the shopping center.

Jean-Francois visits the shopping center everyday even several times a day because his life is too quiet on the housing estate thats just next door to the shopping center.

In the bar Michel the owner says "from here i can see how society has changed" his customers have become poorer and poorer they work alot less than before.

"When they recieve there benefits they come here once a month to do there shopping and to have a drink the otheres are the regulars".

Like Jean-Marie and his two friends who are both retired he says "the town center is only for seeing the djellabas the town has let itself go and the insecurity is one of the highest in France and you have to go there in a group otherwise its dangerous".

Nobody here talks about the medieval city or the 2 million tourists and the old town center doesn't look like the throat-cutting place that they have described and yet the old town center concentrates all of the resentments .

Everybody wants to live on the outskirts and to have there own swimming pool.

Behind her gastromomy food stall Laura is bored nobody is in a rush to buy her cheese.

"My clients are the tourists the retired Dutch Belgians,English and the rich who live in the wine yards.The locals can't afford it."

I can tell you this i have worked in many shopping centers but i have never seen anything like it here.

The shops are glued together and people don't seem to have anything else to do all day apart from coming in here just to drink a coffee.

Nobody buys anything the shops don't work but they continue to build them.

A controversy that is a thousand miles away from the worrys of Barbara and Richard a couple of English pensioners who have retired to a well to do village a few miles from the town.

They love everything here the people who are "discreet and friendly" even though they themselves don't have any french friends.

This is no surprise seeing as they hardly speak any french after living here for the past 5 years.

The "beautiful" town center the medieval city the weather and the supermarkets "very practical".

They don't see the poverty that the newspapers talk about apart from "one time we went to Perpignan and we noticed that it wasn't very well looked after".

Behind them at the check-out a young couple with a shopping trolley and a pram.

"Its hard to find a job here and i am waiting for a training course to become a bus driver" says Afandi.

"The shopping is paid in part by the benefits we come here twice a month.The first time is for us and the second time is for the children".

Melissa is a cleaner in the towns cinema that was moved to the outskirts ten years ago.

Afandi mentions the 'discreet racisim' they believe that we recieve too much help but last year when we had only 300 euros a month to live on we were turned away by the food bank.

The couple were glad to leave the town center for a far away council flat Melissa said"Its good to live on the outskirts because we have our landmarks".

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http://www.lepopulaire.fr/limousin/actualite/2015/03/28/encore-une-annee-difficile-pour-l-immobilier-en-haute-vienne_11382134.html

Le Populaire 28/3/15

Limousin - Limoges

Encore une annèe difficile pour l'immobilier en Haute-Vienne.

Yet another difficult year for property in the Haute-Vienne.

Quote

Do you want to sell your property or buy property ? What price can you hope to get ?

The study that is realized every year by the Property Observatory of the Haute-Vienne permits you to know the current market trends and to draw up the results of the last twelve months.

These results were presented last Thursday at the chamber of commerce and industry in Limoges.

The expected up-turn did not turn up in 2014 old and new property has known "a difficult year".

According to Mr Durivaud the chairman of this observatory.

The number of sales and average prices have fallen and the results are once again "morose".

In old property the fall in sales persists.

"The curve has not been reversed" regrets Olivier of the agency Orpi.

An example 6,744 old properties were sold in 2012 in the Haute-Vienne there were 500 less in 2014 if the volumes continue to decline the prices have also followed the same trend and this applies to houses and flats.

As for houses the fall is far higher in the rural zones.

In Limoges the drop is around 5% but once you go away from the town the drop goes up to 15%.

All of the different types of flats have known price falls but those that were built in the 1970's and are in need of work or with high standing charges are suffering the most from the lack of buyers.

Twice as less new houses were built than in 2010.

Even though the Haute -Vienne has just until now 'resisted' 2014 was a complicated year less than 17% of new houses were built (against 12% national).

In four years the number of new houses that were built has gone from 1,400 to 700 !

Less than 13% when compared to 2013.

With less than 690 building permits delievered in 2014 the Haute -Vienne has reached a new level that has never been seen since a quarter of a century.

The reasons ?

The job market were most of the jobs are fixed term contracts.

The stock of property to rent is still higher than the demand.

In the Haute-Vienne the rents have generally fallen by 2,1% in 2014 because the offer is far superior than the demand.

According to the Echos (October 2014)

Limoges has the highest returns for rental investments in France.

"The problem is trying to find somebody to rent to".

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  • 1 month later...

http://www.lanouvellerepublique.fr/Indre/Actualite/24-Heures/n/Contenus/Articles/2015/06/30/2.-Le-Blanc-marche-stabilise-et-petites-perspectives-2385912

La Nouvelle Republique 30/06/2015

Indre

Le Blanc marchè stabilisè et petits perspectives.

The Blanc market stabilized and small perspectives.

Quote

There's no need to walk for hours in the center of the town of Blanc to find the 'for sale signs'.

They are planted in the right places on the fences and they are flowering.

Is this a sign that the town is no longer attractive ?

"No not at all" explains Alain of the agency a thousand ponds.

We can't deny that there are more today than a few years ago but as you have already remarked the houses that are up for sale are small town houses with one or two storey's.

This no longer corresponds to the needs of a population that is ageing.

So what is the trend today in the town ?

The market has changed its not the same as it was ten years ago.

The property that is the most sought after are houses at less than 60,000 euros without alot of work for first time buyers or young couples or detached houses for around 80,000 euros.

What about up market property ?

Yes we have some very beautiful houses but they are rare and the prices can be as high as 300,000 euros but in the end being reasonable always pays.

The vendors know that the prices were too high in the past and on this subject.

We have noted a fall in absolute value of 20 to 30% in the last seven years.

The first to be hit by the fall in prices are obviously the English.

The arrived in a fanfare ten years ago and today they are trying to sell everything ?

" Its been difficult for the English to integrate at that time they came with there children today the children have left and gone away to study. All of a sudden they find themselves alone without any friends and because they are not adapt to fitting in they just leave and go back home whats more the difference today between the pound and the euro is not as attractive as it was in the past"

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http://www.lanouvellerepublique.fr/Indre/Communes/Issoudun/n/Contenus/Articles/2015/07/01/Ces-belles-demeures-endormies-2387509

La Nouvelle Republique 1/7/15

Indre Issoundon

Ces belles demeures endormies.

Residences these sleeping beauties.

Quote

Villa end of the 19th century a hall a 145m2 reception area a beautiful kitchen a music room two bathrooms......

A house palace of 420m2 for sale on Le Bon Coin price 392,000 euros its to be found in Issoudun a few steps away from the historic town center.

The house is there but it does not sell.

Its not the only one says Phillippe an estate agent with 25 years in the job he knows all of these residences.

Two years ago the market totally stopped in Issoudon and Argenton Le Blanc La Chatre.The Parisiens who were once fond of these houses situated not that far from Paris would visit them for four or five weekends a year.

Its not the price of the house that scares them because 400,000 to 500,000 euros is the price of a three bedroomed flat in Paris but the maintenance costs.You have to spend between 2,700 euros to 3,000 euros a month and today this puts the buyers off.

Owner of an 18th century residence where we no longer bothered to count the number of rooms with a total surface area of 600m2.

The seventy old woman has been trying to sell it for a while.

" but its out of the question that i drop my price its an ancient convent with a park" she said.

A solution ? Phillippe can't see one he estimates that even if the owners decide to drop there prices by a 100,000 euros they still would not sell.

Today people would rather buy new houses with low energy consumation even if they have alot less charm they are practical and use less energy.

The English and the Dutch have also deserted the area a few years ago.

So the owners of these sleeping beauties have just got to be patient and maintain there properties until maybe one day somebody will fall in love with them just like they did.

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http://www.lanouvellerepublique.fr/Indre/Actualite/Economie-social/n/Contenus/Articles/2015/07/02/Erosion-de-la-filiere-anglaise-2389527

La Nouvelle Republique 2/7/15

Argenton-sur-Creuse

Erosion de la filiere anglaise

Erosion of the English network.

Quote

The English fell for the charm of our region "first of all the prices" emphasizes Janet an estate agent at center property who is also a British national.

"We are one of the cheapest counties in France with easy access to the A20 motorway and Limoges airport not forgetting the quality of life notably with the children".

In 2014 nearly a quarter of her clients buyers and sellers were British.

"Before 2008 it was mad" remembers Chantal "the foreigners disembarked in coaches that were full they would each visit three houses and sign to buy in the evening"

" I saw ruins being sold for a 150,000 euros".

Since then this money spinner has worn out over the years.

The English are scared of the Euro Zone an enormous amount of the British bought during the 2000 years and have since sold and lost cash constats Janet.

The French property market no longer has a good press theres lots of taxes and the profits are finished.

Chantal gives an example a house bought in 2006 for 165,000 euros sold this year for 78,000 euros.

The running away of these rich clients and the fall in first time buyers means that we will have to look to new horizons theres an upturn in interest of foreign clients for property below 100,000 euros.

New clients are appearing notes Janet "people who continue to work in Paris but like to escape from the capital".

Coach trips from hell ? or lambs to the cash slaughter house ! and Paris is 300kms away from Argenton on the motorway a long drive to go to work or the EA myth of the rich Parisien buyer.

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http://www.lanouvellerepublique.fr/Indre/Actualite/Economie-social/n/Contenus/Articles/2015/07/02/4.-A-Argenton-on-en-saura-plus-apres-l-ete-2388661

La Nouvelle Republique 2/7/15

Argenton-sur-Creuse

A Argenton on en saura plus apres l'ete.

In Argenton we will know more after the summer.

Quote

A small tremble it seems that the property market that has been morose these last few years has started up in the sector of Argenton-sur-Creuse.

"A slight up turn since the start of 2015" according to Christine of Adil (county property information agency).

"Without adoubt due to the low prices and interest rates".

Although this has to be confirmed you have to be very careful so its too early to make any conclusions even though 'Argenton is the most dynamic sector in the county'

"The market is lethargic " says Chantal of Center Property.

2014 was for us an exceptional year with 26 sales but above all high profits since the beginning of this year the agency has concluded 4 sales

"terrifying"

Vincent agent at Guignard Property says "in Argenton and its close urban area the market works well. We have more offers than demands for town houses and detached houses".

On the other hand its more complicated in the countryside.

" We have houses for sale between 40,000 to 50,000 euros in abundance".

"The problem is that nobody wants to go to live in the countryside " regrets Chantal.

"The market is flooded".

The prices in the town despite a fall of 20% since 2009 are still not attractive.

Today our clients are mainly locals notes Janet of Center Property.

They have a lending power that is lower than the foreigners.

The cooling off of the banks are also to blame.

"For the first time i saw a bank send an expert to verify that a house was worth its sales price and they have warned us that from now on this will be systematic" said Janet

Fear inside no mention of the Brits and the Parisiens on this second article and its good to see that the banks are doing some checking up when only a few years ago they were selling wrecks to the Brits for a 150,000 euros.

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Swiss Franc swaps... search words: French loan toxic

WSJ

‘Toxic’ Loans Wallop French Towns
Interest rates pegged to Swiss franc skyrocket, and ‘the tab keeps growing’; rethinking school construction

July 20, 2015

CHÂTEAUNEUF-LES-MARTIGUES, France—The mayor of this sleepy town near the Mediterranean coast gathered a crowd in the community hall on a recent day to discuss complex instruments that most of them had never heard of: financial swaps.

Over three hours, he described how a loan pegged to the Swiss franc that municipal officials took out years ago had become so burdensome that the southern French town could no longer afford to build the school it needed.

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Hyun Smith 20 hours ago
"seemed like an easy way to get money"

Thats always the problem.


David Hill 2 days ago
One common feature of all the borrowers who complain they were "duped" by some lender(s) is that they all thought they were getting a good deal.

No one forced them to sign the loan documents. They were happy to sign and get the money to build, well, a new media center (why would a sleepy little town even need that?). The borrowers then turn around and blame everyone but themselves for the deal.

And why would the French government bail them out? Responsibility can be just awful.

Andy Kushner 2 days ago
"...Several hundred municipalities have sent demands for financial aid to the government..."
Demands? How can they demand anything due to their bad judgement? Perhaps a plea for assistance, maybe.
It's time for adults to take over.

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http://www.meilleursagents.com/prix-immobilier/valbonne-06560/

Update from the Riviera :)

Interesting stats for this typical village - Biot - on the Riviera. Since 2007, prices haven't moved...probably dropped a little.

The 10yr evolution , +15% since 2005. So, as an "investor" I would have made more money placing the cash in a euro denominated Assurance Vie. Safe and unglamorous, unlike "immobilier".

I've noticed that there are a large no. of flats/houses for sale in this town and nearby. Massive build up of inventory. I'm seeing some places drop by 20% or more from initial asking price (kite flying is a national sport on the Riviera ....).

The place below was listed at 899,000€ to start.. Still for sale. Looks like they need to lower that price a bit more. 20% off and still no-one is biting.

It's 160m sq. - by my calcs, it should be about 3000/sq metre. Add in the pool, and it's a 550,000€ house.

 

Evolution de prix

750000 FAI

-40 000 € (5%)Image1.gifImage1.gif

Le 14 avr. 2015

790000 FAI

-108 000 € (12%)Image1.gifImage1.gif

Le 24 févr. 2015

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Interesting link!

For me to be interested in buying something in the Côte d'Azur prices need to drop 40%.

I paid about 45% from the top when I bought in 1996.

In 1994/5, EA's were telling me that I'd be waiting a lifetime if I didn't want to by at the bubble prices they were touting.

In euro terms, prices have been falling on the Riviera for the last 6 years. Slight upturn around 2011, but trend is down , down, down.

As my example above shows, prices are down around 20-25% for many properties, since 2008. Sellers now being hit with a wave of realism in the last 18months imo. I reckon another 20% off is reasonable to expect. With further drops once panic sets in , say in 2017.

Don't forget...EA/Seller prices display the best price they hope for. It's kite-flying, nothing else. If you see something you like ,make the offer of 40% off and see what the reaction is. EA's on the Riviera are sharks, who prey on the gullible tourist every day. They might laugh you off at first...but if they see you are serious , they will sell their granny to get the commission. ;)

Edited by Agentimmo
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We are staying in Lot for a couple of months, house hunting.

Every time we look we get put off by the volume of property on the market. It is overwhelming, yet the prices are holding. We were last in the area in March. Virtually all the same houses are on the market, all at the same price!

I keep thinking one day, one day soon the dam wall is going to burst as this is unsustainable.This is the big problem, how to square the circle, why buy something today, when tomorrow it could be cheaper, in this case 10's of thousands cheaper.

Yes, I agree, if we make an offer, having searched through the thousands of houses for sale I would certainly be thinking of a reduction of around 40%. However the estate agents and sellers mentality is not there, they are just not realistic. I get the point that the estate agents vulture like qualities will drive them to force the sale, but the sellers just don't get it.

Here is an example from my direct experience. I know of property that has been on the market for 6/7 years, property that I would have brought if the seller had been reasonable, at the outset the selling agent told me the property was around 50k overvalued. So I made an offer taking off 50k. This was refused, by the end of negotiations I had upped my offer and was just 20k off the asking price, that was 6 years ago. The house is still for sale, the owner has reduced the price by, guess what, just 20k. You could not make it up. This exemplifies the total intransigence of many sellers. (Or plain stupidity, especially in this case as its an inheritance)

Perhaps renting is the only way forward, house prices have got to fall. (every thing points in the downward trend, political upheaval, EU worries, stagnation, volume of property on the market, debt levels, bank lending etc.) I suspect by renting the savings against buying a house would pay for my rent and a good few holidays.

I would welcome all opinions on my analysis, good and bad, thanks.

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We are staying in Lot for a couple of months, house hunting.

http://www.laviequercynoise.fr/marche-de-l%E2%80%99immobilier%E2%80%89-une-reprise-fragile-s%E2%80%99amorce-cet-ete_6129/

La Vie Quercynoise 20/8/15

Life in Quercy.

Ou en est le marché de l'immobilier dans le Lot ?

Where is the property market in the Lot ?

Quote

Stephane estate agent in Prayssac has remarked an up turn when compared to last summer.

"Its a little better than in 2014 there's a slight increase in demands up to 150,000 euros".

Although the market remains calm for property over a 150,000 euros and more.

Globally prices are falling and the buyers are in a position of strength.

Property priced at a 150,000 euros an offer for 120,000 euros will be studied with serious attention.

As for the clients they are old..

" Its always the old who buy its a problem in the Lot since there is hardly any work the young leave".

There's lots of pensioners who have left the urban zones ( Paris and the center of France) Prayssac attracts them because there's lots of shops.

" A few English are coming back into the county but its nothing when compared to what we have known in the past".

Stephane remembers the crisis in 2007 when the situation became very difficult.

The crisis was more marked in the Lot because there is no economic activity the politicians have tourist projects not projects to develop industry and business like in the county of the Aveyron.

Its night and day when compared to last summer said Alain of Occitan property in Gramat.

We have never known anything like this since 2008 an increase in clients there's more buyers but they have less cash but they buy low priced small property.

Last summer they stayed away there was no demand...

Just like everywhere else in the county its property up to a 150,000 euros that finds a buyer above this price the buyers are just not there..

Our clients are the locals of Gramat and the French who come from elsewhere its shared.

We haven't got any foreign buyers its finished.

The English have sold up and they lost everything when compared to the price that they bought for.

The aim of the buyer is to buy for the lowest price.

Prices are still low therefore there is still away to negociate the sellers have understood this they have to negociate if they want to sell!

Actually the market is calm in Cahors a few vists and a few demands says Chantal an independant agent.

Since 2008 prices have not stopped falling by 8 to 10% on average but they have stablized these last two years but this does not mean that they sales have increased.

Property for less than a 150,000 euros accounts for the majority of our sales.

Its different for the foreign buyers the majority of them come from Belgium Holland and Switzerland they are fond of old stones and property with character.

These buyers are ready to put there hands into there pockets for the sums of over 300,000 euros.

Here the market is better for low price property at least these are the ones that we deal with the most declares Jacqueline of the agency LCI in Figeac.

The town center still remains popular with old aged pensioners and the young go rural because house prices are cheaper and the council taxes are lower than in Figeac.

Conclusion even if we can't talk about a euphoria the period is favourable for bargains.

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http://www.lepopulaire.fr/limousin/actualite/2015/09/16/il-agresse-un-automobiliste-ayant-le-volant-a-droite-car-il-n-aime-pas-les-anglais_11586848.html

Le Populaire 16/9/15

Limousin

il agresse un automobiliste ayant le volant à droite car il n'aime pas les anglais.

He attacks a motorist with a right hand drive because he doesn't like the English.

Quote

The police are still investigating an attack the victim is from New Zealand he lives in 'la Porcherie in la haute-Vienne.

The event goes back to last July the 28th of July on this day Mr Carrick was driving his Land Rover in the village of Croisille-sur-Briance.

He stopped his car and a village local appeared next to his car door he then attacked his Land Rover with a baton.

"You have a right hand drive car and i hate the English" reports the victim.

The motorist gets out of his car and is attacked by the man and his son.

The kicks the punches and the baton blows rain down on him.

Mr Carrick asks for help from a person that he knows in the village.

"I saw him coming he was sweating and his face was covered in blood i gave him the police telephone number" said this person who was surprised that the attacker was not taken in to be questioned by the police.

The victim made a formal complaint at the police station but since then he has not recieved any information.

Today the case is on stand -by.

"Its a person who hits first and thinks after everybody in the village knows him" said the same person.

"I prefer to remain anonymous as i don't want to go through the same thing".

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