Evidence that the French property market was bottoming out was offered recently by the FNAIM – the French Real Estate Agents Union and an authority on market information. After successive quarters of negative growth, prices increased in September, October and November 2009 by 0.1%, 0.5% and 1% respectively.
Figures from December 2009 have yet to be released although it is expected the trend will continue.
Chez Riviera says they have seen an imporovement in the market: “From September 2008 to around April 2009, the market was challenging with limited activity and slight oversupply. Since May however, we have seen big improvements in buyer sentiments and sellers adjusting their prices to the new realities.”
“The buyer profile has changed considerably over the past few years”, continues Chez Riviera, “With fewer British, American and Irish buyers. The new entrants to the mid-range markets have been the Eastern Europeans and Russians. Whereas previously, they tended to focus on luxury properties, a newer generation of Russians are looking for two and three bedroom apartments, for example, in Nice or Villefranche Sur Mer.”
(www.fnaim.fr – in French only)