French govt plans to raise 600 mln eur from real estate disposals in 2008

PARIS (Thomson Financial) - The government plans to raise 600 mln eur from selling state-owned real estate assets in 2008 as part of next year's budget, which will be announced in full tomorrow, Budget Minister Eric Woerth said. The 2007 budget included plans to raise 500 mln eur from state-owned property, but Woerth did not say how much is finally expected to be raised this year.

Sarkozy's first budget unveiled in 'bankrupt' France

Sarkozy last week unveiled plans to overhaul pensions for some public employees and to streamline the civil service, the boldest moves yet in his reform agenda since taking office four months ago. Some 22,900 public servants who are retiring this year will not be replaced while the state is planning to sell off 600 million euros worth of real estate to generate revenue. Opposition Socialists say the nation's finances suffered a haemorrhage after parliament voted through a package of tax cuts promised by Sarkozy during his election campaign that are estimated to cost between 9 and 15 billion euros a year.

Accor Profit More Than Doubles on Property Sales

Accor SA, the world's second-largest hotel company, said first-half profit more than doubled on the sale of properties and higher revenue in Europe at the Sofitel luxury chain. The company's shares rose 5.9 percent. The Paris-based owner of Novotel and Ibis hotels said net income climbed to 596 million euros ($810 million), or 2.66 euros a share, from 241 million euros, or 1.06 euros, a year earlier. That beat the 237 million-euro median estimate from eight analysts in a Bloomberg survey. Accor also said it will buy back 500 million euros of its stock.

French property: the Burgundy boom

Burgundy may be most famous for its wines, but it’s also becoming well known among UK buyers for its affordable properties and superb location. Only two hours south-east of Paris, the gastronomic heart of France ideally positioned for easy access to the rest of Europe, and to the UK, thanks to the international airport at Dijon and fast, regular rail links. This surge in popularity comes as no surprise to Alexis Pelcener from Guy Hoquet Immobilier, who says, “The region is beautiful and is not saturated like other areas in France. It’s untouched, easily accessible and affordable.”

The holiday homes you can afford

The British love affair with French property shows no signs of abating. Many of us will have returned from our summer holiday harbouring dreams of buying our own place in France. But after years of rising prices, finding bargains is harder than ever.
Regions such as Normandy and Brittany have long been popular with Brits, but during the past few years the low-cost flights revolution has dramatically boosted demand for property in other parts of the country. Ryanair now flies to a staggering 20 destinations in France.

The greener route to a home in Europe

With faster train services, it's never been easier to reach a French farmhouse or Spanish villa without flying or driving, writes Zoe Dare Hall. "In the past two years, I've seen a massive increase in people choosing trains because of eco-concerns," says Mark Smith, who runs www.seat61.com, a guide to train routes and fares. "You'd think that people would mainly be pootling to France and Belgium but for a long time Italy was the most popular destination, followed by Spain then France," he adds.

France's tax reforms 'to benefit investors'

Investors in French property could be in line to benefit from recent changes in the country's tax regime. French president Nicolas Sarkozy has introduced widespread reforms that will have a direct impact on property owners, such as trebling the inheritance tax (IHT) threshold. This will mean that only the richest people will be subject to the tax, with 95 per cent of property owners now exempted.

Paris dealer decides to sell his "liveable sculpture"

"The house is a sort of livable sculpture," Trigano said. "Le Corbusier invented a beautiful expression for his houses that I think we can use here: 'inhabitable poems.' You feel you are in a refuge completely isolated from the world. We lived there for 15 years. It was formidable. "The asking price for the four-level house, which is 400 square meters or 4,300 square feet, is €4 million, or almost $5.5 million. The site totals 6,000 square meters, or about 1.5 acres, and there is a caretaker's house and a garage.

Nexity - The leading integrated French real estate group

Nexity combines broad-based know-how and expertise in real estate to serve its clients, whether they are private individuals, companies or local authorities. A leader in all the businesses of real estate –turnkey urban developer, real estate development (housing, offices, trade and business), real estate services to retail and corporate clients, distribution networks, specialised financing and asset management– Nexity has become a unique player in the French property market, capable of providing its clients with solutions to all their requirements. Nexity is present all over France and elsewhere in Europe, with operations in Germany, Belgium, Spain, Italy, Poland, Portugal, Czech Republic and in Switzerland.

Carrefour French Retail Giant, to Sell 20% of Its Property Unit

Carrefour, the French supermarket chain and the world’s second-biggest retailer, said Thursday that it planned to sell part of its real estate portfolio in an initial public offering, bowing to pressure from investors including the French billionaire Bernard Arnault. The company will sell a 20 percent stake in its Carrefour property unit next year. The unit owns 280 superstores and 540 smaller supermarkets in Europe — 60 percent of Carrefour’s real estate.