The official average price per square meter for unoccupied old apartments in Paris rose by 2.7% between the 3rd and 4th quarter 2007 and by an impressing 10.5% in comparison with the 4th quarter 2006. The average price per square meter in “Paris Intramuros” was 6,360 €/ US$ 10,145.3 during the 4th quarter 2007 and 36,807 properties were sold in 2007
It is very interesting to look at the development over the past ten years: in the fourth quarter 1997, the same average price stood at FRF 15,294/ US$ 3719.47 and it has since then increased by an impressing 172%.
In 2007, the most expensive arrondissement once again was the 6th around “Saint Germain- des- Prés” and the “Luxembourg Garden”, where an average square meter cost €9.790/ US$ 15,616.70. It was followed by the 7th which is located on the southern bank and stretches between the “Musée d’Orsay” and the “Eiffel tower” area. Here the notaries registered an increase of 12.9% p.a. and an average price of € 9,260/ US$ 14,771.3
Tuesday, April 29, 2008
Friday, April 25, 2008
France still rising
With so many property markets struggling with the credit crunch, various governments are battling away to try to restore some lost ground. In Britain this has come in the form of the Bank of England's £50 billion bond issue to try to create more liquidity in the mortgages market and bring down interbank lending rates. In Spain, the Daily Telegraph reported earlier this month, the government has sought to attract more investors by cutting capital gains tax.
In France, all the measures seem to have been introduced already and for different reasons. Moves such as allowing mortgage payments to be offset against income tax are part of the declared aim Mr Sarkozy made to turn France into a nation of homeowners rather than renters.
In France, all the measures seem to have been introduced already and for different reasons. Moves such as allowing mortgage payments to be offset against income tax are part of the declared aim Mr Sarkozy made to turn France into a nation of homeowners rather than renters.
Friday, April 18, 2008
Nitsba closes sale of 2 Paris buildings
Nitsba Holdings Ltd. yesterday signed the sale contract for two office buildings in the Montrouge Pelletan neighborhood of Paris for €30 million. The Paris municipality has a 60-day first refusal rights to buy the property. Nitsba added that its subsidiary which owns the properties would post a pretax capital gain of €5.3 million on the sale. Nitsba owns 90% of the subsdiary.
The two properties were leased to France Telecom until last month. Nitsba expects to close the deal by September.
The two properties were leased to France Telecom until last month. Nitsba expects to close the deal by September.
Tuesday, April 15, 2008
The French state wants to sell more than EUR600 million of real estate in 2008
French Budget Min: To Sell Over EUR600 Million Of Real Estate In 08
PARIS -(Dow Jones)- The French state wants to sell more than EUR600 million of real estate in 2008, French Budget Minister Eric Woerth said Wednesday.
"Last year we sold around EUR600 million of state-owned real estate. This year, I would like us to sell even more," Woerth said on French radio station France Inter.
PARIS -(Dow Jones)- The French state wants to sell more than EUR600 million of real estate in 2008, French Budget Minister Eric Woerth said Wednesday.
"Last year we sold around EUR600 million of state-owned real estate. This year, I would like us to sell even more," Woerth said on French radio station France Inter.
Saturday, April 12, 2008
Marseille, France's Mediterranean grande dame, gets a facelift
France real estate - Marseille, France's oldest city, is emerging as its newest entrant to the luxury real estate market.
Only three hours from Paris by the fast TGV train, the city center still is in the process of renovation but it already has gleaming new boutiques, its own volume in the chic Louis Vuitton City Guide series, and a Michelin three-star restaurant, Le Petit Nice, whose third star was awarded this year.
"Marseille has changed. It has a new, more seductive identity and many people now want to come and live here," said Isabelle Viatte, who opened a Marseille office last autumn for Emile Garcin, one of the French real estate firms that deal exclusively in top of the line properties.
Only three hours from Paris by the fast TGV train, the city center still is in the process of renovation but it already has gleaming new boutiques, its own volume in the chic Louis Vuitton City Guide series, and a Michelin three-star restaurant, Le Petit Nice, whose third star was awarded this year.
"Marseille has changed. It has a new, more seductive identity and many people now want to come and live here," said Isabelle Viatte, who opened a Marseille office last autumn for Emile Garcin, one of the French real estate firms that deal exclusively in top of the line properties.
Wednesday, April 9, 2008
Paris office market seen holding up in 2008
LONDON, April 7 (Reuters) - The Paris office market is well placed this year to weather a global financial downturn, even though prime rents in the French capital have hit a ceiling, a report by CB Richard Ellis (CBG.N: Quote, Profile, Research) (CBRE) showed on Monday.
"To conclude, 2008 could closely resemble 2007," the CBRE report said, forecasting an average 3-5 percent rise in average Paris office rents over the course of the year.
The global property services firm said it expected the vacancy rate in Greater Paris to stay around 5 percent this year, indicating a market that was generally undersupplied.
"To conclude, 2008 could closely resemble 2007," the CBRE report said, forecasting an average 3-5 percent rise in average Paris office rents over the course of the year.
The global property services firm said it expected the vacancy rate in Greater Paris to stay around 5 percent this year, indicating a market that was generally undersupplied.
Wednesday, April 2, 2008
JEC in talks to buy property in France
The Fishman subsidiary completed the purchase of another seven properties in France.
Fishman Holdings subsidiary Jerusalem Economic Corp is in advanced talks to buy a property in Nantes, France, for €17.3 million in a buy and lease-back deal. The 15,244-square meter property is located on a 20-acre site. Annual rent is €1.52 million, giving a return on investment of 8.8%.
JEC is in talks with a financial institution for a non-recourse loan for 84% of the purchase price.
Fishman Holdings subsidiary Jerusalem Economic Corp is in advanced talks to buy a property in Nantes, France, for €17.3 million in a buy and lease-back deal. The 15,244-square meter property is located on a 20-acre site. Annual rent is €1.52 million, giving a return on investment of 8.8%.
JEC is in talks with a financial institution for a non-recourse loan for 84% of the purchase price.
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