Country: France
21 April 2009
Falling French property prices and interest rates could soon attract more potential buyers, according to estate agents in France.
In their latest housing market report, the French estate agents association FNAIM report that average residential prices depreciated by 1.7% in Q1 of the year.
Average house prices have now fallen 11.2% year-on-year, whilst the price of apartments has dropped by 8.4%, causing prices to fall back to levels last recorded at the end of 2004.
The largest average falls in apartment prices in the past year have been recorded in Toulon (-19.3%), followed by Cannes (-13.7%), Grenoble (-11.7%), Ile de France (-11.2%), and Aix en Provence (-10.7%).
On the other hand, some areas have seen slight price gains, including Nancy (4.5%), Narbonne (4.4%) and Bordeaux (2.9%).Sales levels have slowed considerably over the past year, down 25% since the beginning of the year, compared with the same period in 2008.
FNAIM project that average property prices in France will fall by a further 5-10% this year.
See Also: France
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