Monday, August 26, 2013

Property prices in Pyrénées-Orientales

The weekly French magazine L'Express has just published one of its periodic surveys of the French property market and as usual it maks interesting reading. Among the highlights:

1. It seems that property sales in 2013 will be around 635 000 overall, a drop of 10.2% compared with 2012 (707 000), and well below the peak years of 2006 (820 000), 2007 (810 000) and 2011 (805 000).

2. Prices have not however dropped dramatically - averaging 3.6% in 2013. Commenting on the above figures the president of Century21 group said that, in his views, there would be no dramatic rises or falls in the future.

3. Interest rates are at their lowest ever, averaging 3.29 per cent in July 2013, after peaking at more than 5% in 2008.

These trends are borne out in Pyrénées-Orientales where I advise potential buyers and sellers, with slight rises recorded in St-Cyprien on the coast, and a surprising 12.7% drop in the cost of new-build apartments in Argelès-sur-mer. Curiously the market for individual houses built to the latest BBC norms appears to be flourishing, as buyers concerned about rising energy prices are prepared to invest in the future.

Full report in L'Express 21 August 2013.