by Wolf Richter, Testosterone Pit.com:
France’s economic foundations are cracking. Unemployment hit 10.5% and
is incessantly rising. The private sector is becoming comatose. Car
sales sank
13.9% in 2012, from a lousy 2011; sales by its native automakers
plunged even more: PSA PeugeotCitroën down 16.6%, Renault Group down
19.8%. Now home sales are grinding to a halt. And the finger-pointing has already started.
In the lofty realm of apartments in Paris that are valued at €2 million or higher—€2 million doesn’t buy all that much in Paris anymore—a game of chicken is apparently transpiring. The number of transactions crashed by 42% in 2012.
Barnes, a British real estate group that specializes in high-end properties in France and certain tony locations elsewhere, based its study on data gleaned from lawyers (notaires) who engage in real estate transactions. Prices of high-end homes in Paris dropped by 10-15%. For properties under €2 million, transactions screeched lower by 28%, but prices remained stable.
Read More @ TestosteronePit.com
France’s economic foundations are cracking. Unemployment hit 10.5% and
is incessantly rising. The private sector is becoming comatose. Car
sales sank
13.9% in 2012, from a lousy 2011; sales by its native automakers
plunged even more: PSA PeugeotCitroën down 16.6%, Renault Group down
19.8%. Now home sales are grinding to a halt. And the finger-pointing has already started.In the lofty realm of apartments in Paris that are valued at €2 million or higher—€2 million doesn’t buy all that much in Paris anymore—a game of chicken is apparently transpiring. The number of transactions crashed by 42% in 2012.
Barnes, a British real estate group that specializes in high-end properties in France and certain tony locations elsewhere, based its study on data gleaned from lawyers (notaires) who engage in real estate transactions. Prices of high-end homes in Paris dropped by 10-15%. For properties under €2 million, transactions screeched lower by 28%, but prices remained stable.
Read More @ TestosteronePit.com
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