The real estate in freefall

Sales of luxury properties have fallen by 50% over one year while prices have lost between 5 and 10% said Stéphane Imowicz, president of the Institute of French property valuation and consulting company Ad Valorem for Capital.fr.
In addition, the myth of the purchaser who buys a villa or a mansion without looking at the price is no longer valid. Today the properties in high-end are the subject of systematic negotiations, which can lower the selling price by 10-15% compared to the prices displayed. Consequently, delays sales of luxury goods longer.
Usually very popular with the rich client, the Haussmann apartments of 200-250 m2 located in the beautiful city of Paris will sell more and more difficult to price in excess of 2, 5 million euros.

While owners have been slow to revise their claims to fall, potential buyers are becoming increasingly price conscious, according to Stéphane Imowicz.