Monday, November 5

France "rich tax" Paris means to sell villas


Coldwell Banker

This townhouse in Villa Montmorency, one of the best districts in Paris, is on the market for about 18 million $.

France of new 75 percent lodge income tax on the may not be popular with millionaires. But it is celebrated by another group is: Paris property buyers.

Real estate brokers say that the number of multimillion dollar real estate listings in Paris jumped more than 25 percent compared to the previous year – partly on the threat of new income tax. More than 400 new offers on the luxury real estate market in the past six months come, they say.

It's not a sell-off. And brokers caution that increasing offers a total brings the stocks in the high end to normal levels after unusually slim offers from last year. Due to limitations in Paris and other French cities, buildings, the number of homes for sale is still limited.

There are only about 8,000 properties every year for prices above $1 million or more sold.

Nevertheless, brokers say that the 75 percent tax on the richest French citizens contributed to the decision by many of them to sell their homes in anticipation of a possible move to another country.

"It's a real flow of the French left because the taxes", said Charles-Marie Jottras, President Daniel Feau Group, the luxury real estate agents in Paris.

Brokers say that prices are down compared to the previous year, but only about 5 percent.

"The Paris market is still very popular and it is so small that it is protected by a price collapse," according to Coldwell Banker preview pictures international in France. "There is virtually no new built houses."

Still has the pop for a market that has had historically very little inventory of homes for sale, listings mansion buyer given far more choice.

"There is now a better balance between buyers and sellers," said Jottras.

Brokers say that many of the buyers of French property wealthy foreigners, which wouldn't be affected by new taxes. Russians and buyers up to say, Middle East on the list, followed by Europeans, Americans, Latin Americans, and an occasional buyer from Asia.

So can a few million euro buy in these days in Paris?

No lot. For the equivalent of $5.7 million, you could buy a 1,900 square meter apartment in Saint-Germain-des-Pres. The three-room apartment is located on the fifth floor and sixth floor of an old building and features an "SKYdome"room with kitchenette.

You have more like $11 million left on the other hand, might you be interested in a 4,800 square foot townhouse on the Avenue de Boufflers in Villa Montmorency. The House has six bedrooms, a wine cellar, two kitchens and games room.

For $3.4, you get millions a 1,800 square-foot pad "in an old building with balconies", according to the list. It has two bedrooms and two bathrooms.

For $18,6, you can buy millions a 5,200 square foot House in Paris, at top, with four bedrooms, three living rooms and 1,000 square meters terrace.

St. Tropez is more according to your wish, there is a pink on the water villa for sale for $45 million. The years 1930's Villa was once a hotel popular with celebrities and has a stunning salt water pool overlooking the Bay. It has 6 bedrooms, a 2000-bottle wine cellar and caretaker of the House.

"This kind of sellers would like to sell, but they are not willing to lower their price drastically," Jottras said. "they don't have to sell."

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