NEWS PROPERTY WATCH: DOWN BUT NOT OUT DOCTOR’S A
fter years of overheating in the French real estate market, driven by
historically low interest rates and a post-Covid buying frenzy, a quieter period of wait-and- see has arrived. Since peaking in August 2021 at over 1.2 million property sales over the 12 months from August 2020 and August 2021, transaction volumes have dropped. Frédéric Violeau, a notary in
Caen who is also head of the national real estate statistics
at the Conseil Supérieur du Notariat, told Le Monde that by the end of 2023, the market expects to see between 900,000 and 950,000 transactions for the year. This represents about 300,000 fewer transactions than the previous year, equivalent to a market contraction of 25%. Among the factors that
contributed to this drop was the end of ‘cheap money’ with historically low interest rates which made first-time buyers and upgraders able to make the
jump, in turn feeding a rise in prices. With the onset of inflation, central banks have increased interest rates, and lenders are passing on this cost to buyers. The average rate on mortgages has increased almost fourfold, from just over 1% in December 2021 to 3.8% in August 2023, enough to cool the market and significantly reduce the purchasing power of potential buyers, resulting in a 45% decrease in the number of home loans issued to individual buyers, according to the report.
WHAT’S ON IN JANUARY/FEBRUARY 2024
FEES Visits to the doctor in France now cost just a little more. Following the breakdown of protracted negotiations between non-specialist doctors or médecins généralistes and the French healthcare system administrator Assurance-maladie, consultations with doctors increased by €1.50 from 1 November. This means that you will now have to pay €26.50 to a general practitioner and €31.50 to a specialist. Normally généralistes doctors do not have the right to demand a supplementary fee from their patients, except for exceptional cases.
27-28 JANUARY LONDON FRENCH PROPERTY EXHIBITION With a host of property professionals brought together under one roof, you can discuss your plans with estate agents, legal and financial experts, and specialists in removals, relocation, visas and more, plus attend the popular and informative seminars. Register for free tickets now.
frenchpropertyexhibition.com
25-28 JANUARY ANGOULEME INTERNATIONAL COMICS FESTIVAL Now in its 50th year, the four- day Festival de la Bande Dessinée d’Angoulême attracts up to 200,000 visitors and 7,000 professionals, showcasing comics art, for which prestigious industry prizes are awarded. The festival is the second largest in Europe and the third worldwide.
bdangouleme.com
27-28 JANUARY BURGUNDY ST-VINCENT TOURNANTE Celebrating its 80th anniversary, this renowned wine festival based around Saint Vincent, patron saint of winemakers, is held in the two villages of Morey-St-Denis and Chambolle-Musigny. With a theme of ‘art and wine’, you can enjoy wine tastings and music accompanied by displays from local artists.
saintvincent2024.fr/en
10-19 FEBRUARY STRASBOURG STRASBOURG MON AMOUR For nine days surrounding St-Valentine’s Day, the northeastern city celebrates lovers, with quirky nights out, concerts, dances, pop-up bars, comedy club nights, museum tours, photography exhibitions, film screenings, yoga, gourmet dinners, romantic shows and an interactive ‘love map’.
strasbourg-monamour.eu
4 FRENCH PROPERTY NEWS: January/February 2024 11
© EDWEINTP | PXHERE
©ALAIN DOIRE/BFC TOURISME
© SIRTRAVELALOT | SHUTTERSTOCK
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