October 30, 2007
French Minister Warns Over Prices
Jean-Louis Borloo, French housing minister, warned that house prices in the country were likely to fall over the next two or three years following several years of solid growth. Speaking at the French parliament, Borloo said that there would be a marked fall in French property prices in what he described as a return to normal market.
A report prepared by Borloo’s ministry apparently points to the growth in supply as one factor in the development of the predicted price recession. The report claims that sales prices are now falling and the rise in rental prices seen in 2006 is the weakest since 1999.
Figures released by the French real estate association FNAIM do not yet support the housing ministry’s claims of price depreciation. Although value-growth certainly seems to be slowing.
FNAIM claims an annual growth of six percent for the French market in the year to the end of July 2006, with prices rising by ten percent in 2005.
Posted on: France
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