In the past eight months, more than 400 properties worth $12.7 million or more have hit the market, according to Jean Rafferty of The New York Times.
Jean Rafferty of The Times writes:
|(Photo credit: wallyg)|
Now, real estate agents say, the younger, working wealthy also are on the move, unhappy at the prospect of being taxed at 75 percent on income of more than €1 million, or $1.27 million, and a capital gains tax of more than 60 percent on stocks, bonds and company sales, although protests have produced exceptions for investors and new business start ups.
Charles-Marie Gottras, president of Daniel Féau, a high-end French real estate broker, told The New York Times that the type of luxury properties that once appeared once every six months or a year were now landing on the market once a week.
And with so many luxury properties for sale, buyers know they can negotiate the price, which is leading to a 3 to 5 percent decline in the homes' actual values.
Sotheby’s International Realty France said that in the past six weeks it had sold three properties for more than $25.5 million.
By Meredith Galante
Taken from: http://www.businessinsider.com/flux-of-high-end-real-estate-in-france-2012-11
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