by Suff » 19 Aug 2013, 08:38
It's like that in France where we live. Prices are dropping but still no interest.
Our market was driven by British, German, Dutch and Belgian buyers. Nobody is left with the money to splash out on second homes in France so very little is moving.
Of those who bought at the peak of the market, most have had to drop their prices by more than 50% to get them shifted. Only those who's properties represent truly good value are moving. The market has crashed by at least 50% and in some cases 75%.
Not good. I'm just glad we paid £24,000 for the main house and £32,000 for the house next door. By the time we decice to sell there will be no way we'll lose money and we can also sell very quickly. I look at those who paid £300,000 for a property I would not have paid more than £75,000 for, who then tried to sell it for £600,000 3 years later and think "Not a clever move in the deepest economic crash since 1929".
This is where the crash is biting deepest. In the property bubbles in the second house markets. Paris has hardly been affected, the country has been decimated.
There are 10 types of people in the world:
Those who understand Binary and those who do not.