France's property downturn is good news for British bargain hunters | Money | The Guardian

France's property downturn is good news for British bargain hunters | Money | The Guardian

Just four years ago, the plunging pound forced thousands of Brits to abandon their dream of a new life in France. But with the euro falling to new lows against the pound, and the French property market showing signs of recession, the tide is turning.
Rarely do the main players in the property market agree on predictions, but 2012 will see a downturn even if they can't all agree to what extent.
The association of estate agents, FNAIM, predicts a fall of 5% on average, and the French notary association sees a drop of between 5%-10%, while Crédit Agricole, one of France's largest banks, puts the falls at 5%-6%.
They are quick to emphasise the situation is nowhere near that of the bursting of the property bubble in 2008-2009 and cautiously talk of an "adjustment" rather than "a crash".
Like London, property in Paris is considered to be some of the most overvalued in the country with an increase over the last decade of a whopping 184%. Since the end of 2011, prices in some areas have started to drop – down 4.6% in the 5th arrondissement around Place d'Italie and 4% in the 10th, home to Gare de Nord and Gare de l'Est.