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Photo credit: Sharon.Schneider
The price of French Riviera property has dropped below €2 million for the first time, according to the latest EstateNetFrance report. The agent's Luxury Property Index reveals that while demand from buyers stayed strong in January, the average cost of prime real estate on the Riviera is now at an all-time low of €1,925.383.
As the prices fell at the start of 2012, the number of houses for sale in the area actually increased; 16 per cent more properties were on the market last month compared to December 2011 as sellers held back on listings before the change in French tax laws, which came into effect at the start of January.
An improvement in the exchange rate between the UK and the Euro is encouraging buyers in France who are snapping up ski properties, it is claimed.
New French property tax laws are pushing wealthy buyers away from the traditional Riviera resorts and into Monaco say local agency and accountancy experts.
Over the past decade, horseback tourism has experienced dramatic growth throughout France and with more and more people in their 'third age' looking to move across the channel in pursuit of a healthy and happy lifestyle, owning an active living property in France set within a charming equestrian village could be the way to go.
French President Nicolas Sarkozy has used a prime time television interview to lay out his plan to rejuvenate the economy.
Some French people are upset with their country's unemployment situation, which has reached nearly 10 per cent.
British overseas buyers still retain Spain as their preferred foreign hotspot for purchasing property according to A Place In The Sun's (APITS) recent exhibitions' poll.
During the final three months of 2011, France recorded its highest commercial property transaction volume since the third quarter of 2007.
European stock markets have opened slightly higher following falls in Asia after Standard & Poor's (S&P) cut the credit rating for France and a number of other European countries.
Sustained heavy snowfall blanketed French ski slopes making the Christmas and New Year season far busier than expected, leading to a 75% occupancy rate across Alpine resorts, according to market analyst company Protourisme.
In 2012 there will be a 22% rise in people reaching retirement age in the UK, an increase of over 2 million people compared to 2011 according to the Department for Work and Pensions.