The influx of foreign buyers creates a housing shortage in Paris

29.09.2012 09:00
Articles about real estate | The influx of foreign buyers creates a housing shortage in Paris Residents accused the French capital in the apartment crisis foreigners buying up mass housing and is not handing it out. Paris, like London or Berlin, is one of the most attractive cities for foreign investors. However, buyers of the "new wave", in contrast to earlier immigrated to France exiled artists and writers who choose not to live in Paris all the time, but just to own property here. Even renting housing is not too interested in wealthy investors, as the country is still the law of 2005, under which a rental contract in big cities may not be made for at least one year.

In this regard, the market appeared substantial deficits Paris apartments, according to The Atlantic Cities. For obvious reasons, the French government is in no hurry to end the housing boom in the capital, but the old law of the lease is recognized as futile. The new French president Francois Hollande is going to make a few changes aimed primarily at wealthy foreigners in the existing legislation.

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First, the tax on income from property rental can be raised from 20% to 35.5%. The capital gains tax will also increase and will be 34.5% instead of the current 19%. Just around the corner and a tax on idle apartments, which will be designed to encourage property owners to take shelter in the lease.

Experts believe that such innovations discourage foreign investors from the French capital, hurting the real estate market in Paris. Already rich massively migrate to Belgium, Great Britain and Switzerland to escape the tax on the income the size of 75%.
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Content tags: Overseas property
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