As the French government has passed a new tax bill for capital gains tax to take effect on the 1st of February 2012, the market is due to react.
The new tax law will make it more attractive for vendors not resident in France to sell their secondary home this year. The expected effect is an increase of properties for sale and reduced prices by the vendors affected by the new tax. Details of the new tax law here.
The number of properties available for sale priced over €1m decreased by 1.78% to 7.768 units in September, this trend is widely expected to change in the last months of 2011. The average price as remained more of less the same with only a slight increase of 0.64%.
- The average price for a luxury property remain stable with a slight increase of 0.64%
- Property sales continue to grow with a 2.19% since August
- The market is expected to change as the new capital gains tax bill will be released shortly
The EstateNetFrance.com Research Luxury Property Index offers a unique and independent view of the French Riviera and Monaco’s luxury property market. The monthly index reflects the evolving prime market, and for the first time provides authoritative data for the world’s most exclusive holiday home destination. It segments the upper end of the market for apartments and villas within the Alpes-Maritimes department and Monaco, in groups of €1million to €3million, €3million to €5million, €5million to €10million, €10million to €20million and €20million and up.
Featured Area: CASTELLARAS
Castellaras is situated on the ridge between Mougins and Valbonne as is considered as the “Millionaires Row” with its large properties with a beautiful south-western view towards Cannes. Today there are 98 properties offered for sale in Castellaras over €1m which gives a total market value of €291m. A luxury villa here will cost an average of €2.970.000.
Superb Bastide with Pool and Views in Mougins
This recent Bastide is situated in an exclusive area of Mougins called Castellaras, within a small gated domain. The property offers a grand Bastide with 5 en-suite bedrooms, spacious hallway, large and luminous living room with fireplace, library, dining room, fully equipped modern kitchen, laundry room, housekeepers studio and storage. A large south facing landscaped garden with pool, pool-house, outside dining area, summer kitchen with lounge area and Hammam. Double garage and parking for several cars.
Asking Price €5.300.000
Comment: The luxury property market is considered in this monthly index to be any house or apartment priced to sell on the open market for a minimum of €1.000.000.