Luxury property in Paris is going on offer at knockdown rates as workers in the French capital look to flee from new tax rules.
Bloomberg.com says foreign buyers are jumping at the chance to save up to ten per cent on assets in this market compared to values in 2012.
The luxury market saw a glut in high-value property after French president Francois Hollande ordered employers to pay a 75 per cent tax on any employee salaries above one million Euros.
Of course, those who don't work in the capital can duck what residents are calling a "tax hell" and are continuing to see a great deal of potential in Paris.
According to dailystar.com.lb, prices of luxury property in Paris have fallen by an average of three per cent from the August 2012, with this drop fuelling a raft of investments from buyers in the US, Middle East and Russia.
Local estate agents say that even after the recent flurry of buying, they've never seen so many quality products on the market. Families are said to be selling up in order to safeguard their finances and this is leading to a steep fall in house values across some of the city's most affluent areas.
One of the most notable figures to leave Paris is actor Gerard Depardieu, who listed a number of his properties to move to Belgium before taking a Russian passport earlier this year.
Are you looking to buy property in France ? Dordogne , Paris , Beziers , Saint-nicolas-du-pélem , Charente
Are you looking to rent property in France ? Paris , Cannes , Bordeaux , Lyon , Nice
Author
Richard Towey