Vendors' price reductions sees french riviera sales surge

Sales volumes on The French Riviera are up by 9% because vendors are adjusting their prices down by nearly 4% in order to get a quick sale.

Lots of luxury holiday home properties are being snapped up as “vendors realise that they need to adjust their prices to sell,” The EstateNetFrance.com Research Luxury Property Index told OPP this week. “We have experienced a boost in holiday home sales.”

And, the index added, “the number of properties available for sale priced over €1m decreased by 8.89% to 7.048 units during October 2011. It is expected that the volume of luxury properties being sold will continue to increase as prices come down.”

The average price for a luxury property has dropped with 3.76% during the same period “due to the euro-crises and new tax laws” and “quality property in prime locations is still in strong demand.”

Source: OPP.org.uk