French property prices - Encouraging second quarter but still a downward trend

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Compared to the first quarter of 2009, the prices of old (pre-owned) properties have risen by 3.9% in the second quarter, according to the National Federation of Estate Agents (FNAIM).

In a report released today, which compared the first and second quarter activity, apartment prices rose by 4.2% while houses rose by 3.6%

Monthly figures however are less encouraging, with June showing a drop of 1.8% compared to May (-2.7% for apartments and -1% for houses), but taken annually the picture is much bleaker.  Between July 2008 and June 2009, prices have fallen by 7.3% (-8% for apartments and -7% for houses).

The FNAIM also report a 30% drop in transactions, and some industry professionals question the relevance of the data used, saying that a drop in transactions means the data is less reliable.  The pool of property transactions from which FNAIM compile their reports has dropped from 15,000 to 4,000 today.

You can view the report and supporting data by clicking here.

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