banker bonuses affects property purchases
News Posted On: 11 November 2009
There has been a lot of talk lately about the effect the return of banker bonuses has, is and potentially will have on the London property market. But some foreign property markets will also be affected and these have received less coverage.
We will cover the affected markets one by one, starting with this article on the effect banker bonuses will have on the French property market.
France property on the Riviera has always been very popular with British buyers and those from around the world. Despite the talk of French property prices holding firm, prime property on the Riviera fell in value quite sharply when the foreign buyers disappeared.
Prime is not a figure of speech in this case it means those properties worth one million units of the main local currency, in this case 1 million Euros.
There were reports of properties being bought for over 3 million in the summer of 2007, languishing on the market at just over a million 1 year later in the summer of last year.
This is because these properties were being bought by wealthy individuals, primarily those who were making their fortunes on the Russian, London and international stock exchanges, including, of course bankers.
So now, as Goldman Sachs announces multi-nillion profits and its intention to once again dish out huge bonuses to its staff, it is a safe bet that a lot of this money will be spent on French property in Cote d'Azure and the rest of the Riviera.
View property for sale in France
Written by Liam Bailey
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