french economy improving fuels revival in housing
News Posted On: 27 November 2009
Consumer confidence rose by a massive four points in November according to statistical outfit Insee. The index rose from -34 to -30, against analysts forecasts that it would remain unchanged at -34. As we have seen in the UK consumer confidence can have a massive impact on property prices.
However, French unemployment was 2% higher in October than in September it has been revealed recently. On the positive side, the French economy is recovering steadily, industrial new orders in last month were just 5.4% lower than the same period last year -- the smallest drop in the EU. The French economy grew 0.3% in both the second and third quarters.
In terms of foreign demand for French property, we are seeing demand increasing from British buyers as it becomes more and more apparent that the UK is past the worst of the recession -- even if we are still to see any positive GDP growth, consumer confidence and spending are both up for the last 2 months straight, and even the labour market news turned slightly positive last month.
The negative effect that the strong euro has had on Eurozone property markets is beginning to subside. According to the latest reports from Forex companies, demand for eurozone property now goes up when the pound crosses the 1.10 euro threshold. French property is among the biggest benefactors of the acceptance of the new Forex reality according to Moneycorp and Currencies Direct.
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