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A Review Of The Apartment Market In Paris

News Posted On: 18 November 2012

Finding an apartment in Paris is getting increasingly difficult as prices are soaring following the economy’s steady steps towards recovery from the burst of the real estate bubble. Districts in the city are also segregated and the decision of the new Socialist government to permit capitalism to get out of hand has certainly played its part in hiking apartment prices in the French capital. There are some huge differences between hunting for apartments in Paris and other popular cities around the world.

No apartment in Paris can be considered a sure thing, for one. In most cities, the consumers hold the power. Salespeople help in assisting, while waiters go about their daily chores for their tips. However, real estate agents in Paris hold the cards and make the ultimate decision – whether you’re eligible for the particular living space or not. To apply for an apartment, you will have to literally queue up with tens of other people who earn similar incomes and submit a file of papers including your tax records, the account number of your bank and the proof of your income. Once all the procedures for application are completed, the real estate agent or landlord will pick the applicant that ‘looks’ best.

Courts not strict, fear people

While property agents are considered as sharks in other major cities, they don’t really like to sue, or be sued, or even speak to a lawyer for that matter. Even if they lie about the apartment and make you rent/lease it on a false basis, or scam your deposit once the tenure of your lease ends, the courts are always there to help sort things out. The fear of the court prevails everywhere. In France, however, it is the opposite. People are feared by courts. They fear change and backlogs. Their main fear is that people may get past the thousands of administrative barriers and actually have a good day in court!

Facts are of significant importance when looking for apartments, and the French people, whether Parisian or not, often give plenty of consideration to them. Apartment hunting in Paris throws up several inalienable realties that must be confronted. Most people do their homework prior to a Parisian apartment-hunt, but those who don’t, often end up needing someone to bail them out of their predicament.

More properties, less buyers

The current economic crisis in the Eurozone has inflicted serious real estate casualties on several nations in the region. While the French property market wasn’t as hard hit as Ireland or Spain, the passing of a new legislation by the new Government in France has seen millions of natives leave the country to find greener pastures elsewhere. The obligation to pay 45 per cent of an individual’s annual earnings towards income tax was not acceptable to many families, and these families have put up their homes for sale and left the country. Although properties are being sold for deflated prices, apartment hunting is still not as easy as it should seem!

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