Sales on primary real estate in France have first fallen to the level of crisis 2008 or less than 20,000 transactions in the country. In Q3 2014, 18,800 transactions were fixed, 11.5% less than in the same period of 2013, the ee24.com reports with reference to the French Ministry of Ecology, Sustainable Development and Energy.
Sales of new apartments make the lion's share of all transactions in French primary property market (90%), while the total number of transactions fell by 10% in annual terms (17,100 in Q3 2014). Sales of studio apartments (18.2%) and 2-bedroom apartments (-12.2%) have decreased. The number of unsold apartments in France is now 94,500, which exceeds the pre-crisis levels of 2007 (87,000).
The decline in sales "on the primary" market was caused by country’s slow economic growth and high prices. In August 2014, the French government has come up with measures to stimulate the real estate development and sales. Average housing prices currently account €3,886 per sq.m (a year ago they were about €3,922, and in late 2007 – €3,306).
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