Published: July 18, 2023 5:32 am
Author: RT
Mansions prices have plunged up to 25% amid a real estate crisis, the outlet has said
French chateaus have slumped in price as a real estate crisis continues to affect the market, Le Figaro reported on Sunday.
Over the past year, chateaus have shed 20-25% in value while traditional residential real estate has dropped by 5-10%, the outlet said.
France is facing a property crisis, with sales down by around 15% compared to last year. House-building has fallen to levels not seen since 2010 as buyers are confronted with prohibitive mortgage costs, industry experts say.
Despite their prestige, French chateaus, numbering around 40,000, have not been immune to the turmoil, the outlet said.
“Some owners believed that, like properties located by the sea or exceptional properties in the city, chateaus would follow the inflationary trend. This is to forget that the chateau market is less liquid,” explained Olivier de Chabot-Tramecourt, president of Groupe Mercure.
His company sold more than 100 chateaus in 2022 at an average price of €880,000 (around $990,000). Currently, only 3% of all French chateaus are being sold, according to the outlet.
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