Fees collected by legal professionals in France are set to decrease, including those paid to notaires. However, savings will only be significant on small transactions while most Paris real estate buyers won’t notice much change at all.
A new certificate easily obtainable from a French notaire makes inheriting property in France a far simpler process for non-residents. The European Certificate of Succession allowing heirs to assert their rights in a more streamlined manner is applicable in all EU member states.
In France, the real estate sector’s renewed activity is set to continue into this year. Olivier Eluère, economist at the Crédit Agricole explains its recovery’s positive influence on the country’s economy.
The French government recently passed a tax measure aimed at encouraging the transformation of vacant offices into housing in Paris. Over 800,000 square meters of office space in the city are reportedly unoccupied.
As of January 1st, 2016, property purchased in Paris is subject to an increased purchase tax — or transfer tax. This tax has increased by 0.7% for the purchase of housing, office or commercial property.
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