Hand written price reductions in a French Estate Agents Window

After months of denying the reality of the real estate correction, professionals in the industry have finally admitted there is a correction undrway. Figures published last week by the Chamber of Notaries of Paris-Ile-de-France tell a different tale to the usual "we are immune," coming from the FNAIM. The housing market all but collapsed in the Paris region - 22 980 transactions were recorded in the first quarter of 2009 against 39 580 during the same period in 2008, a drop of 41% and the lowest figure since 1986.

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