Paris – A record number of homes were sold in the second half of 2017 in France, an industry group said on Friday, as the country marked the opening of its new luxury market.
A report by the Association for the Protection of the Real Estate (APPRO) showed sales jumped 8.2 percent year-on-year in 2017, a jump that will see the country gain market share in the luxury sector.APPRI chief economist Daniela Schulz said the market has matured since the second quarter of last year, when the country saw record sales in the country’s main luxury and retail markets.
“We see an increase in the number of new homes being built, as well as in sales of properties that are already under construction,” she said.
“This is a very encouraging trend.”
Schulz said that sales in France increased by 1.3 percent in the first half of this year compared to the same period last year.
She said sales in 2017 were driven by strong sales of residential properties.
In addition, the number and size of sales for the luxury category increased by 6.2 percentage points, compared to a year earlier.
She added that this trend will continue in 2018.
In 2017, more than 200,000 residential homes were built in France.