Wednesday, May 24, 2017

French Property Portfolio Valuation




Office condo near L'Arc de Triomphe

This was an investment portfolio of 8 properties scattered across France, acquired at various stages between the years 2008 through 2017, for which American and international investors needed an update on portfolio value. The portfolio consisted of residences, office condominiums and a fractional interest in a motel.

Needless to say, real estate prices in France became quite volatile after 2008, with some areas recovering shortly, others experiencing a second recession, and the prices in far northeastern France, in Lille and Hauts de France, seem to have never recovered, with Lille having precipitously declined in the last year.

There were also certain metropolitan areas, Paris and Bordeaux, which had some 20+% price gains during their holding period. This has been attributed to foreign buyers. Paris is one of those world cities that attracts “flight capital”, money brought in by foreign investors who fear their own governments. London, New York, Los Angeles and San Francisco are other examples. Bordeaux has also attracted foreign buyers through its increasingly attractive quality of life and beautification, with accelerating price appreciation over the last year.

Overall portfolio value increased 4.1% over the holding period, with the winner being Chatillon, a southwestern suburb of Paris, which appreciated by about 25%, and the loser was Lille, a northeastern industrial city, with a depreciation of 18%.
Loser: Lille
 

Winner: Single family dwelling in Chatillon, suburb of Paris
 

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