But what has stung the fly? Immersed for months in the gloom and inaction, the buyers have suddenly rushed in late 2009 to achieve their real estate project. The global economic crisis? Forgotten. The lack of confidence in the future? Zapped. Prices still high? Ignored. “It’s like a champagne cork that explodes under pressure. After having delayed their purchases, buyers have all passed the word to return,” says Natalie Naccache, Director of Fortis Immo agencies in Paris.

Boosted by strong support measures, such as the doubling of interest-free loan and the law Scellier, helped by significantly lower interest rates (1.5 percentage points less in eighteen months), real estate seems to leave . Heavenly surprise in a depressed market for months. “The year 2009 began in the disaster and pain. It ended with a real restart,” said Michel Mouillart, Professor of Economics at Paris X-Nanterre. In the former, activity, which had collapsed by 45% between October 2008 and March 2009, jumped 32% in the third quarter 2009 (compared to the first quarter of this year). Even finding in the new, where the rebound since last spring has been so dazzling that the tumble (sales had fallen by 60% in two years). But beware, fragile! 2010 could just as easily disappoint.

Meanwhile, the sudden reversal made happy. In late 2008, developers, plagued by defections and a cascade exceptional slump, had stopped as one man, all new operations, “remarkably anticipating the crisis,” said Christopher Pinault, Director General of the cluster of individuals Land Bank . A year later, benefiting from the general euphoria, they had already destocked much of their homes. In early 2010, the enthusiasm has not abated. Thus, Nexity has sold in one weekend 143 of 150 apartments in its new program to Eaubonne.

The cause of the “sharp rise” in the words of Jean-Philippe Bourgade, CEO of Bouwfonds Marignan? Government measures to boost the energetic construction. The law Scellier, with its tax cuts extremely advantageous in case of acquisition of property for rental, has transformed the market for new housing. Three months after the launch of the device, sales exploded. Today, purchases of investors representing 60% – sometimes even 70% – of sales promoters. Other aid, different clientele: the doubling of the loan (PTZ) has resolvability first-time buyers, hitherto excluded from the market by excessive increases recorded for fifteen years. “This has halted the decline of home ownership,” confirms Michel Mouillart. Normal, since, along with other aid (PLA Pass land), “the doubling of PTZ resulted in increasing debt capacity by 20% of buyers,” comments Christopher Pinault. Result, “met, investors and first-time buyers account for 80% of our customers,” observes Guy Nafilyan, CEO of Kaufman & Broad.

Led by the dynamic development sector, the market is the former, too, out of his torpor. “The device Scellier sent a positive message to the French, decided to invest back into the stone,” said Bernard Cadeau, president of the branch network Orpi. After a downturn of 22% in the first half of 2009 – “the biggest drop since 1970,” said Mathilde Lemoine, an economist at HSBC – the resale sector (between 600,000 and 800,000 transactions per year) has been a busy fall. Taking advantage of the exceptionally low rate, they have restored power to purchase, the price (- 8% a year) and especially the easing of lending by banks, buyers back on the road agencies. “The upturn is indisputable,” says the director of the Study Caraudrey (Paris IV), citing the example of the studio of 23 square meters on the fifth floor of a building without elevator Street Tournelles , right in the Marais, left 000 to 235 in less than two hours! “After a round of observation of six months, buyers make a comeback, supercharged and more determined than ever to become owners,” comments Stephane Atlan boss Royalimmo agencies in the capital. Very sought after, “the studios and one-bedroom apartments snapped with investors anxious to prepare their retirement,” says Christopher from Pontavice, CEO EffiCity. For apartments, it depends on the quality of the property. “The poor are always difficult to sell,” notes Pascal Benaud, head of the group David agencies. As the ground floor of 80 square meters, overlooking a dark courtyard, in the eleventh district of the capital, which at 400,000 euro, nobody cares.

The high end is doing much better. “It’s simple, it’s more expensive, the easier it is,” said Roger Abecassis, chief of the society mansions. “Customers are fighting for goods they did not even look there is barely six months,” Charles-Marie fun Jottras, President Daniel Féau, restart which saw sales of luxury apartments between 4 and 10 million euros. Or above for wealthy foreigners, as the princess of the Gulf has been given a mansion in the seventh arrondissement of Paris, for 66 million euros!

This sense of urgency is compounded by the lack of available properties. The offer, already structurally weak, had reduced considerably. With a fast clearance sale, the shortage of new homes is not far off. “At the beginning of the year, our available for sale cannot exceed four to five months. That little bit,” Christian de Gournay regrets, President Cogedim. And despite numerous product launches planned in 2010 – 114 for Kaufman & Broad – but that will never come to earth in 2012!

This is much better on the resale market: the agency offers is sometimes counted on the fingers of one hand. Why such a shortage? For a single reason: the owners forced to sell their property to buy another remain absent from the market, despite the recent upturn. Now, said Bernard Cadeau, “it is they who are the sustainability and health of the sector. In good years, they accounted for 55% of transactions. This is no longer the case. Fear of bridge loans, coupled with falling prices, has deterred from moving. Now, said Guy Nafilyan, “the market does start again when the” secundo-time buyers “come back”.

Some sellers try to take opportunistic advantage of this unbalanced situation and display exorbitant. Mis calculation. Even if the balance of power does not play for them, “the buyers are still buying in pain and do not want to be taken for suckers,” says Roger Abecassis. “That stuck with only 5 000-10 000,” laments a real estate agent, referring to an apartment, available at 400,000 euros is spent six months on sale, buyers stubbornly refusing to pay more than 390,000 euros.

In fact, “the market remains fragile,” says Mathilde Lemoine. “Only a dummy balance between buyers and sellers prevents it from collapsing,” added Olivier Eluère, economist at Credit Agricole. A dangerous weakness: a single grain of sand can stop the restart. “It is sufficient if the rates go up, the purchasing power to lower it falls back into crisis,” warns Jean-François Humbert, president of the Chamber of Notaries of Paris. Especially since the concern is always present, fueled by rising unemployment. “While the macroeconomic situation is not working, we can not speak of true recovery,” Michel Mouillart hammers. And then, “out of current crisis, supported by state subsidies, is artificial,” said Mathilde Lemoine. What happens when he doubled interest loan will expire in late June? For Michel Mouillart the end of the block device certainly the market, déssolvabilisant vulnerable households. Same question for the law Scellier, which will lose a little interest at the end of 2010 (see article page 90). “The risk of experiencing a real slowdown,” Jean-Philippe Bourgade concerned. What developers plunge into turmoil.

But the biggest obstacle to recovery remains undoubtedly the high prices. After rising 200% in fifteen years in the former, they are not sufficiently reduced. “In 2007 they were overstated by 20-25%. Having dropped only 8% in 2009, they have to lose another 10-15% so that the recovery is sustainable,” Olivier Eluère calculated.

This means that 2010 will be one year uncertain. With at best a sluggish recovery, confirming the stabilization of prices and a slight increase in transactions. But the market, barely recovering, might as well hang again. Especially if the sellers who make a modest resurgence in the early spring, persist in their demands. It is likely that buyers would retire for the second time in less than two years to wait for better days. They would not be wrong: it is better to keep a cool head and not give in to blackmail the shortage, while continuing to watch for the right opportunity. However, if the owners, finally realizing that the “period is unexpected, in the words of Natalie Naccache, agree to sell their property at the right price, they may be able to enjoy it too. As the seller, who, having agreed to lower the price of four rooms (815,000 instead of 900,000 euro) 100 sqm ideally located in Passy (Paris XVI), but the first floor, was able to give afford an apartment of her dreams. At a reasonable price.

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“At this time, we really did not feel the crisis”, says John Collin, head of “retail” to the broker CB Richard Ellis (CBRE). “It is typical of commercial”, continues Peter Wilhelm, CEO of Wilhelm & Co – a group of both investor and promoter of joint projects, always including a share of sales. It is an area a little “crisis proof” much less sensitive to economic fluctuations than the office. ”

The 2010 crisis was expected to knock on the door “retail”. “In the same way as the stock above a year or two the real economy, the business has not responded directly to the financial crisis, says Peter Wilhelm. And yet, it is more stagnant than a real drop in speed. ”

Because yes, even if they drape themselves in prudence, industry professionals admit it: “We expected to find greater difficulties,” says Boris van Haare Heijmeijer, head of retail department of the broker Cushman & Wakefield .

All is not rosy

And in none of the three main branches that make up the commercial property market: the shopping, shopping-centers, trading edge length, these vast areas along these routes connecting cities and more organized retail parks.

Since early 2010, demand for new space is smaller, is there be at CBRE. “This finding is even more marked when it is an international name. The “retailers” have become much more international cautious. It must be said that in recent years, our industry has experienced impressive growth, drawing the rents upwards. This period is over. The best locations will not really worry, even if negotiations are longer and harsh. For cons, the less desirable locations and secondary cities are likely to suffer anymore. ”

An exception, however, notes John Collin: the “retail parks”. “Demand remains strong for well located sites and structured, offering a good mix of retailers. In support of peripheral business at Cushman & Wakefield, John Baheux confirms: “For quality commercial parks, there is still a very high level of demand, even with demand exceeding supply. Some signs present only in the city center are now looking to complete their development on the outskirts without interrupting their expansion in the center. “With, background inevitable crisis. “We must be more qualitative signs are more demanding, both in terms of visibility, accessibility, environmental impact or architectural quality. As for rents, they do not go down, but must increasingly be justified – say they are under pressure. ”

“The old story of licenses”

And we reserve the years to come? After five years in responsible commercial developments, 2010 and 2011 will be rather calm, warns John Collin. “Specifically, some retail parks are expected, no shopping centers. “Not that there are more projects on the table for developers. “But it becomes increasingly difficult to obtain permits. “Immediate Approval Jean Baheux” sensitive topic! For a large project, it takes four to ten years between identification and release! ”

Permits … “An old refrain of real estate, Peter Wilhelm smiled. Perfectly justified. “Who does not explain alone the shortage of projects. “This is mainly due to the financial situation: the banks require more collateral, many projects are therefore more fundable. ”

How long does he risk to endure? Difficult to predict, said John Collin. “Probably a few years given the huge debts displayed by the States. If taxes increase, this will reduce the purchasing power. In fact, everything will depend on the consumption of the Belgians. “

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Some of them are given bellow:

1. Looking for the properties that are in foreclosed real estate investing, one of the things that have to be taken into account is the location. This one has everything to do with this sort of investment.

A right location will decide for the degree of attractiveness that this property has in the range of foreclosed real estate properties. The best location is considered the one in mid-level to acquire a property along with the fact that it would be also much easier to sell the property.

2. Being into foreclosed real estate investing during an economic downturn can make the properties investments to work into your advantage.

In the present economy many families might find it hard to deal with the burden of the mortgage and as a result they can opt to put their home for foreclosure to rescue what is left of their investment. This is in fact during these times when the foreclosed real estate can be purchased at bargains that are quite attractive.

3. When the transaction needs to be made you should never sign a purchase contract without including an inspection that needs to be made for the specific property. In this way your own interests can be secured especially when you realize that significant issues can appear during the inspection performed on the property. You should keep in mind that the majority of the foreclosed properties need some major fixing.

This situation can not be seen as such an awful thing, as long as these issues are good to lower down the price of the investment.

But when reaching this aspect you need to foreseen the costs of the fixing and put them ion balance with the value of the property that you have thought of. Just pay more attention to the problems that can emerge during these inspections. Thus you will be able to cover all the bases allowing the options of foreclosed real estate investing to work in your favor.

4. Before going into negotiations for the price with the seller, try to get a loan pre-approval letter. Thus you will present a guarantee for the purchase as a buyer in front of the property seller. These property sellers are willing to deal with buyers who have available funds then to deal with those who have doubtful financial skills.