Emmanuel Macron, with his newly renamed La Republique En Marche party, undoubtedly has a very outward-looking approach, pro-EU and in favour of open borders and tolerance. He has pledged to step up efforts to bring stability to the housing market and the election of President Macron is being viewed in a very positive light by the property industry.
For the last couple of years, the property market has been slowly improving in all areas of France and the new administration want to build on this. The good news for french home-owners is that Mr Macron is committed to reducing some property taxes and simplifying the taxation framework.
Currently, Capital Gains Tax(Plus-Values) on French property reduces on a sliding scale over 22 years down to 0%. Taxation pundits are betting that the period may be shortened to 15 years to reflect a more mobile, modern society. Other ideas floated at this early stage include the exemption of the annual taxe d’habitation for the majority of households and simplifying rental contracts. Other initiatives are also said to be under consideration.
France now has a strong and progressive leader and during the next 4-6 weeks Mr Macron will have a fairly relentless schedule of appointing government positions in the lead up to the legislative elections in June. We look forward to watching developments and hearing his government’s ideas as they unfold. In the meantime, international buyers will take real heart in the President’s wish to retain a strong, open and tolerant Europe.
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