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It deteriorates and immediate and urgent actionIt is even more marked on the body serious iPurchasing decisions are then adopted by a majority voteSuddenly the demand for space is reducedThe first is that the plan is finally outThey are now even more fruit that the situation is goodIt is the controversy of golden parachutesBecause the David Calhoun case is not isolatedDisadvantage Sarkozy has repeatedly said that he did not want to hear5 of the title Friday is only provisionalNo longer pay its debts, borrow on forty years... Do you seriously think to give this kind of advice
Guy Marty. It is a matter of measurement. France, real estate is an important heritage, while debts remain relatively low. When we say that the average level of debt should increase, this does not mean that it must necessarily rise very high. In France, is on average 25 of the GDP for the real estate debt. Climb to 30 or 40 would represent a substantial growth but would still be very reasonable compared to other countries. The institutional good practice leverage to improve the profitability of their investments, why individuals should not do so If the burden of the pension their returns more directly in the future, so be effective in the management of his savings. In addition, a young man who borrows today on thirty years knows very well that he will not go up to thirty years: he bought a small two-piece while it has not yet child, and when he will need more housing, it will change credit. When the credits ranged over fifteen years, the average exercise was in terms of eight years. At thirty years, the average exercise may be more than ten or fifteen years.
Jean-Pierre Petit. I would like to speak on a few points. First the concept of safe haven has, in my view, no meaning. Commodity fall, in real terms, for two centuries, even if we observe from time to time a rebound as is the case for five years. Gold has registered a slight decrease in real over several decades, between 1914 and the 1960s. In the United States and France, real estate has also declined throughout the first half of the 20th century.
Regarding speculation, I wanted to point out that bubbles are not only formed by professional speculators. The Internet bubble, or that of the emerging countries in 1997, had need of no professional speculator. We are all speculators. What fuels a process of inflation of assets, it is the anticipation of the continuation of the increase in prices, i.e. the speculation in the broad sense.
Finally, if it is still possible to increase the debt, I am rather puzzled when I note that, since 1997, the purchasing power of the disposable income increased 24, while at the same time, the price of real estate rose by 125 (100 if it prices déflate). This discrepancy is explained essentially by the explosion of household debt. It, as a percentage of disposable income stood at 68 versus 50 ten years ago. All this has massive effects in terms of intergenerational redistribution. Economic and societal, to restore the value of the work and affirm the equality of opportunities, I doubt we can exclusively rely on the transmission of heritage.
Valérie Desmouceaux. (HSBC Private Bank). The last laws of finance show the will of the legislature to foster intergenerational transmission to facilitate economy and give in the purchasing power of the younger generations.
I would like that we are now talking about the break-up of property.
Axel Depondt. I am very reserved on the dismemberment of property. I was asked by many merchants who believed that they could sell more expensive and more quickly by selling the goods, i.e. by selling the usufruct on the one hand, and the nue-propriété of the other twice. But when I did review with them the difficulties which they face, they surrendered. I have not seen, in fact, operation of sale cut nue-propriété and usufruct, in any form whatsoever.
Michel Turon. On this topic, I note a true gap. As a general rule, the dismemberment of property is not sufficiently organized. This creates a number of legal and tax problems. We must, in the area of the Council, as well from a financial point of view that legal-tax, take into account the needs and constraints of those who live this dismemberment, by trying to haute couture ready-to-wear and without denaturation of the rights of all. Positive law provides in practice to the flexibility in the allocation of rights and obligations of each of the parties to the break-up. For example, the age of the life tenant economy. We will not deny a benefit of the other, even if sometimes it is the wish of one who wants to pass to keep.
Axel Depondt. Promoters are traders. Despite the dreams that they could caress, they well understood that, in reality, it would be much more difficult. The interests of tenants and the nus-propriétaires are antagonistic. The sub-lessees is a future owner and usufructuary a temporary owner. Imagine a situation in a condominium. Who will vote in the General Assembly I know that the 1965 Act more or less organizes this kind of situations, but it was not designed for this.
