It turns out socialists know how to grow the economy in one segment of the market: real estate.
French real estate agency figures show that following the country’s recent election of a socialist president and political majority, wealthy Frenchmen are opting to move out of the country.
From The Telegraph:
Sotheby’s Realty, the estate agent arm of the British auction house, said its French offices sold more than 100 properties over 1.7 million euros between April and June this year – a marked increase on the same period in 2011.
Alexander Kraft, head of Sotheby’s Realty, France, said: “The result of the presidential election has had a real impact on our sales.
The exodus is most likely the result of a round of “share the wealth” proposals being considered by French socialist leaders. The government is currently in the process of trying to implement a 75 percent tax rate on French taxpayers earning more than 1 million euros yearly and a tax raise on the middle class in the country from 41 to 45 percent.
France’s Prime Minister Jean-Marc Ayrault has promised the new government will quickly enact a number of other socialist reforms as well. These include plans to construct more than a 500,000 new public housing units each year, the right for same-sex couples to get married and adopt children, a higher minimum wage and the right to vote in municipal elections for documented immigrants who have resided in France more than five years.