french housing market crash

IN an interview with Capital.fr, the French equivalent of The Economist, Alexandre Mirlicourtois from the research group Xerfi insists that the french housing market is not likely to crash.

According to Mr. Mirlicourtois, a senior economist at Xerfi, the property market in France will finish the year down two to three percent.

He predicts that it prices will drop a further 5% in 2009.

Certain commentators have said that the market will drop a further 30 to 40% over the next five to seven years.

HERE'S a great example of an article that isn't what it seems to be at first glance. Within the first couple of sentences Ralph Atkins condemns the French housing market and casts it aside along with Ireland and Spain.