As part of their plan to reduce public debt, the French Government is expected to sell off millions of pounds worth of state owned property this year.
The plans were announced at the country's first National Conference on Public Finance recently. The French Government have said that their main objective is to reduce public debt, which has constantly risen for the past 25 years, and now stands at 66% of Gross Domestic Product. Last year, sales of Government owned property generated €630 million, and this year is expected to sell a further €480 million.
There are also plans to transfer the management of its real estate portfolio to a separate property unit, which could affect around 28,000 buildings worth around €33 billion.
Our view
Much in the same way as the UK, they will sell off properties that are at the point of needing huge repairs and then a few years later start new public schemes as Labour are doing now after the Tory sell off. It is all good financial sense.