Elite homeowners in Paris seek end to pain with Socialist loss

Paris

DENYS Laroche has been trying to sell his 18th Century one-bedroom apartment just off the Champs- Elysees for six months. If the 3.75 million-euro (S$5.7 million) Paris home doesn't attract a buyer soon, he may decide to wait for a new president next year.

"We have a socialist president who's increased taxes," said Mr Laroche, a business owner who's about to retire and wants to spend more time at his country home. Candidates vying to replace Francois Hollande in the 2017 presidential election will probably ease taxes on the wealthy, he says. "If the election goes well, it's going to be better for real estate."

France's improving economy has sparked a modest recovery in the market for cheaper Paris homes, following a slump that started in 2011. However, luxury properties are still losing value. Elite homeowners such as Mr Laroche blame Mr Hollande - who took office in 2012 with a mandate to tax the rich and curtail corporate tax …