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France's 'Rich Tax' Creates Real Estate Bonanza

France's 'Rich Tax' Creates Real Estate Bonanza

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Haute Property

Luxury homes in Paris had been more in demand than in supply in recent years, thanks to a boom in high end real estate markets across Western Europe. Whether intended as investments or civilized pieds-a-terre, properties in the best neighborhoods have been highly sought-after. Increasingly, pricey acquisitions for the ultra-wealthy come from the Middle East, as well as Russia, China and and other emerging economies.

That's all changed since the new French president, Francois Hollande, vowed to levy a "rich tax" of 75 percent on the highest incomes. The country's ultra wealthy have been eyeing the exits, offering their homes for sale in numbers that give buyers more room to bargain.

Click ahead to see a few of the properties that some of Paris's top brokers have begun shopping since Hollande began threatening to soak the rich.

By Robert Frank and Paul O'Donnell
Posted 19 Oct 2012

Photo: Sam Burt Photography | Vetta | Getty Images