France: High end real estate tanks as the wealthy flee

A flood of top-end properties are hitting the market as businessmen seek to leave France before stiff tax hikes hit, real estate agents and financial advisors say.

"It's nearly a general panic. Some 400 to 500 residences worth more than one million euros ($1.3 million) have come onto the Paris market," said managers at Daniel Feau, a real-estate broker that specialises in high-end property.

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France is discovering what many left leaning states in the US have found out the hard way. If you raise taxes above a certain threshold the more productive elements in society will revolt and "vote with their feet." With European integration, immigration between varying EU states is not nearly as complicated as it used to be.