Hollande owns real estate worth EUR 1.17 mln

The new President of the French Republic, Francois Hollande, owns real estate worth EUR 1.17 mln and does not own any security listed on the Stock Exchange, according to his property statement published on the Official Journal. According to the French law, "the newly elected President's statement about his/her property" is read on the same day of his/her official proclamation. Hollande's real estate property consists of a house in Mougines, in the country's South-East, which is worth EUR 800,000 and two flats in Cannes, in Cote d'Azur, worth EUR 230,000 and 140,000 respectively. Hollande's total property, therefore, is below the threshold for the imposition of the property tax (EUR 1.3 mln.) Hollande has also declared he owns "several chatels" worth EUR 15,000. On the day of the statement, last March 15th, Hollande owned three bank accounts and a life insurance contract totalling EUR 10.000. Moreover, the new President pays EUR 1,500 a month for a bank mortgage. Francois Hollande also stated that he has never owned any securities, financial products and foreign bank accounts. He does not own art collection items, jewels and cars. During his campaign, the Socialist candidate had promised "total" transparency on his properties and his state of health.