Companies in and around Paris have huddled down against the economic big chill, bringing to an end two years of growth in the property market and leaving the public sector to sustain activity, according to regional development and real estate specialists.

“Given the difficult situation, many private projects are in jeopardy,” says Régis Baudoin, chief executive of the Agence Régionale de Developpement (ARD) Ile de France. “We can’t say whether these projects will materialise or not. All depends on market conditions and availability of finance.”