Property purchases are increasing in France, but for how long says EU Property Solutions?
It seems that the years of economic uncertainty that resulted in the decrease in foreign property purchases are over and a number of the popular holiday spots are picking up, with Brits flocking to warmer climates.
While Spain remains a firm favourite amongst Brits abroad, France is also becoming a popular choice for those emigrating overseas.
Sales are increasing, but why is this and can we expect it to last?
Why are property purchases on the up in France?
When the banking crisis hit, things were bleak for the property market in France. With sales down, there were concerns that things may never recover. But, it seems that things are slowly getting back on track, and it’s thought a lot of this is to do with the election of President Emmanuel Macron. His commitment to reducing taxes for property owners and simplifying the fiscal framework are helping to make the prospect of foreign property purchases in the country more attractive. Prices are rising slowly, prompting some to suggest that now is the time to purchase before things recover fully. Another reason that Brits are flocking to France is due to the record low borrowing rates. France offers the best choice when it comes to mortgages for overseas buyers and the tax regime for British residents is also relatively gentle.
Where is popular to buy and why?
France is a large country with exceptional choice when it comes to foreign property purchases for Brits. The most popular location remains the French Riviera, with its 70-mile strip of coastline attracting those looking for an idyllic spot for a holiday home. There is also a lot more demand amongst young working professionals looking to cash in and purchase a property. They then hope that the property will act as an investment for later life.
Can we expect things to remain stable?
Unlike Spain, which has been prone to massive fluctuations over the years, France does present buyers with a more stable market. Overseas buyers are the number one source of sales in the country, making up 32% of the market. While all of these signs seem to point to positivity when it comes to the French property market, it’s always a good idea to remain vigilant if you own a home or are thinking of making foreign property purchases.
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