June 1, 2005
Buyers Spending Billions in France
Famous for its wines and cheeses, romance, and beautiful landmarks, France continues to be in the top wish-list of destinations for new properties and second homes among foreign buyers. Picturesque holiday locations in the south painted with quaint, traditional hide-aways in rural France attract buyers in droves. Moreover, people are drawn to its weather, lifestyle, and relatively low property prices.
Taking these reasons into account it is little wonder that foreign buyers have spent literally billions of pounds on properties in the country in recent years. Figures from real estate company Cushman & Wakefield Healey & Baker reveal that total foreign investment in French properties stood at £8.43 billion, which increased from £2.4 billion in 2000, a large bulk of which originates from UK buyers.
Historically, France has been one of the most popular destinations for UK investors looking for new properties. A good climate and possessing an established history, France as a holiday location has bolstered demand for French holiday homes, which in turn continues to fuel the buy-to-let market. The recent development of low cost air travel links has made it exponentially easier to travel between France and the UK, encouraging buyers to commit to French properties. The majority (60 per cent) of the £700,000 - £1.4 million housing market in the South of France is accounted for by British buyers.
According to recent trends a growing number of young executives are opting to secure buy-to-let apartments in Nice and other parts of the Cote D’Azur, then leasing them back to management companies. On the other hand, wealthier holiday home buyers continue to look for a slice of French charm and exclusivity to call home, particularly those in retirement years.
Nonetheless, property prices in France continue to attract buyers looking for a bargain in the sun. In some cases properties can be found for little over £55,000 at the cheapest end of the spectrum, even in and around Paris and surrounding suburbs. This compares favourably to London, where rising prices are making many desirable properties unobtainable for those on more modest budgets.
Posted on: France
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