October 11, 2007
French property: Quality over quantity
A recent report has predicted that the number of UK residents relocating to France will double in 2007.
The French Property Market Report 2006/2007 - compiled by property specialists VEF - indicated that two main factors are promoting this exodus: (1) the search for a better quality of life and (2) the fact that more people know of somebody who has moved to France and made it work.
“Many soon-to-be young families are seeking to replicate some of the good things about life in their home countries,” said VEF Founder and Managing Director Trisha Mason. “They will be looking for small town settings and easy access to all the facilities demanded by the average French buyer, but there will be competition between the overseas and French buyers to purchase properties in various parts of France.”
The report also predicted that the motive among English buyers for purchasing French property is set to alter. Instead of searching for a buy-to-let bargain, Brits are considering, first-and-foremost, the investment potential and the ability of a property purchase to enhance their quality of life.
“The idea of producing an income from a resale holiday home is growing less realistic,” said Mason. “The amount of work involved in letting and managing the property, coupled with uncertainty of income, does not make such properties truly viable.” She went on to add that the search for bargain deals in the French property market is over. “Overseas buyers are now looking for improved quality of life.”
If one has considered investing in French property, but has found deterrents by reports on the flagging market, then the VEF report also contains some reassuring information. While French property agents have experienced a slow-down, the report says, agents who deal with overseas clients have seen no slump.
“Performance of the housing market in France in 2006 has been totally different for French agents specialising in the local market compared to VEF, who specialises in assisting overseas French Property buyers,” commented Mason. “Whereas we reported an 8 per cent rise in sales last year, French agents suffered a 12-15 per cent drop.”
A report by Assetz recently named the west of France as the investment hotspot of 2007. Property in the region of Brittany and the mountainous western fringes of Languedoc is more affordable. Capital growth in the afore-mentioned areas is predicted to hit 8 per cent by the end of this year.
Imoinvest is currently marketing Domaine du Golf, a development of detached and semi-detached properties situated in the well-favoured Languedoc region. The resort will comprise of 110 one-, two- and three-bedroom cottages, all adjoining a nine-hole golf-course and with access to two swimming pools. Prices start at £53,666 for a one-bedroom property, purchased under the lease-back system.
Posted on: France
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