October 24, 2007
French property: Quality over quantity
It has been reported that UK residents relocating to France will soon double in the year 2007. According to the French Property Market Report 2006/2007, compiled by property specialists VEF, there are two main reasons for this. One is that Brits are looking for a better quality of life and two, more people have heard of immigrants who have moved to France and made it work.
VEF Founder and Managing Director Trisha Mason claims that many of these people moving to France are young families seeking to replicate some of the good things about life in their home countries. “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 buyer to purchase properties in various parts of France.”
According to the report, the motive among Brit buyers for purchasing French property is set to alter. Instead of a buy-to-let bargain, the English are considering, more than anything else, the investment potential and the ability of a property purchase to enhance the quality of life.
“The idea of producing an income from a resale holiday home is growing less realistic,” observes the Managing Director of VEF. “The amount of work involved in letting and managing the property, coupled with uncertainty of income, really does not make such properties truly viable.” According to Mason, the search for bargain deals in the French property market is over. “Overseas buyers are now looking for improved quality of life.”
The VEF report also contains reassuring information to those interested buyers who were discouraged by reports on the flagging market. Although properties in France have experienced a slow-down, agents who dealt with clients from abroad 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 specialise in assisting overseas French Property buyers,” says Mason. “Whereas we reported an 8 per cent rise in sales last year, French agents suffered a 12-15 per cent drop.”
Posted on: France
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