France is our nearest continental neighbour and regularly features in the top two destinations where Britons buy overseas property. Estimates vary, but around half a million of us are said to own a small piece of la belle France. Should you buy there?
By Gordon Miller
Approximately one quarter of all overseas property purchases made by Britons is for a property in France. Property website Primelocation.com notes that 33% of all searches made in August 2009 were for France. (Spain was the second most popular with 27% of the total searches). So, apart from its close proximity to Britain, what makes France tick all the right boxes for us?
Most people would say, in any order you like, the gastronomy (food and wine), the generally good weather, and the countryside. The distinctive French culture - that is intangible but you know it when you sense it - either does it for you or not. Either way, the French won’t care because France remains the number one tourism destination globally.
The French property market, like most things in France, goes its own way. Mortgage lending is tighter than in most other countries, which means it hasn’t experienced the highs and lows other markets have in the last two years. That said, house prices increased by 137% between 1997 to 2006, according to The Economist. They tailed off in 2008, along with the rest of the world, but because the credit crunch’s impact was less in France than in the Anglo-Saxon world, they have bounced back sooner and higher. According to the National Association of Real Estate Agents in France (FNAIM), house prices rose 3.9% quarter on quarter to the end of June 2009, after several quarters of price falls.
Stuart Law, md of investment specialists Assetz, said: 'UK tourists have categorically not turned their backs on France, as has been reported in some cases. Sunshine in the South of France continues to attract visitors and weekend getaways remain convenient and low cost. Rental returns are solid and in the mid-to-long term capital growth also is likely to recover.'
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Amanda Lamb is on her travels finding you the ideal location for your new house
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