British people looking to buy a property in France this year are being urged not to worry about the vote on the UK staying in the European Union due to take place in June.
There have been scare stories about what might happen if the UK leave the EU bit according to agents in France very little is likely to change. Indeed, they are reporting an uptick in inquiries which suggests that in reality potential buyers are not worried.
According to Trevor Leggett, chairman of Leggett Immobilier which has agents across France, there has been no slowdown in demand from UK purchasers and activity is 40% higher than 12 months ago which was a record year.
A favorable exchange rate, low interest rates and a drop in property prices are making real estate in France an attractive investment for foreigners, agents in Provence said.
Serious buyers have returned to the region, said Philippe Boulet, director of the St.-Remy-de-Provence office of the Emile Garcin real estate company. Fredrik Lilloe, the managing director of the brokerage Knight Frank French Riviera in Mougins, near Cannes, said his agency saw a 40 percent increase in inquiries between 2014 and 2015.
For years, the asking prices for luxury homes were out of touch with reality, Mr. Boulet said.
Foreign buyers are not yet returning to the French property market with the latest figures from Notaires showing that numbers have dropped almost threefold in the last decade.
Overseas buyers made up just 1% of property sales in 2015 compared to the peak of 2.8% in 2006, just before the global economic crisis. This number dropped to 1.4% by 2014 and then to 1% in 2015 and numbers are not likely to rise much in 2016.
Having seen prices fall in recent year, the residential property market in France is set for stability in 2016 with agents predicting that it will be a good year for overseas buyers.
In particular agents believe that low interest rates for mortgages in France and a better currency exchange rate for British buyers will entice many into buying a home in the country in the coming year.
The villa is in a 56-acre (23-hectare) park between Versailles and Marly-le-Roi and took three years to construct, according to Cogemad's website
New York and Boston were considered fair-valued, leaving 12 of the 15 cities surveyed overvalued
The level of investment into European commercial real estate continues to grow with €62 billion invested in the third quarter of 2015, up 18% on the same period in 2014.
France experienced the most noteworthy increase with investment activity of over €7 billion, almost double that of the same quarter in 2014, according to figures from CBRE.
Demand for Alpine property is rising, spurred on by a more resilient Eurozone, greater clarity over tax and the second home cap in Switzerland, as well as a weaker euro, says a new analysis report.
The latest results of the Knight Frank Prime Ski Property Index underline a broadly stable market environment with only 13% percentage points separating the strongest and weakest performer.
Global house prices have increased by a median of 4.7% year on year led by Hong Kong, Turkey, Ireland, Sweden and Australia, a new international report shows.
Overall prices have increased in 21 of the 26 countries tracked by the Economist House Price Index but growth does vary from nation to nation.
The growth is topped by Hong Kong with annual price growth of 20.8%, followed by Turkey with a rise of 18,8%, Ireland up 13.4%, Sweden up 10.3% and Australia up 7.5%.
Demand for Alpine property is rising, spurred on by a more resilient Eurozone, greater clarity over tax and the second home cap in Switzerland, as well as a weaker euro, the latest index report says.
Val d’Isere and Meribel in France have seen the biggest annual growth in property prices with a rise of 5.8% and 4.5% respectively, according to the 2015 Ski Property Index from international real estate firm Knight Frank.
Opt in here