Most foreign buyers make two to five trips before taking French property plunge, according to travel and property specialists FrenchEntrée
Bath, 11 February 2015: Increasing interest in sustainable lifestyles, cheaper land and a less crowded countryside are among growing reasons for moving to France, according to a report.
Just under 45% of those questioned were looking to base themselves in France for the majority of the year. Over 40% are searching for a second home or holiday property, says travel and property specialists FrenchEntrée.
The majority of foreign buyers make between two and five trips before making their final property choice, suggests the report on buying habits in 2014 and property trends.
While the overwhelming number of foreign buyers are nearing or are in retirement, just under a third of those questioned said they needed to run a business or generate an income.
Increasing availability of properties, a strong Pound versus the Euro, and rising UK house prices, means UK buyers were in the strongest position for some years to ‘bag’ a bargain French property in 2014, with reductions ranging from five to 30%.
However, success depended largely on regional price differences and the popularity of particular property types.
Key Report Findings:
- A third of FrenchEntrée’s network of estate agents specialising in foreign buyers confirmed foreign buyer interest had increased in 2014.
- Foreign buyers are traditionally willing to spend between €250,000 (£191,161) and €400,000 (£312,557), they said.
- The average French citizen reportedly spends around €220,000 (£171,906) on a property.
- Foreign buyers can expect to pay on average €262,000 (£204,784) for a character townhouse, to €279,000 (£218,071) for a detached rural three-bedroomed house. A gîte business is expected to cost around €400,000 (£312,557).*
- The top three most popular areas are the Languedoc Roussillon, the Dordogne and Poitou-Charentes, all in the South West of France.
UK residents are being urged to remain realistic about the cost of purchasing a property in France in 2015 even if the market is currently in their favour.
Guy Hibbert, managing director of FrenchEntrée, concludes, “The market for French homes is becoming more buoyant, complex and more competitive than the native French market. As a result, potential buyers need to be well-informed about what they can realistically expect to negotiate in different regions, depending on the area’s transport infrastructure, popularity, and quality of living, just as in the UK.”
Ends
Notes for editors:
*These figures are an average derived from agents who responded to the survey, not a median figure for foreign buyer transactions in France. A stone character property in Provence or Cote d’Azur will be significantly more expensive than one in the Limousin, for example.
FrenchEntrée surveyed 706 buyers, plus and 65 estate agents from across France.
Information on property trends in France is collected by the national federation of French Estate Agents (FNAIM) and the widely used Notaires de France. However, the official data does not easily record the buyer’s country of residence, resulting in foreign buyer data being mixed with data collected from French buyers in official statistics.
The FrenchEntrée survey is the only independent survey focussed solely on foreign and UK buyers.
Price conversions are accurate as of 5th January 2015.
For more information, or for a copy of the report, contact Sarah Chidgey at Netpr: 07805034477 or [email protected]
About FrenchEntrée
The French property market specialist for foreign buyers, providing impartial advice on everything from French property buying living in France, to planning a holiday in the country.
Launched in 2004, French Entrée has grown to become an invaluable source of advice and inspiration for hundreds of thousands of people, with a team of property consultants, a database of over 14,000 properties, a lively online forum aimed at helping members get the best out of living in France, as well as a beautiful magazine focusing on French culture, property and lifestyle.
