According to Brice Bonato, Managing Director of Sextant French property Agents, the French property market looks set for an fascinating 2009, due to a mixture of further price reductions, cut in interest rates and a excellent deal of properties on provides, both in resale and French new construct markets.
Even though most of the people today here in the UK looking to buy a property in France seem to be “waiting to see what will occur”, specially with the present state of the Sterling, other people are actively looking and negotiating rather very good deals. In reality, some have realised that given the combination of price reductions and lower provides being accepted, costs of most properties on the French market have remained stable in sterling terms – the 25% fall in the pound’s value that occurred over the past year has put several possible purchasers off; which is simply understandable.
Waiting to see what will occur
Indeed, the present scenario favours purchasers very than vendors, and most are accepting provides that would have seemed comical just a few months ago. Everybody is in agreement that the 1st six months of 2009 need to remain a buyer’s market and as such be an good time to property for sale in France. Then it would not be surprising to see costs go up once more, and then, as a consequence, the return of mass purchasers; the ideal deals will be gone by then as vendors won’t be in a position where they have to agree to low provides.
Property for sale in Brittany
In the Cotes d’Armor department of Brittany, which has generally been the most preferred market with British expatriates, not only for its historical connection with the British isles, but also simply because of its lengthy-established transport links with the UK, the average cost for a home is now 161 540 EUR; Although Brits purchased less properties in this corner of France over the last year than previously due to the economic downturn, they still represented 25% of buyers in the initial part of 2008. Areas further afield like Loudeac or Carhaix Plouguer remain favourites as costs are considerably cheaper than resorts closer to the sea like Saint Malo for example; it is not unusual to see habitable properties go under 50,000EUR in conventional small villages such as these.
Property for sale in Aquitaine
In the Dordogne, also a well-liked destination for property hunters from the UK, the average cost for a home is now 150 100 EUR; the credit crisis is now having a dramatic impact on the costs of properties that have, in the past, been preferred with British buyers, specifically the higher value and stone houses properties that are at reduced costs as owners are conveying a willingness to accept significantly lower provides. In the North of the department, in hamlets like Nontron or little villages such as La Coquille, costs remain rather cheaper than the area surrounding Bergerac (where one would obtain the international airport) and guaranteed bargains are to be made by individuals with a excellent knowledge of the market.
Property for sale in Limousin
In the Limousin, which remains the cheapest place in France for somebody looking to buy a property, the average cost for a home is now 92 200 EUR; the Creuse department remains the cheapest of all with a 2-bedroom home costing an average 68 600 EUR. Costs are expected to drop a further 5% to 10% in the course of 2009, but nobody extremely expects it to go below this as costs are already rather low. On top of that, the opening of the new airport in Brive la Gaillarde (expected soon) will need to see costs in the Correze department boost, particularly in the villages that may possibly be reached in less than 1 hour from the international airport.
Property for sale in Languedoc
In the Languedoc region, the favourite place for brits looking for the sun, alongside the French food, wine and way of living, the average cost of a home is now 209 500 EUR; the Aude department, well-liked with men and women looking around Carcassonne and Perpignan, or always close to the sea, remains the cheapest with a 2-bedroom home costing an average 157 900 EUR – the Gard and Herault departments, most common with individuals looking for a Provence-style move, are rather close in costs, with the average cost for a home being respectively 231,500 EUR and 232 000 EUR – costs in this region are expected to drop a further 5% to 10% over the next year but most properties are having their costs reduced and owners seem content to accept a lot lower provides in this corner of France also.
Property for sale in Normandy
Finally, in the Normandy region, also a conventional destination for property hunters from the UK due to the proximity to England, the average cost for a home is now 156 800 EUR; costs have decreased throughout 2008 and are expected to stabilize next year.
As a conclusion, the uncertainty in Britain in particular and in the world in general could encourage people today to purchase a property in France. Indeed, compared with the other overseas markets, France provides a incredibly protective buying system and low capital gain tax, and is a lengthy standing tried and tested market with out the many risks that some of the emerging markets provide. And, in today’s present climate, safety is priceless.
Sextant French property is a network of much more than 160 estate agent offices in France offering a selection of 6700 French property for sale.
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