French property investment - where to look and who to ask
Released on = August 27, 2007, 11:32 am
Press Release Author = Jimwatson
Industry = Real Estate
Press Release Summary = When it comes to seeking out cities for buy-to-let investors to find property in, there may be a tendency for some to think of the big provincial cities where large-scale renewal has city living and mushrooming developments of flats at its heart.
Press Release Body = Recent surveys have shown that France is continuing to enjoy great popularity with Britons interested in investing in property overseas, second only to Spain as these two traditional markets display no hint of losing their appeal.
To prove this, a survey by Propertyline last week showed that France remained number two behind its neighbour across the Pyrenees, accounting for 13 per cent of enquiries. Moreover, the country is not just enjoying popularity with Britons, both buy-to-let investors and those looking for somewhere to live, but also experiencing a domestic boom.
This, of course, is exactly what the new president, Nicolas Sarkozy, is aiming for, having declared that he wants France to become a nation of homeowners like the British and with new laws of tax and regulation likely to soon come into force to make the buying and investing process easier. Homes Worldwide reports today that France will need to construct up to 500,000 properties a year for the next ten years to satisfy demand. That figure is around double the UK target for the period between now and 2020.
While France has much more space to accommodate a similar population to the UK and the housebuilding demand may help cut France\'s high unemployment rate through the creation of lots of construction jobs, the situation is still likely to be one where, as in Britain over recent years, high demand drives up prices.
This trend is good news for investors, Anthony Fernandes, a director of OPC Overseas, told Homes Worldwide. He said: \"With the major shortage of new properties and the ongoing construction programmes to cater for this, coupled with a new president, the market is now ripe for investors. The next ten years will see France play catch up to other European markets and investors can expect to see tremendous returns.\"
Best of all, he stated, are the areas which have high demand from both locals and investors, with Brittany being a prime example due to its proximity with south-east England.
In the meantime, those who are looking for the right investment should use the knowledge of ex-pats living in the area, Daily Telegraph property writer Miranda Ingram has stated.
She said that even if there is no language barrier because the investor speaks French, local estate agents will not be able to appreciate what a British buyer wants in the way a British expat can.
\"A good British agent knows what you want not just by your description of your dream house but by the clothes you wear, your accent, your children, by understanding why you are moving to France or why you are leaving Britain,\" she testified.
So as France booms and its president pushes the growth further, investors can be sure what regions to head for. And if all else fails when it comes to landing the property, ask someone who is British seems to be the advice. In any case, France is still looking good in any language.
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