June 29 , 2016 ,Posted by: Admin
Foreign purchasers avoid French property market
While Brits remain the biggest foreign buyers in France, foreign own a home figures are down across the board. Non-resident foreign purchasers just snapped up 1 percent of French properties that were offered in 2014, figures that have actually dropped virtually threefold over the last 10 years.
A fresh French property market report from Les Notaires has discovered that the proportion of non-resident foreign purchasers has actually fallen dramatically in France. After a peak of 2.8 percent in 2006-2007, the figure dropped to 1.4 percent in 2014 and after that down to 1 percent last year.
The report noted that foreign purchasers were most represented by those from the UK - by far. British purchasers made up 32.6 percent of the overall non-resident buyers in France last year.
They were particularly house-hungry in main and western France, as displayed in the map below. In these locations British purchasers comprised in between 70 and 80 percent of foreign purchasers. The next most typical citizenship was Italian, at 15.3 percent, followed by Belgium at 11.1 percent. Les Notaires noted the portion of British purchasers has actually dropped enormously over the last 10 years.
In the graph listed below, the portion of buyers from the UK dropped 17 points from 44 percent in 2005 to 27 percent in 2015. The graph only measures the four most significant buyers - those from the UK, Italy, Belgium, and Switzerland.
Regardless of this, the Brits have still surpassed other citizenships the entire time. Somewhere else in France, the only area where the national averages differ notably is in the Greater Paris region of Ile-de-France, where the primary citizenships represented are both different and more diversified than in other areas.
When it concerned immigrants, houses in Paris last year were most popular with Italians (at 20 percent), followed by Americans and Brits (at 8 and 7 percent respectively). Next it was Algerians (6 percent) and Moroccans (4 percent).
In spite of the study's figures the monetary climate for foreigners, or a minimum of Brits, to purchase a house in France remains positive.
A mix of a strong pound and a drop in house rates in parts of France indicates that there are some genuine deals out there for property hunters.
"All the stars and planets are lined up to offer consumers a good base to purchase from," Heather Byrne, Regional Manager at estate agents Leggett Immobilier for the Rh ne-Alps told The Local just recently. She states that home prices are at their most affordable since the 2008 crisis which it's the very best exchange rate in recent memory