Get out the brochures and start reading up about holiday home insurance once more, because some of the premier foreign property markets are starting to look very appealing indeed. Enjoying a healthier economic recovery than some, the French property market is particularly stable with prices unchanged from July to September despite the increasing amount of successful sales.
The data was recently release by the Federation nationale des agents immobiliers (FNAIM), or a ‘National Federation of Estate Agents’ who represent 1700 agents in France. The study also indicates that there is a sustained demand for the limited available properties in popular French cities. Property prices are rising in in demand areas in the Cote d’Azur, Aquitaine and Brittany. Their findings are supported by a general trend indicated by a concurrent study by the National Institute for Statistics and Economic Studies in France (INSEE) which suggests that there are 135,000 Britons living full-time in France, and that 21,000 have a permanent home in the French Capital. British Ex-Pats are so significant in the capital that they apparently account for as much as 15% of home ownership. This Francophilia among the British is also indicated by the 30 million tourists who visited Paris in 2009 and indicates a massive market for second homes and holiday homes (with French property insurance) that is perhaps unplugged. With Eurostar making transport between home and France incredibly simple, the country is the ideal home away from home and a great cultural centre to boot.
The low provision of homes in the area suggest that the French economy will see significant gains because of the sector, but this only means that it will likely become more expensive for the consumer as time passes. It’s worth considering though that whilst property may be expensive in France, the country does at least have a money-lending economy that other European nations simply can’t boast at this time. Mortgages are readily available at competitive borrowing rates and 100 per cent loan-to-value available. Support markets such as that for Second home insurance also remain solid.
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