Brits Top Overseas Property Investors in France

Despite the uncertainty of Brexit, the British are still the top overseas property investors in France.

New research by BNP Paribas shows that Britons still top the numbers of foreign buyers in France, and more Britons are looking to make France their permanent home as the Brexit deadline approaches.

Sales to British buyers already resident in France increased by 17.2 per cent last year. In contrast there was a 18 per cent drop in the British buying holiday homes there, suggesting a shift in buying motivations since Brexit.

The British remain the top overseas property investors with 25.9 per cent of all property transactions to foreign buyers in 2017, followed by Belgians with 18.4 per cent, the Swiss at 8.1 per cent and the Germans 7 per cent.

The BNP Paribas market research also showed that non-resident British nationals are investing primarily in the Rhône-Alpes region (15.4 per cent), Aquitaine (13 per cent) and in the Limousin region (10.7 per cent).

On average, the transaction amount made by British non-residents is highest in Provence-Alpes-Côte d’Azur (€741K), then in Ile-de-France (€526K) and Rhône-Alpes (€439K).

Tim Swannie, co-founder and Director of buying agents Home Hunts, commented: ‘Many Brits have just got sick and tired of the back and forth over Brexit. Buyers who put things on hold in 2016 have decided it is now or never. Whether they are looking to relocate or just wish to buy a holiday home, there seems to be quite a push to do so before March next year when the UK will effectively leave the EU …IF this ever happens.’

He continued: ‘Following the Brexit vote in June 2016, we found the enquiries from Brits dried up almost overnight and remained that way for around six months or so. Everyone panicked, and everything seemed so uncertain. This changed around March last year however, when suddenly we were getting more enquiries from the UK and in May 2017, when President Macron was elected, this boosted the market even more.’