France has not made much noise in the property sector of late, but it has been revealed that it has overtaken Spain with regards to mortgage enquiries. This could indicate a growing demand for French properties and, as such, savvy investors might like to look for investment opportunities.
In the first three months of 2016, France took a 53 per cent share of enquiries from British buyers received by overseas mortgage firm Conti. This is largely attributed to favourable market conditions, with France’s mortgage rates their lowest in decades and the sluggish property market showing signs of activity. Combine this with the fact that prices remain below Britain’s average and the fact the UK sterling is finding strength, and it is a buyers’ market. However, if they are to get the best deals, investors will have to act early.
Conti Director Clare Nessling said: ‘Current market conditions in France are great for prospective buyers, with some excellent deals to be made. And there is plenty of room for price negotiation with some very motivated vendors. The country is also very accessible, by air, train and car, and the culture is familiar, which British investors like.’
Nessling added that many people have been waiting until market conditions improve, which they seem to be doing now.
In the chart of mortgage enquiries, Spain came second with a 38 per cent share, followed by Portugal with a nine per cent share. Spain has experienced a few bad years but, like France, is noting an uptick in its property sector, attracting more buyers as a result.