Although the number of international buyers in PACA dropped by 16% last year, it’s interesting to note that sales to buyers from the UK actually rose quite substantially and we’re seeing increasing demand across the country. In particular, our teams in the neighbouring Languedoc-Roussillon and Midi-Pyrénées regions have seen sales rise sharply.
We’re convinced that this increase in demand is due to three factors:
- Consumer confidence in the UK economy and property market (something that is not necessarily shared by all other European countries).
- Continued low interest rates allowing French property to be financed cheaply and relatively easily compared to previous years.
- The perennial desire of UK buyers to have a home in France where the weather, culture and simple way of living is seen as attractive compared to the stress of UK living.
You can now get a fixed mortgage with 80% loan to value at around 3.25% or a variable rate with 80% loan to value at around 2.60%. With the overall fall in property prices we have seen over the last couple of years many of our buyers have said that they see this as a “window of opportunity”.
A small word of caution though, “improving market” does not equal “increasing market”: buyers are very much aware of market conditions and will be looking for value for money and correctly priced, well-presented properties.