Brits are back
UK buyers have sealed their status as the most important non-resident investors in France, after a survey revealed that they accounted for 34% of all transactions in the French property market last year.
Data collated from reports by Notaires de France and BNP Paribas showed that transactions were up 44% from 2014, an increase that property experts have attributed to the combined effects of sterling’s strength with the weakness of the euro, which saw exchange rates move from €1.28 at the start of 2015 to €1.44 at one point during July.
Guy Stephenson, from mortgage brokers Offshoreonline.org says the climate was a perfect one for British buyers to take advantage of. “The recovering UK economy plus the effect of the continued economic stagnation in Europe, which has weakened the euro, have combined to give British buyers an effective discount of over 10% on top of what is an already weak French property market, meaning there were and are bargains to be had,” he commented. Although the ever-popular locations such as Brittany, Languedoc-Roussillon, MidiPyrénées and Aquitaine continued to be among UK investors’ favourite areas, it was Paris and the Côte d’Azur that recorded the highest volume