'Brits attracted to properties in France'

Brits now make up 15% of all expatriate buyers purchasing properties in France, while French buyers living abroad account for almost a third of all overseas originated property purchases, a report produced by Credit Foncier shows.

Properties in France remain popular with Brits due to its close proximity to the UK as well as the relatively safe nature of the market, which has weathered the credit crisis well, with overall sales volumes now nearing the boom years of 2003 to 2007.

Commenting on the data, Tim Harvey of euro mortgage specialists Offshoreonline.org, said: "With UK property values outside London still falling, it is easy to forget that other popular property markets are continuing to recover strongly.

“French banks traditionally have a more conservative approach to lending and this may well have helped prevent volatility in that market, but loans of up 85% of the sale price at rates of around 3.45% are widely available today and for buyers concerned about future changes to interest rates, there has always been a wide choice of fixed and capped rate products available."

Harvey added: "For expatriates looking to invest in property, the French market certainly has potential and mortgages are easier to arrange with smaller deposits than in the UK at present. High quality areas such as the Cote d'Azur and towns such as Nice and Cannes will always have a special appeal both as second homes but also as rental propositions, as the area has such strong leisure and business traditions.”

From Propertyoverseastoday.com