With France reported to be coming out of recession, many investors believe that France is a good place to buy property, and what better way to buy property than at a French property auction?
Although there aren’t huge numbers of French properties that are going under the hammer, amongst those that are there are some bargains to be had so if you aer considering buying a property in France, auctions may be well worth looking at.
Property auctions in France are a way to save on agents’ fees as well as an opportunity to look at unusual properties. Read more... (257 words, estimated 1:02 mins reading time)
The French property market and German property markets are tipped to be a good place to invest over the next few months as new figures revealed that the country came out of recession in the second quarter.
After 12 months of decline, France’s economy grew by 0.3 percent between April and June against experts’ belief that the economy will continue to slide.
Germany has matched France’s economy with a 0.3 percent GDP rise over the same period. Read more... (228 words, estimated 55 secs reading time)
• French property prices rise by an average 3.9% during Q2 2009
• Q2 resurgence brings year to date market fall to a reduced -2.5%
• Numbers of French mortgage enquiries up 42%
• Britons remain the largest number of foreign buyers in France
The French residential property market is showing encouraging signs of stabilization after the market shock caused by the global financial and economic crisis. On average, prices rose by 3.9% during the second quarter, resulting in a total annual return to July 2009 of -2.5%. Read more... (1010 words, estimated 4:02 mins reading time)
According to the UK’s Office for National Statistics, the number of people visiting the UK fell in 2008 for the first time in seven years – down 2.7 percent to 31.9 million visits. The last time that the UK saw a decline in the number of visits was 2001. The final quarter of the year saw the most marked change with visits down 13 percent.
The most notable decline in visitor numbers came from the US where visits fell by 17 percent to 3 million. Read more... (290 words, estimated 1:10 mins reading time)
To celebrate Bastille Day, Athena Mortgages, a London and Dublin-based independent French mortgage broker, is offering what it considers to be the most competitive and flexible French mortgage product yet.
Available at an LTV of 99% on new build leaseback developments and 85% on standard properties, the initial rate is fixed at 2.85% for three months after which it reverts to Euribor + 2.45% for the remainder of the term (with a current pay rate of 3.45%).
Crucially, though, if Euribor rises, payments are capped at the rate of French inflation and the difference is added to the loan amount, the term of the mortgage being extended by up to five years rather than repayments increased. Read more... (336 words, estimated 1:21 mins reading time)
The UK property market, already reeling after 18 months of price declines, is to face new competition for offshore investment money as funds in the Channel Islands and Man will soon be able to invest in French property without any prohibitive French tax charges.
The imminent removal by France of the annual 3% tax on the gross value of French property that currently applies to investors based in Jersey, Guernsey and the Isle of Man will considerably widen the property market for direct investment and may threaten any nascent stabilisation in the UK property market, reducing demand for UK investment properties and applying additional downward pressure on capital values. Read more... (829 words, estimated 3:19 mins reading time)
France’s capital, Paris, has been a direct benefactor of Sarkozy’s two year reign as prime minister of France, and seems to be taking the economic climate in its stride.
Its property market has remained stable and even seen a price increase in apartments, which the Notaire de France’s October 2008 report revealed had increased by 10% this year. The commuter towns surrounding Paris, such as Orleans, Tours and Reims, have also seen a healthy increase in house prices of 10.5%.
The right wing Sarkozy Government has brought in a raft of laws which continue to stimulate the construction industry and create sustained demand for residential property. Read more... (808 words, 1 image, estimated 3:14 mins reading time)