Is now the right time to buy your property in France?
That’s the Million Dollar Question everybody wants the answer to, and our advice based on the market today is – Yes, we believe it is..
The market started to move again in early 2017. Offers are being accepted. Sale agreements are being signed. Loans are being granted. SOLD boards are going up, and new properties are coming up for sale at market related prices. The wheels are turning and what was a stagnant property market for a few years, is coming back to life, but why?
There is pent-up supply.
As the “Vendu” (Sold) signs go up, so sellers who have been waiting and watching, are coming forward as they see buyers returning to the market. Most of the activity, and many of the sales are to French nationals (locals are buying again which is always a good sign); the Italians have replaced the British as the largest segment of non-French buyers, followed by the British and Northern Europeans. The Americans are back again too which is very good for the market. There has been such uncertainty in France, for a variety of reasons, not least political uncertainty (would it be Le Pen or Macron?), and security issues, which have combined to generally deflate the market.
However, there is also pent-up demand.
Buyers have been waiting for the tell-tale signs of when to get back into the market – and those signs are showing.
· France has a new president, and a potentially business-friendly government,
· Prices have come down over the last few years and buyers are seeing value,
· Interest rates are projected to remain very low in the medium term
· It is the year of “change” in France and much of the uncertainty of 2016 has gone,
· There is a climate of hope and anticipation, and the young are leading it,
· The ‘European Project’ is looking strong again,
· We don’t hear about Frexit anymore,
· The economy is predicted to grow by 1,6% in 2017 which is reasonable,
· UK and other foreign buyers are returning.
Take all of these facts into account, and add to them to a generally positive sentiment for the future of France, and we have your answer to the Million Dollar Question: Is now the right time to buy in France? We say a great big YES!
Properties Sold by Fine & Country
