French property market ‘remains active’

Posted 17/04/2012

Individuals looking to complete the purchase of a house in France may need to act quickly if they want to make sure they get the home of their dreams.John-Paul Busby of French Private Finance explained the market in the European country is one of the busiest in the world.Speaking to the Daily Telegraph, he explained this is likely to be because the nation boasts some of the world’s best conditions for non-residents and expats.Mr Busby said: “Those expats working for a large international firm on a permanent basis can expect the widest number of offers from different banks.”He added those trying to complete the purchase of a home in France will probably be able to secure a mortgage at a rate of around 70 per cent loan-to-value, but some lenders may stretch to 80 per cent in certain cases.Matthew Cameron, who heads Ashtons Legal’s French Legal Services team, adds: “France is still a popular destination for overseas property buyers. The market for old properties for renovation may have slowed over the past few years, but many people are looking to buy larger properties for retirement and long-term investment. A large proportion of our clients are considering purchases in the 200,000€ to 1,000,000€ range.”Clare Nessling, director at UK-based overseas mortgage specialist Conti, said France’s low interest rates are one of the reasons property in the country is an appealing purchase.Posted by Matthew Cameron