Great news for Brits as prices of property in France fall in popular areas
A strengthening pound and falls in prices of property in France are making it easier for British buyers to purchase homes in the country. That’s the view of a recent article in The Guardian, which highlights the combination of issues making property in France cheaper to overseas buyers.
Keep reading to learn more about how the values of homes are falling, particularly in areas popular with British buyers.
Prices of homes falling in Paris and beyond
France’s association of estate agents, FNAIM, predicts an average property price fall of 5 per cent in 2012. The French notary association sees a drop of between 5-10 per cent while Crédit Agricole, one of France's largest banks, puts the falls at 5-6 per cent.
While prices are generally expected to fall this year, experts are keen to position this fall as an ‘adjustment’ rather than a property crash.
Prices of homes have fallen in areas popular with British buyers. The Guardian reports that prices of Property In Brittany have fallen by 4.6 per cent this year on average. Values are 6 per cent lower in Lower Normandy, 9.7 per cent lower in Burgundy and between 3 and 4 per cent lower in the Dordogne.
In addition, some areas of Paris are finally seeing price adjustments after several years of strong growth. Property in Paris has seen its value rise by a staggering 184 per cent in the last decade and there are now signs that a correction is beginning.
The newspaper reports that prices are down 4.6 per cent in the 5th arrondissement around Place d'Italie and 4 per cent in the 10th, home to Gare de Nord and Gare de l'Est.
“This combination of factors means that overseas buyers are suddenly paying much less for property in France.”
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