Interesting article from The Move Channel talking about the upcoming elections in France and how this is affecting the French Property market. There are comments and insights from HH director Tim Swannie. Here is some of the article:
This April, voters in France will go to the polls to choose their next President. What impact will the election have upon the property market?
Traditionally, foreign buyers pay little attention to the polls, says Tim Swannie, Director of buyer agency Home Hunts. After 2016’s dramatic year of surprises, though, with the UK voting to leave the European Union and America electing Donald Trump as President of the United States, investors are not taking any chances.
“Everyone has become a lot more politically aware,” says Swannie. “The French elections have also had their fair share of scandal, which have hit the headlines around the world, so we are finding more clients asking about the situation.”
The candidates range from centre-right Republican Francois Fillon, centrist Emmanuel Macron and the Socialist Party’s Benoit Hamon to far-right National Front candidate Marine Le Pen.
Investors are particularly concerned about the possibility of a Le Pen victory, which would raise the potential for a French exit from the European Union. The electoral system in France, though, is different to the UK, with the five main candidates whittled down in April’s vote, before a second ballot in May chooses between the top two candidates.
“Although Marine Le Pen is getting a lot of coverage, in reality, it is unlikely that she will be voted in,” explains Swannie.
Indeed, foreign buyers are already voting with their money, as the housing market’s growing strength outweighs any caution about May’s unlikely result.