Interesting article about the French property market and how things are looking for 2017. The article includes comments from the Notaires de France and some French based agents, including Home Hunts of course: FULL ARTICLE HERE
“Tim Swannie, director of Home-Hunts, which specialises in higher-end property, says it has seen enquiries drop from UK clients, either due to the pound or a general cautious attitude. However, the company has also seen a rise in buyers driven by Brexit.
“They want to make sure they own a property in the EU before the UK officially leaves,” comments Swannie.
“There have been two specific areas where we have seen a rise in enquiries from the UK: Paris and also the French Alps,” he adds. “The majority of these enquiries come from clients who work in Finance; some are looking to relocate closer to Paris or Geneva and others are buying for investment purposes, with a view to relocation in future.”
Swannie reports that the many clients are now shunning cash purchases in favour of taking out mortgages.
“Many French banks offer what is called a ‘back to back’ loan, whereby you can deposit your money in Sterling with them and then you borrow the same amount in Euros,” he explains. “This is a perfect solution to avoid taking a hit on exchange rates. Then, when rates improve in future, buyers can choose to pay off the mortgage.”
“The majority of clients at the moment are coming from mainland Europe, specifically Scandinavia, Benelux and also Germany” says Swannie, who also reports “a lot of interest” from Swiss, America”