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Normandy offering 'steady' prospect

8th January 2008 | back to article listings BACK    print this article PRINT

At a time of uncertainty in property markets at home and abroad, those thinking of investing, be it for a second home or in buy-to-let, will look for those markets which are defying the trend either by growing or by maintaining stability for the longer term.

Those going for the former may look at markets such as India or Cape Verde, where rapid growth in both property and the overall economy is taking place. For those looking to Europe, however, Normandy may be the place.

French property firm VEF has nominated the area as one which offers precisely this sort of stability. Normandy is described by the company as a place which may not boom like some have done, but neither will it plummet. In short, it is a safe investment.

VEF describes the best locations in Normandy for buy-to-let as being on the coast. Of course, this may provide a multiple appeal. There is the proximity to England (visible on a clear day) with the ease of transport by ferry or Channel Tunnel which that involves, the attraction it holds in common with coastal property lovers everywhere and the historical interest for some holidaymakers interested in the D-Day landings.

As well as these tourist advantages, Normandy and indeed much of northern France has been flagged up as a growing prospect for those looking to buy homes in France and commute to London during the week to work, a prospect raised by the new faster Eurostar service.

Rural areas also have the advantage of providing plenty of bargains, French Property News reported last week. It suggests that one opportunity this presents is for buildings such as barns, outhouses and garages to be converted into new properties, with some UK firms actually specialising in the conversion of the half-timbered barns which are a common feature of Normandy's countryside.

As ever, the magazine notes, those planning on taking on such a task should make themselves aware of the legal and planning issues, which will include matters such as the extreme difficulty of adding windows onto any building which is immediately next to a road. Building costs and property tax implications should also be checked out.

Of course, if investors can convert such a property to create a holiday home for buy-to-let, the rewards could be good, but with VEF's suggestion regarding proximity to the coast, buyers may consider ensuring they do not seek a property too far inland.

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