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Avoiding the chateau crunch

31st July 2008 | back to article listings BACK    print this article PRINT

The importance of taking good advice when investing in property in France might never be greater than it is now. While many property markets around Europe, such as Ireland and Spain, have seen major declines and others (including the UK) are not doing well, France has been seeing a mild decline.

But who is affected, how and what properties this involves can vary, with some of the outcomes being somewhat surprising.

For instance, one might have imagined that people with enough cash to buy a whole chateau might not be as hard-hit as other sections of the market. But it appears that is far from the case.

This has been highlighted by the fact that former president Valery Giscard D' Estaing has been unable to find a buyer for his 15th century Chateau. While the man who led his country from 1974 to 1981 has not budged on the €3 million (£2.36 million) asking price, the fact that nobody is willing to stump up the cash for an ancient home with the kudos of having a former president live in it appears a clear sign that even at the very top end the credit crunch has struck.

Yet in the very different world of first-time buyers, UK purchasers are still active in the country. Laura Sturgess, at Property Finder France, has said this segment of the market has mushroomed in recent years.

She told aboputproperty.co.uk: "Whereas it used to be very much the retiring couple who were looking for somewhere nice to retire, now - with the property situation being what it is in this country - a lot of first-time buyers and younger couples are moving to France purely because it's cheaper and the quality of life is better."

Ms Sturgess noted too that it is the urban areas of the north, rather than the sunny south, that are attracting Britons, something one may attribute to the presence of the Channel Tunnel and easy access back to Britain.

As ever, those who are buying in the country are advised to make sure they are not acting alone and take on board the best expertise available to them. VEF's latest anecdote on this point is that of a buyer who set out to acquire a piece of land next to their property, avoiding the use of an agent. The next day the price had mysteriously risen by 15 per cent, with the paperwork not in order and the notaire stating that this was not his problem or his responsibility.

Those who are looking for bargains have, therefore, been warned to ensure they are well advised and have the right people onside when it comes to paperwork and any other issues. After all, many of those first-time buyers are looking to save money, not find 15 per cent extra, although it may be a little different for any lottery winners who fancy a certain 15th century chateau.

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