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Busyness as usual?

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

With so much talk of the credit crunch affecting markets all over Europe, many would imagine France to be in line for some damage. Whatever policies its banks have pursued in avoiding subprime lending and not having large-scale exposure to US debts, the impact on overseas buyers of French property is bound to be significant, one might reason.

Or is it? French property specialists VEF have declared that the company has seen its busiest month of 2008 in October. Company representative Dan Brewer said that the best areas of all for sales have been Charente and the Hautes-Alpes in Provence.

In particular, he noted, the Charente office has seen sales up 60 per cent since this time last year, with its accessibility improving from an already healthy state with the arrival of more low-cost flights at Angouleme Airport.

He added: "Prices levelled out last year in the department and are now exceedingly good value for money, even in today's market."

Haute-Alpes has also got some good prices, he noted, giving as an outstanding example of this a four-bedroom chalet that has just been sold for €300,000 (£236,000).
So for VEF, the picture looks reasonably healthy enough, with high sales volumes, more flights to help bring in the buyers and a supply of favourably-priced properties.

Indeed, there are many who will say that the present situation is full of opportunity. Last week, for example, Francois Xavier de Vial, the co-founder of French real estate firm home-hunts.com, told French property news: "Contrary to what some people think, now is still a good time to buy French property."

He added: "There is a very good selection of property on the market at the moment and in many cases prices offer excellent value - sellers know they need to attract buyers with a good price in the current market."

So with good prices around there is plenty of reason for buyers to still look to France. Besides this, while the credit crunch has been one recent event, other occurrences can affect the market.

One of them has been the advent last year of the new, faster Eurostar, creating the opportunity for those living in the north of France to live across the Channel and commute to London.

Discussing this, Shelter Offshore has stated that there are many advantages resulting from such a lifestyle. On the one hand, it has said, French properties are cheaper than in the UK, the cost of living is lower and the quality of life is better. On the other hand wages in London are higher than in most of France.

With so many economically advantageous reasons to buy and even live in France, it may be wise to expect the market in the country to not just survive the credit crunch but stay in rude health for a long time to come.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4457.html. Alternatively, please see our full press release archive.

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