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Finding a French bargain

6th April 2009 | back to article listings BACK    print this article PRINT

For many, the French property market is a highly attractive place to invest, with a wide range of property in a variety of settings, from the north-western areas with easy access to Britain via the tunnel to the sunny Cote D'Azur, from the quiet wine-growing areas to the Alpine ski resorts.

However, for all this variety and the other attractions of culture and food, the recent past has brought some problems for would-be buyers, with the market facing the general issue of less people being able to buy due to the credit crunch and the specific issue of the weak pound.

If the first lessens the availability of finance and the second puts prices up by default, those looking to buy are left looking for a solution to arise. According to the Times, one has.

The paper notes that many British investors are seeing the present as a good time to cash in their second home asset across the channel and make the most of the high cost of the euro. At the same time they are frequently willing to offer a discount to ensure a sale.

Providing an example of the sort of homes that are available - with the paper featuring those for under £150,000 - was Joanna Leggett, of Dordogne-based estate agency Leggett Immobilier.

She said: "Old holiday homes are being sold at a steal," giving the example of a recently renovated two-bedroom cottage in the south-west of the country near Rochechouart, available for £98,645. Another property the company has available is a one-bedroom stone cottage for £88,750.

The Times mentioned a number of other examples of such low-priced property in many places, such as Provence. Overall, it notes, inland property is being tipped as best for bargains, quoting Sophie Folley of the Bordeaux office of Savills, who advised: "Look 45 to 60 minutes inland to pick up good deals. The best investments are old character properties that need work, as these will hold their value long-term. We have seen deals being done at 30 per cent below asking price."

Of course, location is always an important factor and tourist rental appeal is too, if that is the aim of the investment. Commenting on this last month, managing director at BuyAbroad.com John Reilly stated: "If a property is in the right location and you know you are going to get rental then it can still be a good buy."

If that purchase is for less than £150,000, then this may be even more so.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4724.html. Alternatively, please see our full press release archive.

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