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Auction man may turn out to be wise investor

21st August 2009 | back to article listings BACK    print this article PRINT

France is popular with Britons buying property for many reasons. The most obvious is its proximity, but that alone does not explain its appeal, since the same factor could apply to Ireland or the Low Countries. The different language, culture, cuisine and wine may have a lot more to do with it.

The country is also well known for its variety. Buyers can enjoy the urban romance of Paris, the sun, sand and opulence of the Cote D'Azur, the high peaks and wintersports of the Alps and the rural idyll of the wine-growing regions. Thus a range of tastes are catered for.

But for those looking to buy an unusual property, unconventional measures may be needed, French Property News reports. Specifically, the use of auctions.

The magazine noted that this buying method is one of the most productive routes to buying a slightly different property, as well as offering other advantages to buyers, such as not having to pay agents fees. Also, while most property is not sold this way, it noted that there are plenty of bargains to be had when this does occur. The flip side, however, is that once a purchase is pledged there is no backing out and changing one's mind.

In its feature on French property auctions, the magazine listed a few tips for buyers. One is that they should make certain they are familiar with the process first, by attending a few without buying to get used to the business. Secondly, when bidding investors need to either be fluent in French or in the company of someone who is. Thirdly, the publication noted that even when a property appears sold, there is a ten-day period in which it is open to offers of ten per cent or more above the agreed price. If this happens, the item goes back to auction at the higher price.

All of this may help buyers, although some will also be aware of the need to take other factors into consideration. Reporting on the market in the country recently, Country Life quoted director of French property firm Athena Mortgages John Busby as saying that a mixture of price rises and falls in different places is providing "overall stability to the French market".

However, Athena noted, when that is broken down there have been some significant variations. For example, Brittany has seen a 1.6 per cent rise in the last year, whereas Normandy has seen its values plunge by 14 per cent. What this means for investors is that they may do well to be aware of then local price situation before they start bidding.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4953.html. Alternatively, please see our full press release archive.

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