The prime property market in Paris is set to see strong growth in 2019 with prices and sales up in 2018 and well prices properties finding buyers quickly, according to a new analysis.
A proliferation of property market regulations, the rising cost of finance, uncertainty surrounding Brexit, and in some markets, a high volume of new prime supply, is weighing on prime prices across the world.
Low mortgage interest rates, affordable homes and a large inventory are drawing more international buyers to rural Normandy.
Prices in Evian, on the southern coast of Lake Geneva, are buoyed by second-home buyers and Swiss commuters.
Against a backdrop of historically low interest rates, more uncertainty in Britain and other parts of the world, “France is set to attract more global wealth,” said Mark Harvey, a partner and head of European residential sales at Knight Frank. That is particularly true on the Côte d’Azur, he added, “where the most demand emanates.”
In recent years, the housing market in Provence has been sluggish, as it has throughout France. But in the past year or so it has been gaining momentum, said Andrea Bichi, owner of Your Provence, a real estate agency in Goult.
Bordeaux, which has a population of about 250,000, has “exploded with optimism and enthusiasm” in the last five years, said Michael Baynes, an executive partner of Maxwell-Baynes, the affiliate of Christie’s International Real Estate in southwestern France. He credited Bordeaux’s restaurants and its proximity to the beach and wine country, as well as the high-speed train.
A French property scheme is a "slow-burning catastrophe" for British investors who are trapped in costly contracts, an MEP has said.
The leaseback schemes were aimed at encouraging people to buy properties in tourist areas, then rent them out.
Corsica, a Mediterranean island with about 330,000 residents, is known for its stunning beaches and is essentially divided into two housing markets, in the north and south, said Lionel Thomas, the founder and real estate director of the brokerage and advisory agency Mr. & Mrs. Thomas Private Office.
Compared with other luxury markets in France — especially those in the south or on the Mediterranean coast — the Atlantic coast and the northwest are more affordable, said Ronan Pradeau, founder of France Châteaux Sotheby’s International Realty.
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