Sales of top end property in France have strengthened since 2015 and are set to exceed a million for the first time by the end of 2019, according to a new analysis report.
Prices keep rising in Paris, where demand tramples supply and low interest rates entice new buyers.
In the rustic southern region of Occitanie, investors can find more value and space than they’ll get in nearby Provence or the French Riviera.
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.
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