French Property News – August 2019

8 French Property News August 2019

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T

he British are still the main foreign buyers

of property in France, new figures show,

although they are spending slightly less

on their homes than in previous years.

Despite, or perhaps because of, the ongoing

Brexit saga, Brits made up 27% of all non-

resident international homebuyers in the

Hexagon last year, compared with 22% in the

previous year, according to the latest

Observatoire by French bank BNP Paribas.

That makes them the most eager foreign

buyers, ahead of the Belgians, Germans, Swiss,

Italians and Dutch who are, respectively, the

next most common foreign buyers.

However, with the pound still weaker than in

the days before the 2016 referendum, buyers

from the UK continue to tighten their purse

strings. Their average budget fell by 7% last

year to €234,276, although this is still more

than the average house price in almost every

department in France. The Norwegians, by

contrast, typically spend an eye-watering

€611,824 on a French home.

Although Provence and the Côte d’Azur are

the top choice for international buyers overall,

Brits favour the regions of Nouvelle-Aquitaine

and Occitanie in south-west France.

Patrick Joseph, of My French House property

finding service, was not surprised by the

findings. “We have also seen an increase in

enquiries and sales in Paris and Ile de France,

which are possibly Brexit-related as London is

© pilesasmiles Getty Images/iStockphoto

not so attractive now,” he said. “And with the

recent news of 100 million visitors expected in

2020, and property prices keeping strong in

Paris and most main cities, we think this trend

is set to continue.”

The findings of the BNP Paribas report echo

a survey carried out by French Property News in

April on visitors to last September’s French

Property Exhibition at Olympia London. Of the

respondents, only four in 10 said Brexit had

affected their plans to buy property and almost

half were planning to buy a property within the

next 18 months, while 27% hoped to buy

further down the line and 10% already had a

French home.

Four out of 10 had a budget of €200,000 or

less while another three in 10 had a budget

between €200,000 and €350,000.

The most popular areas were the old regions

of Nouvelle-Aquitaine (which includes

Dordogne, Lot-et-Garonne and Charente) and

Occitanie (which includes Languedoc-

Roussillon), although Provence and Brittany

were also popular.

Carolyn Pratt, of Idimmo Châteaux &

Prestige estate agency based in Charente-

Maritime, said: “Although we at Idimmo have

seen a drop in the number British buyers, they

are still actively looking... and buying! There

seems to be a general feeling that they have

had enough of Brexit and just want to move on

with their lives.”

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Brexit news

The UK is due to leave the European Union on

31 October after the deadline was extended

from the previous date of 29 March. British

nationals who take up lawful residency in

France before this date will be allowed to

stay and enjoy most of the social security

rights that they currently have as EU citizens.

In the event of a no-deal Brexit, the French

government has decreed that British people

already resident in France will have a one-

year breathing space in which to apply for a

residency card (carte de séjour) and those who

already have a permanent carte de séjour as

EU citizens will be able to exchange it for the

new card, as long as the UK puts in reciprocal

arrangements for French citizens in the UK.

As we go to press, progress has stalled

while the Conservative party elects a new

leader to replace outgoing Prime Minister

Theresa May. The initial field of 10 leadership

challengers has been whittled down to

Foreign Secretary Jeremy Hunt and former

Foreign Secretary Boris Johnson. Both

candidates have said they are prepared to

leave the EU without a deal on 31 October.

Party members will be balloted and the

result is due to be announced on 24 July.

Campaign group British in Europe has

welcomed a UK request to get the citizens’

rights section of the Brexit withdrawal

agreement protected even if there is no deal.

Brexit Secretary Stephen Barclay has written

to EU chief negotatiator Michel Barnier

proposing that this section of the deal is ring-

fenced so that it stands alone if all else fails. As

we go to press the EU has not responded, but

it rejected a similar request in March.

France’s new European Affairs Minister

has warned that the EU27 are not prepared

to reopen the Brexit withdrawal agreement.

Unless there is a second referendum or a

“profound change” in the UK government’s

political stance, Britain must expect to leave

the bloc on 31 October, according to Amélie

de Montchalin.

Ms Montchalin has also tried to reassure

Brits living in France that their futures are

“secure” even in the event of a no-deal Brexit.

“It enriches France to have these people in our

country,” she said.

Six out of 10 Conservative party members

would rather Brexit went ahead even if it

meant significant economic damage to the

UK economy, according to a Yougov poll.

Brits are still top international

buyers in France

Dordogne villages and towns such as Sarlat are

highly desirable to British buyers