increasing enquiries and sales slow decline in france property prices
News Posted On: 07 October 2009
Sales and Enquiries into property in France are increasing and this is having a positive effect on prices in the country, according to various sources.
The latest figures from FNAIM, the estate agent's association showed that prices fell by 1.2% in August, compared to a fall of 1.8% in July. This shows that the rate of decline is slowing and that prices are on their way to stabilisation according to the FNAIM.
"French property has not been hit as badly by the global economic downturn as other countries. Now prices are very much moving towards stabilisation," said a FNAIM spokesman.
Both Athena Mortgages and Sextant estate agency have said that enquiries are up, which may account for the slowing rate of price declines. Enquiries about mortgages are up 18% according to Athena Mortgages, and mortgage applications are up 9%. Sextant say that enquiries about properties were up 30% in August on July, and sales were up 15%.
The area of France that is most popular with British buyers at present is the West. In Brittany, enquiry levels from British buyers were up 25% in August, and these buyers are mainly looking for older properties that are in need of redecoration and refurbishment. The average sale price in Brittany is currently €130,000. Poitou-Charentes and the Dordogne are also popular.
'There's a feeling among prospective buyers of French property that we're now in the bottom of the trough and that if they don't make the move soon, they will lose out on some of the most competitive prices to be had in a long, long time. This is reflected in the growing number of estate agent enquiries and mortgage applications,' said John Luke Busby, director, Athena Mortgages.
'The buzz that once surrounded French property is beginning to come back. People now have the chance to buy in at prices that would have been unthinkable a few years back and lock in to very attractive mortgage rates,' he added.
'Most enquiries are coming from those targeting properties that need work. They obviously feel that by adding value to a property they will amplify the upside when the market bounces back,' said Matthieu Cany, managing director, Sextant French Property Agents.
View property for sale in France
View overseas property for sale
Back to news articles for this country
Latest Related News Articles in France
French Developers Expect to Benefit from UK Retirees
2012-01-11
The number of people reaching retirement age in the UK is due to increase by 22% this year compared .....
Alpine Property Sales Up as Resorts Increase Year Round Appeal
2011-11-04
Alpine property is increasingly being seen as a good investment opportunity with solid year round re.....
French Property Still Most Popular With Brits Says Conti
2011-09-22
According to Conti, the overseas mortgage specialist, France is still the most popular country as fa.....
France still No1 for Brits buying abroad
2011-09-19
Contin Financial reveals its overseas hotspots for mortgage enquiries over the past year......
French Tax Reforms Boost the Property Market
2011-09-15
According to new data French property prices grew 3.3% quarter on quarter in Q2. The rise is being p.....
Continued Stability Increasing Popularity of French Property
2011-09-09
The French National Association of Immobiliers -- the French estate agent trade body -- have forecas.....
French Developer Announces Strong Half Yearly Results
2011-08-02
The French developer and house builder, Nexity, has just announced its half yearly results which sho.....
French Resort Meribel Attracts the Summer Crowd
2011-07-18
If you mention the French resort of Meribel to anyone it's likely they will think of skiing, as it i.....
French Government Drops Plans for Second Home Tax
2011-06-21
The French government has dropped plans to impose a new tax on second home owners, even though they .....
French Property Tax May not be So Bad
2011-06-07
It’s now thought that the French property tax on second homeowners may not be as bad as previously f.....