Country Guide: France
Why buy property in France?
France is conveniently close to the UK, and budget airlines and extensive rail and ferry services mean that escaping to Europe is both cheap and simple. When buying in France you can choose anything from rustic countryside cottages and luxury villas on the coast to apartments in cosmopolitan cities packed with culture. Fine food and wine are customary and a relaxed pace of life accommodates this.
What's France's property market like?
France's popularity with investors has made finding a cheap, idyllic rural property increasingly rare. This means that you have to be willing to invest more, particularly when it comes to renovation. Broadly speaking, property prices in France have risen steadily over the last decade or so, although they have tailed off in recent years. Taxes remain high in France but a double taxation agreement with the UK means that you only have to pay in one country.
Popular areas in France in which to invest
Like most capital cities, Paris is the cultural and business centre of the country, with a wealth of museums, opera houses and galleries. As you would expect, property here is particularly expensive, but prices on the outskirts are significantly lower than in more urban areas of the city.
Investors with particularly sophisticated tastes and a penchant for countryside living may want to consider central France. Rustic Loire Valley is a region of vineyards and chateaux and is close to Limousin, which is becoming increasingly popular with expats.
The south coast features the stunning Cote d'Azur. For many people, this sophisticated region is the epitome of idyllic France. The nearer the coast, the higher the price, and it is not unusual to pay €1 million (£875,000) for a villa with a view.
The country's Alpine skiing resorts are also a common choice for investment. In the most popular skiing areas the cost is very high, but shopping around can turn up a more economical potential investment.
The property-buying process in France
It is essential to acquire an independent, English-speaking solicitor as the French legal system is very different to the English one. A government official, known as a notary, is a compulsory part of the buying process.
He works for the state, not the buyer or vendor, so don't expect him to look after your legal interests. After signing the initial legal contract the buyer pays a 10% deposit. This is followed by a 10-day cooling-off period during which they can still withdraw from the purchase. After the searches are carried out, the notary oversees the final signing of the contract and the property transfers to the buyer.
Sarah Bogard, partner and chartered tax advisor at Furley Page Solicitors, adds: "The rates of commission are higher than you would expect if you were buying a property in the UK. Be careful about signing any documentation without knowing exactly where you are getting yourself into."
