British Buyers Continue to be a Real Force in the Paris Market
Posted on September 9, 2015 by VINGT Editorial
Paris continues to be a big draw for British buyers
The Paris market is on the move and the upturn observed in 2014 in the property market for non-residents is being confirmed in 2015, although the market is sensitive to political events and even mere rumours. British buyers continue to be a real force in the Paris property market.
The market is mainly oriented towards second homes with English speakers and notably the British are in a majority. The buyers are essentially middle and upper class, are demanding and do not know all the intricacies and processes of the French market. They need to be reassured because they are notably ill-informed of the legal and tax constraints in France. They principally seek properties in perfect condition or with a certain charm or recently built with functional equipment.
Figures showed that for the first time for three years, the downward trend of transactions reversed and showed a slight increase. After a slight decline in the number of transactions between 2011 and 2013, the year 2014 shows an increase in the number of transactions by non-resident foreign buyers in mainland France (1.5% on average). The property prices in France decreased but not plummeted compared to other countries in Europe.
The average purchase price is down by 10% but remains stable at a high level with a difference between Paris (with an average purchase price of €582,000) and other regions (where the average purchase price is around €287,000). Aside from the Provence-Alpes-Côte d’Azur region, Paris is the most expensive area for home buying in France.
2014 was marked by a substantial rise by the British who consolidate their first place among non-resident buyers with 32% of transactions (the number of transactions rose by 33% between 2013 and 2014). In 2014, British buyers paid an average of €710,000 for homes in the country’s capital and €589,000 for homes on the Riviera.
British buyers confirmed their first place with 32% of all transactions. Between 2013 and 2014 the number of transactions made by British buyers in France has significantly increased by 33% compared with 1.5% for all non-resident purchasers.
The number of transactions by French non-residents increased by 7% between 2013 and 2014 (+8% in the rest of France and 4% in the Paris Region). There was a major fall in Swiss buyers and a continuation of the decline in transactions by Italians. Between 2013 and 2014 we see an increase of 10% for the Netherlands and 12% for the USA.
