Brits still buying along the French Riviera

GDP in France rose unexpectedly by 0.3% in Q2 2009 making France one of the first countries out of recession in Europe and the OECD. France’s housing market relies heavily on its fixed rate mortgage which makes it less prone to sharp ups and downs. Interest rates are now back to their pre-crisis levels so modest house price increases are now expected.

In fact, house prices in France rose 3.9% q-o-q in Q2, 2009 according to the National Association of Real Estate Agents in France (FNAIM.) These quarterly price increases are the highest since Q2 in 2004.

“Whilst these are excellent and positive statistics one must bear in mind that prices along the French Riviera have dropped in the past 10 months and therefore there are still some excellent purchases to be made”, says Serge Cowan, MD, Unique Living.

“From our perspective dealing with high quality homes throughout the South of France, we have seen a noticeable uptake in interest from about May of this year. Astute buyers and business people have taken on board the changing market and appreciate that compared to a year earlier, the average price of dwellings in France was down 6.6%. The marked difference is still being felt offering those in a position to proceed, excellent opportunities to secure superior homes in prime locations”.

Despite the UK recession, in the South of France, the British are still the largest buyers of French property accounting for around 50% of all foreign buyers according to data from Perval 2009 Notaires statistics.

The Notaires de France and FNAIM, reported in their February 2008 property market review that in Saint Jean Cap Ferrat, 64% of buyers were from abroad with 55% reported in Villefranche sur Mer.

Samples of value for money homes

Grasse, French Riviera.
A Stone Mas on 5000 sqm of landscaped grounds with magnificent panoramic mountain views. 450 sqm build plus semi underground garage. 8 bedrooms all with en-suite facilities. The master dwelling has a heated pool, pool house, and the guest house has a private round pool.

Outbuildings including caretaker’s house (to renovate), summer kitchen and vast terraces. Air conditioned, alarmed, automatic watering and boules facilities.
Reduced by 650,000 euros from 2,500,000 to 1,850,000

Cap Ferrat, French Riviera.
An unusual and contemporary, five bedroom villa in Cap Ferrat in the French Riviera. Set in a plot of 1100 sq metres the property boasts a spectacular infinity pool with breathtaking sea views. There are five bedrooms, two reception rooms, a fully equipped kitchen plus parking and a wide, raised terrace with views looking directly towards the sea. (Ref A010479)
Reduced by 800,000 euros. Now on the market at 4,100,000 euros.

In Vence also on the French Riviera there is currently a 7 bedroom villas set in sweeping landscaped gardens with wide open views towards the sea. Built by the architect Giselbach, the property has a lot of charm and benefits from a quiet location with a swimming pool and a caretaker’s house. (Ref A010479)
Reduced by 800,000 euros from 4,500,000 to 3,700,000 euros.

For more information, visit uniqueliving.com.