Enquiries for French properties at one real estate firm have more than doubled in the last 12 months.
Knight Frank’s French sales team have reported the significant rise in interest from potential buyers, with the number of registrations between January and May this year more than double the number for the same period in 2013.
Mark Harvey, Head of Knight Frank’s French network, said: “This 144 percent increase in enquiry numbers suggests that the market is near the bottom. Increased realism on the part of vendors looking to sell is creating some unique buying opportunities. Moreover, credit remains cheap and despite the “tax chat” surrounding France the treatment of foreign ownership remains remarkably benign.”
Analysis from Knight Frank’s website shows the €1m to €5 million (S$1.7 million to S$8.5 million) price bracket attracted the most online viewings during the first four months of 2014. This was followed by the €5-€15 million (S$8.5 million to S$25.5 million) price band.
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Although the sub €1 million price band generated a relatively small number of online viewings, it is this market segment along with the €2-€2.5m bracket which saw the largest growth in searches.
Demand has been highest in the Cote d’Azur and Provence with online viewings up 10 percent and 8 percent respectively year-on-year.
So far this year, the Cote d’Azur has generated 33 percent of viewings, followed by the French Alps which accounted for 25 percent and Provence at 18 percent.
Analysis by nationality shows the Dutch, Swiss, Italians, Americans and Spanish are more active currently, with online property viewings by these nationalities rising year-on-year. Russian buyers, by comparison, have less of a presence in France than they did one year ago.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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