UK investors turn to French property market

There is a growing number of UK citizens intending to buy property in France.

Athena Mortgages, a company specializing in French property, informed about a 100% surge in the number of new enquiries from UK buyers in May compared to April this year.

According to the company’s report, UK citizens started to exhibit an increasing interest in French property in the beginning of 2010. Overall, the number of new enquiries rose by 72% in the first quarter of the current year compared the last quarter of 2009.

Athena Motgages explains that UK buyers’ behavior stems from the growing confidence in the French housing market due to property prices over the Channel experiencing  a recovery over the period of last twelve months.

For instance, the new build market of the country is flourishing at the moment. Prices in the capital of France increased by 8% and in Marseille by 11%, compared to this time in 2009.

In addition, Athena Mortgages indicate that the current appeal of French property can be explained by the fact that pound is stronger than euro right now, while French mortgage deals are better available and more attractive compared to British mortgage deals.

The company’s director John Busby, comments that UK property investors believe it’s the right time to buy over the Channel because the French market is rather stable now, and  French banks are offering much more attractive mortgage deals to entice foreign buyers.
 


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