French Riviera property market poised to expand
Due to a cooling process in the world’s most expensive property markets, a new article suggests that well-heeled investors will be likely to consider leisure hotspots and cities in other, less popular arenas. The French Riviera, for example, is still “a magnet for wealthy buyers” with the area spanning St Tropez to the Italian border holding firm as the third richest region in the country. With property viewed as a ‘safe’ store for wealth, the Riviera market is viewed as having long term appeal and therefore status as a stable asset.
Property investment overseas
French property prices were listed as sitting at an 8.1% drop in December last year, in comparison to the peak in quarter three of 2011, although the Provence-Alpes-Côte d'Azur region consistently remains at the forefront of the country’s house prices, as well as being beaten only by Paris for apartment prices. Indeed, the latest residential market report produced by Savills, an international real estate firm, identifies the area as a leading global tourist market where at least 17% of properties are either second homes or occasional accommodation, far outstripping the national average of 11%.
French market buy to let stability
The report also points out that, although the region prices have dropped in relation to the rest of the country - tracking average regional values has identified a 9.5% dip since 2011 - it is a buyers’ market that offers excellent value for investors as the markets rebound. A combination of “government rhetoric and negative media coverage around the taxation of wealth, coupled with a faltering domestic market” has slowed movement over the prime markets – leaving potential investors set to reap the benefits.
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