Property in France
The coast, from Monaco to St. Tropez, is a wonderful place both to visit and to live with names like Cannes, Nice and Monte Carlo being synonymous with sunshine and that beautifully relaxed French way of life. Simply a perfect place to holiday with a fantastic potential for investor clients.
The property market in the South of France is not at this time as advanced as the one on the Costa Del Sol or Florida but is one which is definitely on a steep upwards trend in terms of the number of apartments and the way the prices are going. I would liken the Cotê d'Azur to Marbella 5 years ago, and look what has happened to prices there! So whether you are buying for investment, to rent your property or looking for a second home, there has never been a better time to visit and invest in the South of France.
New developments in France
A new apartment or villa is generally one which is either being built or about to be built and while modern properties may lack the charm and character of older buildings, they do offer attractive financial and other advantages, i.e.
- A lower deposit ( 5% rather than 10%)
- Lower buying costs (new 4 / 5% ~ old 8 / 10%)
- Lower registration taxes ( new 0.6% ~ old 4.89%)
- 2 years exemption from property tax ( foncière tax)
- A 10 year guarantee
- Higher construction standards and therefore lower maintenance costs
- Better insulation and therefore lower heating bills
- Greater resale potential, especially to the French who prefer newer buildings
With a new property, the building price is fixed and it is often cheaper to buy
a new home than restore an old one because when you decide to renovate or buy an
older property, the maintenance and restoration costs are not set and can often
soar.
Security is also a prime consideration in all new properties in France and the majority of new developments have security gates, security blinds and other security features.
The standard of all new properties in France is strictly regulated and as well as a 10 year guarantee you also get a 2 year snagging guarantee it is against the law to sell a house in France without a warranty.
