危机 “The Chinese use two brush strokes to write the word ‘crisis.’ One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger–but recognize the opportunity.”
― John F. Kennedy
(It looks like a lot more than two strokes to me, but I wouldn’t argue with JFK. Anyway, I agree with the sentiment, Chinese brushstrokes notwithstanding.)
A few wise men and women we know have recognised opportunities in the French Riviera property market in the last few years of 危机. People from all over the world would love to buy property on the Cote d’Azur, a market they dream of being part of, but sadly few ever actually realise those dreams, largely because…..
Too often, the opportunity knocks, but by the time you push back the chain, push back the bolt, unhook the two locks and shut off the burglar alarm, it’s too late.
– Rita Coolidge
If therefore you spot the house or the apartment of your dreams today or tomorrow, come in or contact us and let’s negotiate with the sellers, because they are likely to be more amenable than they might have been not long ago.
All market parameters favour the buyer right now, and the outlook is extremely favourable if you are considering purchasing a property in France – here are some of the reasons why:
Interest rates have remained low for longer than at any time since the 1940’s, and there is little chance of any significant increase anytime soon. At an LTV (Loan to Value) of 80% over 20 or 25 years, rates of 3.4% for fixed rate and 2.6% for variable rate mortgages are available to borrowers.
Property prices in France remain unsteady. Prices have pulled back during the 危机, added to which properties that sell are normally the ones for which the seller will accept a reasonable (or even a low) offer. The “buyer’s market” is at work!
“Insane” Property prices in the UK, especially in London and the South East of England are having an effect on regional markets, particularly France. Commentators have described the London market as “insane”, and it has certainly met its gangbuster, although it is said to have come off the boil recently.
What interests us particularly is what Ruth Bloomfield writes about in the FT: “International buyers, who have been propping up prices in central London since 2010, are now casting their eyes across the English Channel.” They accounted for 10% of the market in 2013 and one can reasonably expect that figure to grow in 2014.
Not too late to mention – rates of exchange – the Euro has been trading at just below 80 pence, its lowest rate since the all-time-low of July 2012 was brought about by the climax of the Greek crisis – not so fondly remembered as the “Grexit”. Speculation was widespread at that time that Greece would have to leave the Eurozone. Thankfully it did not.