UK property owners are at the forefront of a six per cent growth in French non-resident property transactions, according to figures released today.
Research undertaken by BNP Paribas and the Notaries de France show the number of properties bought in France by overseas residents grew again in 2018 by 6%, with UK nationals driving the growth, despite concerns and uncertainty surrounding Brexit.
The UK remains the largest single group in Europe, accounting for 27% of all purchases by non-residents in France, the research highlighted. The number of transactions by UK buyers alone grew by 3%.
Guy Stephenson, director of expat mortgage brokers Offshoreonline, said: “Even with the negative publicity surrounding Brexit, British buyers maintained their interest in the French market"
Commenting on the figures, Guy Stephenson, director of expat mortgage brokers Offshoreonline, said: "Even with the negative publicity surrounding Brexit, British buyers maintained their interest in the French market, pushing forward to take advantage of continuing low euro mortgage interest rates. The stability of the market, which again edged up in value terms in 2018, offers buyers additional reassurance too."
Among the most popular regions for overseas buyers remain Paris, Provence Alpes Cote d'Azur and the South West region of Nouvelle Aquitaine, where the British continue dominate in areas such as the Dordogne.
Fixed rate mortgages now account for 47% of all loans, with the typical buyer likely to be aged 50. Interest only loans remain popular, accounting for 22% of all loans offered by BNP to overseas residents.