Overseas property guide for anyone buying a house or property in Marseille. Plus, find property in France.

Marseille is the second largest city in France and is the capital of the Provence-Alpes-Cote d'Azur region.

This south-eastern municipality is home to around 1.23 million people and is one of the busiest ports in the country.

Its maritime history means that the city is very multi-cultural, with people of African, Turkish and Jewish decent all living together in the bustling modern metropolis.

To find property in Marseille and more French property, visit: www.justoverseas.co.uk/propertyinfrance

In the past, Marseille has had a reputation of being a somewhat rough destination, with high rates of crime and problems to do with racial tension. This image was certainly not helped by the city's unfavorable portrayal in the classic 70s movie The French Connection.

However, significant levels of urban regeneration in recent years have transformed the area into a prosperous and vibrant city which is becoming increasingly attractive to people looking for second homes or property investments.

Marseille is divided into 16 arrondissements which move outwards from the central Vieux Port area. Locally, everything north of the old port is referred to as the Quartier Nord, while everything to the south is deemed to be part of the Quartier Sud.

Pros to Buying Property in Marseille

The city is proud of its differences from the rest of France and has become an important regional centre for culture and entertainment, with an opera house, several museums and galleries and a vast number of restaurants, bars and cafes.

It is also the place where French rap developed in the early 90s.

All this means that demand for property in the city is high, making it relatively expensive. Indeed, figures from FNAIM - the professional body of estate agents in the country - indicate that property in Marseille costs 3035 euros per square metre, making it comparable to Lyon, Toulon and Toulouse.

A report from World of Property provided some more information, suggesting that houses in the city centre cost around 3,230 euros per square metre and apartments typically around 2,849 per square metre.

According to this report, "city centre property developments are being sold as quickly as they are emerging" and these sorts of homes normally cost between 154,500 euros and 250,300 euros.

While prices for properties remain expensive, Marseille has a thriving buy-to-let and rental sector which means that investors can recoup some of their money by targeting properties which would appeal to the city's large student population.

Recently, Olivier Morvan, director of Cluttons France, stressed that the buy-to-let market in the south of the country was particularly lucrative.

He explained: "The rental return is very good. If you want pure rental return you would make use of the good tax advantages by the French government on buy-to-let schemes.

"Or you can stick to towns where there are universities and students; or many foreigners on short-term stay."

What's more, shelteroffshore.com claimed that the market for property in Marseille has received a massive boost as a result of better air and rail links with Paris. The new Eurostar link from St Pancreas could improve the situation further.

Cons to Buying Property in Marseille

Recently, there have been some suggestions that high prices in the region could be encouraging people looking for second homes to hunt elsewhere. Research from the French National Estate Agency Association showed that the prices in the neighbouring Languedoc region, while still much lower than in Provence, are rising at a much faster rate. This led the estateangels.co.uk website to suggest: "Provence's role as playground of the rich and famous has kept prices high.

"But the more interesting finding from the survey was that prices in Languedoc are growing far faster than those in Provence. It would seem that Languedoc is fast catching up with its glamorous neighbour."

There is also some concern that the election of Nicolas Sarkozy as president in 2007 could have an impact on investment in the country.

During his campaign, Mr Sarkozy said that he wanted France to become "much more property owner-oriented". While the government policies could attempt to deter foreigners buying properties, the predicted increase in demand might mean those who already own homes see values rise.

In fact, the latest figures indicate that price inflation has slowed and house prices reduced slightly in the two months to September. Experts believe that the country may experience single digit house price growth.

What You Need to Know to Buy Property in France

People who buy a property in France will have to sign an initial contract which sets out the price, terms and conditions of the sale. After various legal checks have been carried out, a final contract is exchanged.

In addition, deposits on French properties are always paid to the Notaire or to a bonded estate agent, not the buyer.

Finally, contracts are subject to a seven-day cooling off period. This means that buyers can cancel the contract at any point during this period.

Back to Overseas Property Guides Index Page

© Adfero Ltd