Buying Property in France: Provence Property Guide
An hot property guide for anyone looking to buy abroad in Provence. Plus, find property in the rest of France.
Provence is a region in south-east France which stretches from the snow-peaked lower Alps to the sea and the Italian boarder.
The area is part of the larger administrative region of Provence-Alpes-Cote d'Azur and features a high plateau, forested hills and marshlands which are famed for their wildlife.
To find property in Provence and more French property, visit: www.justoverseas.co.uk/propertyinfrance
What's more, the region has long attracted people looking for second and holiday homes, particularly after Peter Mayle's best-selling book A Year in Provence was published in 1989.
The population of the whole region is around 4.5 million, but this increases significantly over the summer, when the locale is filled with both domestic and international tourists.
Many have described the stretch of coast from Hyeres in the west to La Napoule in the east - known as the Cote d'Azur - as "the most desirable stretch of the Mediterranean" and its property prices reflect this.
A report from frenchentree.com suggested that prices in the area are higher than in most of France and that "real bargains are far and few between". It noted that it is possible to find rural homes for around 40,000 euros but that these buildings often require extensive and expensive refurbishment work to make them habitable.
In fact, france-property-and-information.com suggests that property in the region now costs around 3216 euros per square metre, making it more expensive even than Paris.
The French Entee report claimed that "the Cote d'Azur is certainly one of France's hottest property spots" and that a one-bed apartment in Nice can cost anything from 175,000 euros. For those with more money available, "bijou residences within easy reach of the coast" often sell for millions of euros.
Pros to Buying Property in Provence
Despite the high costs, there is a good potential for homebuyers to recoup some money through holiday rentals. Such is the demand for homes during the summer months that owners can charge high rents if their property is within easy reach of the coast and local amenities.
Research from VEF recently indicated that the region is one of the most popular with French tourists and attracts around 12.5 per cent of all domestic vacations. This led the site to describe the region as a "sure bet" for those looking to invest.
What's more, the French Entee report also indicated that more reasonably priced properties are available if buyers are prepared to head away from the coast and north of the A8 autoroute. In particular, it suggested that the Var and Alpes-Maritimes regions could offer some more reasonably priced properties.
Here, homes tend to cost between 175,000 and 350,000 euros.
Cons to Buying Property in Provence
Recently, there have been some suggestions that high prices in Provence could be encouraging people looking for second homes to hunt elsewhere. Research from 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 2006 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.
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