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16 September 2010

France more popular than ever Brits buying abroad

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by Gill Montia

France more popular than ever Brits buying abroad

Conti has reported that France is more popular than ever for Britons buying abroad.

According to the overseas mortgage specialist, the country has taken a 43% share of its mortgage enquiries so far this year, representing a 12% rise on the same period of 2009, and a jump of 29% on 2008.

Spain comes second, nudging slightly ahead on last year, with 24% of enquiries and Turkey has retained third position, with a year-on-year increase of 5%.

The three countries now account for 85% of all enquiries, with investors evidently focused on tried and tested locations.

Meanwhile, the far-flung emerging markets seem to have “totally disintegrated”, with the US the only other country in the top ten to see a significant increase in enquiries over the last year.

According to Conti, the French mortgage market is very stable, largely due to the cautious approach adopted by its financial institutions in the past, while buyers of Spanish property are in a strong position due to the number of homes available, low interest rates, and the opportunity to negotiate price reductions.

The firm’s operations director, Clare Nessling, adds: “The falling value of the euro has made property in the eurozone around 10% cheaper to British buyers over recent months, so this is also contributing to the increasing popularity of France and Spain.”

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