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So are you moving to France shortly? It is far better to buy overseas property in France rather than to rent an apartment. Here’s a quick guide to buying overseas property in France in 2019.
State of the Property Market in France in 2019
The property market in France has actually been doing very well in spite of the turmoil in the national politics of that country. President Emmanuel Macron began with great promise and was seen as someone who would make France an attractive destination for foreign investors.
Macron is without question a very business friendly leader, but unfortunately that actually goes against him in that country. The recent “Yellow Vest Protests” that hit France and paralysed the country is testament to Macron’s inability to read the public mood in the country. The French people have had enough of cutbacks in the budget and public services and are literally revolting against President Macron.
As a result, business confidence in France is pretty low. Regardless, France remains one of the top tourist destinations in the world and the most popular overseas property hotspot in Europe after Spain.
Property prices in France went up by 3.3 percent in the first quarter of 2019. Prices were robust in 2018, but the number of property transactions actually went down. The overseas property market in France is as strong and steady as ever because there will always be a huge demand from foreign investors for a home or second home in France.
How to Find the Right Overseas Property in France?
There are many ways to find a suitable overseas property in France. You can look up various property portals on the internet, advertise in local newspapers and real estate magazines or hire local real estate agents, referred to as un agent immobilier.
But your best option is to get in touch with an overseas property agent based in the UK. They will have contacts with lots of people who are in a hurry to sell their second home or vacation home in France. So they can basically get you a very good deal, much to your satisfaction.
The Property Buying Process in France
Once you’ve found a property you like, the next step is to sign a contract with the owner called promesse unilatérale de vente, which means a unilateral offer to sell. The owner promises to sell the house to the buyer for a set price and transfer the ownership as soon as the full price is paid. In return, the buyer puts down a deposit of about 10 percent of the deal.
Next, check if all the details related to the property as declared by the owner are correct or not. Hire a property appraisal expert for this and also get a structural survey done. If the owner has misled you in anyway, then the deal is null and void and not only does he need to return your deposit, but also pay a fine.
If everything looks okay, then the notaire takes a look at the legal and financial documents related to the property to see if there is anything amiss. Once he gives the green signal, you may sign the acte de vente or deed of sale and pay the various taxes as well. The property will now be registered in your name in the Land Registry.