NEWS
PRIME FRANCE: LEADING LOCATIONS ATTRACT TOP GLOBAL BUYERS
D
espite recent economic headwinds, France is proving to be a resilient market, registering strong demand from overseas
buyers, according to Knight Frank’s Prime France Report, which notes that UK and US buyers were more focused and engaged in their searches between April and June 2023. This is due in part to more French banks being willing to lend to non-EU residents than a year ago, following a period of uncertainty. Continued high demand spurred on
by the pandemic has seen many French locations recording double-digit property price growth, Knight Frank reports. Paris registered 4.3% price growth in the year to Q1 2023. Over the decade, prime prices in the capital have seen an uplift of 24.6%,
The price of luxury property in Provence has increased by 22.5% since the start of the pandemic
performing better than London (-5.9%) and New York (11.8%). Head south to the French Riviera and
prime prices increased by 14.8% on average during the pandemic, with St-Tropez the top performing market, up 17.1% between 2019 and 2022. Stock levels are slowly recovering from their pandemic lows. In Provence, the average price of a luxury
property has increased 22.5% since the start of the pandemic, with 2022 seeing a 12% uplift alone. Knight Frank expects the rate of price growth to moderate in 2023. For skiers, prime prices across the
11 French Alpine resorts Knight Frank operates in increased by 20.2% on average in the decade to 2023, with over half of this rise (10.9%) taking place during the pandemic years.
TRAVEL NEWS
From January 2024 young people in France will be able to take their driving test from the age of 17 instead of 18, says Prime Minister Elisabeth Borne. She also announced that the government will provide a pass for free travel for one month on Intercité and TGV trains for those aged 18 to 20 engaging in a youth employment contract.
Minister of Transport Clément Beaunehas announced that all two- wheelers must now pass a ‘contrôle technique’, similar to a UK MOT. The rule will apply to two-wheelers once they are five years old and then every three years. For cars it’s from four years and then every two years.
PROPERTY MARKET: VOLUME DOWN T
he French association of estate agents (FNAIM) has recently released data that suggests that the total number of real estate
sales are expected to decline by 15% this year, compared to 2022. According to Les Échos, the decrease is
attributable to a combination of factors, including the rise in interest rates and prices, as well as the tightening of lending requirements. The increase in interest rates has made borrowing more expensive, which in turn led to a decrease in demand for real estate. Additionally, the rise in prices has made
it more difficult for potential buyers to afford properties, further contributing to the downward trend. The tightening of credit conditions has made it more difficult for buyers to obtain mortgages, further reducing demand. The total number of transactions is
therefore expected to amount to around 950,000, representing 150,000 fewer sales
Ryanair has launched new flights between Ireland and France with three flights per week – on Wednesdays, Saturdays and Sundays – between Paris and Cork.
Spain’s state-owned rail operator RENFE wants to run at least five trains per day on the Paris-Lyon corridor starting next year, according to reports in Capital. Aſter starting its direct Lyon-Madrid and Marseille-Barcelona lines in July, the operator is keen to expand further into the French market.
Rising interest rates and tighter credit conditions are contributing to declining transactions
than last year – the largest drop in the market in terms of volume since the 1990s.
Easyjet has launched a new internal flight linking Bordeaux and Toulon, on Fridays and Sundays.
FRENCH PROPERTY NEWS: September/October 2023 13
© MOHAMED_HASSAN | PIXABAY
©SHUTTERSTOCK
©SHUTTERSTOCK
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