Who are the foreign buyers in France?

Since 2021 sales of property in France have been steadily declining and this decrease is expected to continue until the end of 2024. This appears to be due to the high interest rates in France and currently this is not expected to change.

This is good news for foreign property buyers in France. Whether you want to invest in a holiday home or move to France permanently, now is the time to search for a bargain.

As an idea of prices, the average property purchase price by foreign buyers in 2023 was €226,090 (£268,000), a decrease of 8.6% on the previous year. With the average house price in the UK being €331,000 (£282,000), you could get a lot more property for your money in France.

While the British have historically been the main foreigners to buy property in France (fulfilling the dream of the countryside gîte or Provence villa) the Belgians have overtaken.
In 2023, Belgians represented 20% of foreign property buyers in France, followed by the British, Germans and Dutch.

However, a new law passed at the end of 2023 allows second homeowners in France to automatically stay for 6 months. This bypasses the 90 in 180 day Brexit regulation, allowing UK residents to stay in France for a longer period.

This has boosted the number of UK residents looking for an investment property to 6 times more than usual. So the Brits in France could be making a comeback. What this means is that you could buy a holiday home in France and spend the summer or winter in it and use it as a seasonal rental for the remaining 6 months.

France has long been an attractive destination for foreigners wanting to move abroad, particularly the British. With the lure of good weather, a cheaper cost of living and a wide selection of properties, many people head to France in search of a better life.

Depending on lifestyle and needs, foreigners buy property all over France. Villas in the South of France offer the dream of living in Provence or by the Mediterranean while inland the Aquitaine boasts vineyards, lakes and mountains.

Alternatively, if you’re seeking the buzz of the city, Paris, Bordeaux and Nice are popular choices, while the North of France, with its wild coastline has easy access to the UK via the Eurotunnel. And let’s not forget the ski resorts of the Alps and the Pyrenees – perfect for lovers of winter sports.

The main reasons for UK citizens buying property in France include:

It’s easy to travel to and from the UK to visit friends and family (or them to visit your French villa in Provence or apartment in Nice…). The Eurotunnel makes taking your car simple – a great benefit if you have pets – and it only takes 35 minutes to cross the Channel.

You also have access to the rest of Europe from France – so if your wanderlust takes you to Spain, Italy, Germany or further afield, you can jump in the car and take a road trip.

With property prices still decreasing and the potential of a home with more space in France, many British have chosen to buy in France, despite Brexit. Rental prices are also cheaper in France, making it an attractive option while you decide where you’d like to settle in France.

The table below demonstrates how buying and renting property costs less in France.

As you’d expect, buying a Paris apartment is going to be more expensive than a house needing renovation in the north of France, however there are plenty of affordable properties to choose from.

This Statistica chart shows the average square metre price of apartments and houses in France in November 2023 by city. You may find this useful if you’re unsure where to buy a property in France.

Overall, the cost of living in the UK is 6% more expensive than in France. This takes into account food, eating out, fuel, clothing etc.

For example, eating out in the UK has become a luxury, with prices being 3% less in France. Add to this the ambience of sitting outdoors enjoying a leisurely meal with family and friends and France is an attractive option.

Wine is an expensive treat in the UK, with a mid-range bottle being 33% more expensive than in France. Living in France means easy access to the many local vineyards, where prices are not only cheaper, but wine is embedded in the culture.

Utilities are 57.9% more expensive in the UK – based on the average monthly bills for electricity, heating, air conditioning, water and council tax. Internet supply costs 22.5% more in the UK. Plus, if you live in a warmer part of France you won´t need heating as often as in a cold, dark British winter.

** All cost of living prices above @ September 2024.

France has long been a destination to move to, whether for retirement or as a family. Whilst Brexit slowed things down for the British, the decrease in prices is sure to tempt many people who dream of a better life.

In addition, as working remotely has become more popular, the option of living in France as a digital nomad is another choice. This beneficial if you want to buy an investment property in France and rent it out short-term to remote workers.

iad Overseas have many years’ experience helping expats move to France and we’d love to help you. If you have any questions or want to see the vast range of properties to buy in France we have access to, get in touch.