Weak French property market to see ‘pricing website’
For a few years now the french property market has been in decline and property values have plummeted with property remaining months if not years on the market without interest. Many rural regions have been most effected and the added concerns over Brexit has seen many of the expat French property owners concerned about their future standing and placing their property on to the market looking for a quick sale.
A news report on The Local website highlights a new pricing website is about to launch that will enable people to research sold prices in a bid to increase transparency. Is this a good idea? Many French property for sale, again especially rural, from experience (having purchased, sold and worked in the French property market), will sometimes be 33% over valued or at least the agent / owner knows to place a higher price expecting offers – Urban areas you are more able to price property accordingly relevant to areas / style of property and for demand. If purchasers can now research the sold prices and compare to what the asking prices are then it could mean even lower offers?
Anyway, the sluggish market has seen the French government announcing this new website via the Ministry of Economy and Finance in France – All property including land will be referenced with sold prices (sales completed from January 1st 2014) – Previously this data was only available to notaires (solicitors acting on behalf of sellers / buyers).
I doubt France will ever go back to the innocent prices they were at of the late 1980’s when the real interest in buying a home in France began when I can remember the likes of just a a few £1,000 would get you a decent farmhouse to renovate in the depths of Normandy / Brittany or if you could splash the cash then a chateau of many bedrooms and hectares could be yours for £100,000. Nonetheless there are bargains to be had throughout France and without question the lifestyle it offers will tempt people from the UK and beyond for many years to come.
French property for sale in Burgundy is the area that I worked in – If you have £25,000 or more to spend today then a second home in France or a wonderful retirement place could be waiting for you.