Ever since, French citizens elected Emmanuel Macron who in turn implemented specific changes including decreasing wealth tax, the luxury property market of France has gained traction. The leader, known for his acute business acumen, is credited with a rise in domestic and foreign buyers.
Known as the Macron effect, top buying nationalities attracted by his policies include Middle Eastern, Nordic, Germans and Brits. Reports say Brits and Middle-Eastern investors are buying to keep one foot in the EU door.
Naturally, areas like Cannes and Saint Tropez, in the Cote d’Azur region are staying true to form with millionaire buyers. However, putting aside, the classic Riviera home and French chateaus, which other areas are attracting attention from luxury buyers? Mainly, two regions are, and one isn’t that much of a surprise.
What’s Driving the Luxury Property Market of France?
Paris: The Heart and Soul of French Real Estate
All predictions say real estate in Paris will outsmart other contenders like New York and London to lead the luxury residential market in 2018. With forecasts forecasting 9% growth, they are also outranking other leading cities such as Madrid, Berlin and Hong Kong.
So far it is the 6th and 7th arrondissements garnering all the attention. Both belong to the most fashionable district of the city and present some of the highest prices per square meter. In lower priced neighbourhoods, 212,000 euros gets you 22 square meters, half the rate of Bordeaux.
French Alps: A Ski Home Isn’t Just for Winter
Resorts of the French Alps are also cashing in for many reasons. The renewed interest in French real estate has sent many buyers their way, because of leaseback schemes and resorts efforts to become year-round tourist destinations. For luxury buyers looking for a buy-to-let return on their investment, the choice is endless.
One ski resort receiving much attention is Val d’Isère, who after spending millions on renewing their ski infrastructure, also embarked on a project to modernise the town centre and increase bed capacity. The tourism board has also kicked into action with themed summer time activities, while the government’s leaseback scheme entices buyers with a potential 20% tax refund, and guaranteed income.
Courchevel, a timeless classic is still in high demand, while Megeve, and Les Gets are other French Alp Destination gaining traction in the luxury property market of France. (French Alp Property)