Still considered an old favourite, property markets in the south of France see growth this first week of the New Year. When polled, many investors like the idea of investing in the southern French favourites as well as in Spain.
Property agents, VEF, noted in a report released this week that the first seven days of 2008 have seen a 50 per cent climb in property sales, up dramatically from this time in 2007.
Popular locations for investors, second home buyers and others include Monaco, the French Riviera, Cannes, Marseille and other's along the French Mediterranean coast line.
The benefits of purchasing property, as a foreigner in France are many, which may be leading the draw to these regions. This includes a lower capital gains tax for foreigners over citizens (from 30 per cent to just 16 per cent for foreigners.) In addition, interest rates on mortgages available to foreigners are low, between 3.5 per cent and 4 per cent.
The first months of the year are often a bargain type of property market as sellers are looking to sell quickly.
The benefits of purchasing here and the demand are growing for many reasons. In Cote D'Azur, investors are purchasing property and holding it, which is creating less new investment opportunities to take hold of. Additionally, the region is nicely accessible to the airport located at Nice.
A variety of property styles are available but locations that are rural often offer more for the money. In a rural area, a grand estate will be less expensive than a smaller, modest villa in any of these cities.
