French prime property market ‘will perform well in 2014’

With buyers looking for a deal and sellers willing to be flexible, the French market will perform well in 2014, says a top agent

The French luxury property sector will perform well in 2014, thanks to beneficial tax changes and demand from overseas buyers, a top buyers’ agent predicts.

In September, the French government ruled that those who owned a second home for more than 22 years will be exempt from Capital Gains Tax.

Tim Swannie, Director of buyers’ agent Home Hunts, explains, “We expect the recent tax incentive (twenty-five per cent reduction in Capital Gains tax) to continue to feed the French market with eager sellers throughout 2014.

“We have seen a trend throughout 2013 whereby buyers are looking for a ‘deal’ and we expect this to continue – the reduction of Capital Gains Tax means that owners are a little more flexible with their prices, knowing that they will make a tax saving, so it really is a win-win situation.”
The market continues to benefit from overseas investors, with interest in Parisian properties led by Chinese, Brazilian, South African and the Middle East buyers.

Monaco particularly attracts foreign buyers from Russia and London and in the French Riviera, most investors come from Russia, the Middle East, UK, Scandinavia and the Netherlands.
“The top end of the market on the French Riviera will certainly continue to flourish and we have seen a large number of enquiries coming-in particularly for Saint Tropez, Cap d’Antibes, Cap Ferrat and other coastal areas,” says Mr Swannie.

Home Hunts specialises in finding luxury homes and investment properties throughout France, Monaco, Geneva, London and New York, including ‘hidden gems’.
The four-bed renovated farmhouse (pictured)at Le Bettex, Saint-Gervais-les-Bains, France, comes with three hectares of land and views of Mont Blanc and is on the market for ?1.9million.

The Home Hunts team collaborates with estate agents, notaries, developers and private sellers to provide the ultimate selection of properties in a desired area and offers unbiased advice and support.

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