French Riviera property prices plummet

International investors who were previously unable to buy a property on the idyllic French Riviera might wish to re-consider their position as house prices continue to plummet in the region.

The playground for the rich is now open to all the other children, as property prices in the French hotspot have been rapidly falling.

The Euro-zone debt crisis has been having a significant impact on the French housing market, causing prices to hit new lows.

Prices have fallen in the location below the £1.65 million mark in some cases. Whilst the demand for luxury homes remains reasonably strong, sales of luxury homes in the region have increased.

The key driving force behind the push for luxury homes and apartments is the low value of the euro. There has been an increase in the number of French Riviera properties coming onto the market. According to listings website EstateNetFrance, in the last month alone there was a 16% surge in advertised property prices.

According to EstateNetFrance, sellers were holding back until new tax regulations on properties came into force in France last month.

“Properties that were taken off the market and new listings that were put on-hold due to the new tax regulation effective from January 1 2012, are now back on the market and this explains the big increase of units for sale,” a spokesman said.

Not only does this reflect the nature of the micro market in the French Riviera, but the French housing market at large, with the sector favouring buyers over sellers. France has seen property levels fall by 10% nationwide since the crash of the euro.

Transfer Money to France

Are you thinking about investing in France? If so, it is definitely a good idea to consider the logistics of transferring money abroad. Foreign currency exchange rates quoted by banks are invariably not as good as the exchange rates available through specialist currency dealers.

So if you are looking to send money to France (which is inevitable if you are looking to make a property investment) be sure to compare the market before you buy your overseas currency.

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