Paris ranks as the most popular destination in France with British property buyers and 20,500 of the 135,000 expat Brits in the country live in or close to the city.
According to latest figures, Paris is the single most popular location in France accounting for over 15% of homes owed by Britons but it doesn’t have to be pricey.
Statistics compiled by INSEE (National Institute for Statistics and Economic Studies in France) from the country’s most recent census show that 20,500 Britons living in France have their permanent home there.
Its abundance of restaurants and bars, excellent public transport facilities and fantastic variety of museums and galleries make Paris a highly desirable location. And with the Eurostar linking it to the UK, it is also a convenient location for those who want to make the odd trip back to their country of birth.
Property in Paris comes at a premium but bargains can be found for those willing to move a little further beyond the city’s boundaries, while downsizing can also cut the purchase cost.
Paris has also been voted the second most favourite holiday destination for 2011 in the Frommer’s travel guidebook series global poll. Over 30 million visitors arrived in Paris in 2009.
Not only a tourist destination however, Paris is one of Europe’s premier business centres with 900,000 business meetings held in Ile de France each year generating massive demand for quality accommodation in the city.
Real estate is a highly sought after gem in Paris and the first new build development in central Paris since 2006 close to the Gare de Lyon and Bastille is being sold by investment specialists Experience International.
Rue de Reuilly has just been launched offering buyers studio and one-bed apartments with 18 years guaranteed returns and 99% LTV finance on a secure government scheme. It is a seven storey modern building with a courtyard planted with trees and a large terrace.
According to French mortgage specialist Athena Mortgages borrowing in the country is at its lowest level since the Second World War. Average rates fell to as low as 3.3% during October as a result of low government debt.
In its latest outlook report, the company pointed out that recent figures show that transaction numbers are also increasing in France that is having a knock-on effect on house prices in the country.
‘Quite simply, the cost of borrowing money in France has never been this cheap or secure for such a large number of people before,’ said director John Busby.