Thinking of owning a property in France? You are not the only one, numerous Brits consider doing so for various reasons. It could be for your own family holidays, it could be a place to retire too. Or simply, it could be an investment. Well, there are 10 things you need to know about owning a home in France. It is slightly different there.
1/ Ownership trends
On average, 70% of people on the continent own a house. In France, that figure is slightly lower at 65%. In Britain, last year it was even lower at 63.5%.
2/ Mortgage payment
French still owe a fair amount of Euros to the bank for their mortgage. 47k Euros on average to be more precise, in Europe, that figure is at 41k Euros. Brits are leading the pack with 85k Euros outstanding mortgage!
3/ Competitive credit
Owning a home in France is quite interesting as currently interest rates are quite good. On average, a French family borrow over 19 years at 2.1%.
4/ Low price increase
Cost of properties have increased very slowly over the last 10 years, of course these will vary between regions but the national increase was low, only 2% between 2006 and 2015. In comparison prices skyrocketed in Britain over the same period: +30%.
5/ Reasonable construction costs
Between 2005 and 2014, an 18% could seem high but again, that figure is pretty good compared to other countries. The average in Europe is 27% and in the UK, the costs of building jumped over the same period by 41%!
6/ Budget spend on property
Again, this is a pretty good figure across Europe with only 18% of revenue being spent on lodging. It is nearly a third in other countries like Germany or Holland.
7/ Family nest
On average, youth of France, UK, Germany and Holland leave the family home at 24. This takes a bit longer in Southern Europe. It is harder to find a new home for Italians and Spaniards who leave the family nest at 30 and 29 years old respectively.
8/ Average residency
The number of residents per property in France is the same as the European average: 2.3 – actually this is the same in the UK and Italy.
9/ Property size
Again, France is on the European average with properties at 102 square meters which equate to 1098 square feet. It is 50% bigger than the average property size in Britain at 818 square feet.
10/ House vs apartments
Again, the French average meets the European one with 69% of people living in houses vs apartments. Britain leads the way here with 85% of homes. The second country in Europe is Poland with 80%.
As you will have gathered from this article, there are plenty of good reasons to buy a property in France besides the most obvious one; “Joie de vivre”. If you own one already, congratulations!