Picture this : You stand on a sun-kissed terrace, gazing at the rolling vineyards of Provence or the majestic coastline of Brittany. The dream of owning a piece of France has captivated countless British buyers, but with the advent of Brexit, the journey has taken a turn. In this article we embark on an exploration of the post-Brexit landscape, revealing the implications, opportunities, and expert guidande available to those considering buying a property in France after Brexit.
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Buying a property in France after Brexit
Navigating the realm of property buying in France post-Brexit may seem like a daunting task, but rest assured that British buyers still hold a prominent position in the French market. While some administrative requirements and legalities have undergone adjustments, the allure and accessibility of owning your dream property in France remain intact.
One key change to note is that British buyers now face additional paperwork, such as obtaining a French bank account and providing extra documentation to prove financial stability. These measures ensure compliance with the new regulations and facilitate smooth transactions. Partnering with an experienced and knowledgeable real estate agent or property expert can provide invaluable guidance throughout the process, helping you navigate the intricacies of the post-Brexit landscape.
The French property market in 2024
The French property market in 2024 remains one of the most stable and attractive in Europe, drawing in both local buyers and international investors. The appeal of France’s diverse regions, from bustling cities like Paris and Lyon to serene rural areas and coastal towns, continues to attract interest from a wide range of buyers, including expats, second-home seekers and retirees. In 2024, the market has shown resilience despite broader economic uncertainties, with demand particularly strong in cities and popular tourist areas.
What it the French property market like in 2024?
The market has seen moderate price increases in most regions, driven by demand for properties in prime locations. Urban areas such as Paris, Bordeaux and Nice are experiencing steady growth, particularly for smaller properties, due to high demand from young professionals and international investors. On the other hand, more rural regions have seen price stability, offering affordable options for those looking to escape city life. Overall, prices are expected to remain stable, with slight growth in high-demand areas.
The luxury property market in cities like Paris and on the French Riviera continues to thrive, as international investors see French real estate as a safe asset. Post-pandemic, there has also been a growing trend toward sustainable, energy-efficient homes, with many buyers now prioritising eco-friendly features.
Financing and mortgage interest rates in 2024
Financing a property purchase in France in 2024 remains relatively straightforward for both residents and non-residents. French banks offer various mortgage products, including fixed-rate and variable-rate mortgages. However, due to inflationary pressures and rising costs of living, mortgage interest rates have slightly increased compared to previous years. As of 2024, interest rates for mortgages typically range from 3% to 4.5%, depending on the lender and the loan term. Despite this increase, rates remain historically low compared to other European markets, making it an attractive option for long-term investments.
French banks typically offer loan terms of up to 25 years and require a deposit of at least 15% of the property’s value, especially for non-resident buyers. Expats and foreign investors may need to provide additional documentation, such as proof of income and financial stability, to secure financing.
> You might be interested in this article: Getting a mortgage in France
Average property prices in 2024
The average property prices in France vary greatly depending on the region. In Paris, the average price per square meter hovers around 10,500 € (around $11,000 or £9,000), while in other major cities like Lyon and Marseille, prices range between 4,000 € and 5,500 € per square meter.
In contrast, rural areas and smaller towns offer significantly more affordable options. For example, in Normandy or the Dordogne, you can find properties for as low as 1,500 € to 3,000 € per square meter. Coastal areas like the French Riviera remain at the higher end, with average prices often exceeding 7,000 € per square meter.
Overall, the French property market in 2024 is stable, with plenty of opportunities for both domestic buyers and international investors. With accessible financing options and diverse price ranges, it remains one of the most attractive real estate markets in Europe.
Visa requirements for British property buyers : How long can you stay in France?
For British buyers, considering an extended stay or permanent residency in France, understanding the visa requirements is crucial, especially in light of the upcoming ETIAS (European Travel Information and Authorisation System) regulations set to take effect in 2025. Currently, UK nationals can enjoy visa-free stays of up to 90 days within a 180-day period under the Schengen Zone rules. This means that you can spend up to three months in France within any six-month timeframe without needing a visa. However, the new ETIAS regulations will introduce additional requirements for short-term stays, and if you’re planning to stay longer, applying for a long-stay visa becomes essential.
The 90/180-day rule
Under the current 90/180-day rule, British citizens are allowed to stay in France (and other Schengen Area countries) for up to 90 days within a rolling 180-day period. This means you can spread your visits across the six months, as long as the total stay does not exceed 90 days. For example, you could spend two months in France, return to the UK, and come back for another month within the same 180-day period. After that, you would need to wait until the 180-day window resets before returning.
This rule is particularly important for second-home owners or those planning frequent stays in France. It offers flexibility for short-term visits but limits longer stays without a visa. Violating the 90/180-day rule could lead to fines, deportation, or future entry bans into the Schengen Area.
ETIAS in 2025
Starting in 2025, the ETIAS system will require non-EU citizens, including British nationals, to register online before entering the Schengen Zone for short stays. This will be a mandatory travel authorisation similar to the ESTA in the United States. While ETIAS will not change the 90-day rule, it will introduce an additional step for those planning to visit France for short periods. The application process is expected to be straightforward, requiring basic personal and travel information.
Long-stay visa for extended stays
If you plan to stay in France for more than 90 days within a 180-day period, you will need to apply for a long-stay visa (visa de long séjour). This type of visa is suitable for those wishing to spend extended time in France, either for work, study, or property management. British nationals who own property in France but wish to stay longer than the 90-day limit can apply for this visa, which typically allows a stay of up to 12 months.
To apply for a long-stay visa, you will need to provide various documents, such as proof of income, health insurance, and evidence of accommodation. The application process can be completed through the French consulate or embassy in the UK, and it’s advisable to start the process well in advance of your intended stay.
Useful Resources
Service Public – French Government Services Website: Offers comprehensive information on various administrative procedures, including property buying. Visit the website here.
Gov.uk – Buying Property in France: Provides guidance for UK nationals on buying property in France post-Brexit. Visit the website here.
Notaires de France – Official: Website of Notaries in France
Provides valuable information on the role of notaries in property transactions and legal aspects. Visit the website here.
