Foreign buyers are increasingly snapping up properties in and around Paris with new figures showing they account for almost one in 10 sales.
In the three districts that make up the Ile de France some 9.2% of buyers were from overseas, the first time such a number of sales has been seen for 15 years.
The figures from real estate group Bien, said that there has been a big shift in where buyers are coming from. Italian, Chinese, Algerian and Portuguese buyers make up the bulk of sales to overseas buyers.
But overall the number of foreign buyers has remained stable with fewer French people buying homes in the region, according to the firm.
In Paris itself, some 8.3% of buyers this year have been foreign nationals, with the figure rising to 11.2% in the Inner Ring and dropping to 7.5% in the Outer Ring. Four years ago, foreigners made up just 6.3% of the sales total in the region.
Claim up to $26,000 per W2 Employee
- Billions of dollars in funding available
- Funds are available to U.S. Businesses NOW
- This is not a loan. These tax credits do not need to be repaid
Italians accounted for the largest foreign group in Paris, with 17% of sales. Chinese buyers dominated the foreign market in the Inner Ring with 22.2% of sales while Portuguese buyers came out tops in the Outer Ring at 29%.
It is not a case of foreign buyers moving to France. The data shows that some 90% of these buyers were already resident in the Paris region.
Meanwhile, another report suggests that the French are buying more property in Spain. Some 18.2% of foreign buyers in Spain are French and 51% of inquiries are within an hour’s drive of Spain, according to the latest data from Spanish property portal Kyero.
It means that the French are now the second largest group of foreign buyers of Spanish property. British buyer are still top at 54.5 and in third place is Germans at 7.5%.
A multitude of economic factors over the past year have encouraged more and more French buyers into Spain, according to Martin Dell, Kyero director. ‘With the French property market looking pretty flat, many are casting their eyes further south in search of holiday home bargains that can satisfy both investment and lifestyle requirements,’ he explained.
‘Property in Spain is incredibly cheap right now and for French buyers, being part of the Euro, means that the headache of currency exchange is removed from the purchase process,’ he said, adding that the north of Spain is particularly popular due to it being easily accessible.
Kyero figures show that Girona, just 55 minutes’ drive from France accounted for 51% of enquiries, followed by Castellon at 46%, Tarragona at 29% and Cantabria at 25%.
This article was republished with permission from Property Wire.