UK buyers rushing to the French Riviera
15 April 2003
UK homebuyers looking for a property in France have expensive taste when it comes to buying a home in the sun, with the Riviera as the favoured choice.
A survey for Abbey National reveals that the average property price in the Cote d'Azur is now €332,179 (£221,453) making it the most expensive, as well as the most popular, region in France to own a home.
The Abbey National reveals that there has been a 42 per cent increase in the number of UK purchasers of homes in France using Abbey National France's mortgage service in the last year, as more Britons choose to work or retire there.
The average price for a home in France has changed little over the years, the research reveals, standing at €227,643 (£151,762) and proving that France provides good value for money when compared to recent price hikes in the UK.
The new figures also show that Brits are travelling further to buy, moving towards the south coast for warmer weather or to alpine regions for the views and ski-ing opportunities.
In previous years more northern, rural and more affordable areas were more popular.
According to Abbey National the five most popular regions on France for UK buyers; Cote d'Azur, Rhone Alpes, Languedoc, Midi-Pyrenees and Aquitaine.
The five most popular towns in the survey were: Nice, Antibes, Chamonix, Mandelieu and Cannes.
David Wells, Managing Director, Abbey National France, said, 'Demand from UK buyers to buy a home to live or work in France has never been greater, and buyers are prepared to spend a little more money on their second home than before.'
'While owning a home abroad can be a little more expensive on the Cote d'Azur, bargains can still be found across the country, showing that most people are able to realise their dream of an overseas retreat if they shop around.'
'France has not experienced the same high house price inflation as the UK, which means French property can offer excellent value for money as well as the advantages of the French lifestyle,' he added.