How to buy an accommodation in France online
Planning to move to France for work or want to enjoy the French lifestyle? In France, real estate is sold in Paris, Marseille, Lyon, or a small town. It can be a high-end villa, a small apartment, or a simple land plot.
Only 57% of French people own housing, so a big part of the local real estate market is available to foreign investors. In this article, Togrul Aliyev, a French real estate expert, head of the PARIS MANAGEMENT GROUP, will share the insights of how to find a reasonably priced property in France.
How do things stand in the French real estate market?
The housing market in France is stable due to the enormous supply of attractive offers for both investors and tenants. In 2020, the real estate value in France increased by an average of 8%. However, it may still vary depending on the type and location of an object. Currently, the trend is going upward and has been raising for two years.
Due to very high real estate prices in France (for example, today, the cost of a square meter in Paris is about €10,000), many French people prefer to rent accommodation rather than buy it. Most young families simply cannot afford to purchase a home in France. Nevertheless, despite the lower cost in suburban areas, many Parisians still prefer an urban lifestyle.
Today, there are no restrictions for foreigners to buy local properties. Yet, non-residents are required to open a bank account, and get a tax address in France. The only possible obstacle for getting a mortgage could be potential investor’s income. If having a sufficient salary, banks could cover 70-80% of the cost of a new property. However, the process of getting a mortgage in a French bank takes a long time. Real estate agency services will make the process much easier.
One can buy housing in France directly from an owner. Yet, lack of knowledge of the French law and the real estate market specifics can cost a heavy price. Some owners directly selling cheap housing often raise the price of their properties.
Do not hesitate to contact a professional agent who will help you find and buy an inexpensive accommodation in France, especially in remote areas, or if you do not speak French well.
While the cost of an agency service may seem like an obstacle, it is the only way to make sure you do not miss any great deals, especially in hard-to-find-a-home areas.
How to choose a property in France
In the whole country, types and prices of immovables vary greatly depending on the region. If you want to live in Paris or other major cities, it will probably be difficult to find anything affordable other than an apartment. In the countryside, there is a large variety of private houses, villas, and mansions.
How a foreigner can buy or rent real estate online:
- Check ads on real estate platforms;
- Choose a region where you would like to live;
- Set your budget after comparing prices for similar properties in the area;
- Contact a real estate agent who will help you search, calculate the size of the mortgage loan to estimate the monthly payments, if purchasing;
- Select an attractive accommodation;
- Sign a sale or lease contract online;
- Open a mortgage account in a French bank uploading all the necessary documents to the site in English, though preferably in French, with your electronic signature.
Agency commissions will sum up to 10% of the real estate value, state and notary fees will come to 8%.