France has overtaken Spain as the most popular place for Britons to buy a second home, according to a number of recently released reports. A survey by Savills International claims that in the two-year period between 2009-2011, twice as many houses were purchased in France than in Spain, with the decline in the Spanish housing market highlighted as the main reason for putting off British buyers.
While Spain has seen a reduction in demand, other traditionally established and high-end markets such as southern France, Switzerland, the Algarve and Tuscany have continued to see high sales and stable property prices. And despite the overall downturn in Spain, the islands of Ibiza and Mallorca are still seeing high numbers of foreign buyers.
Overseas mortgage company Conti backed up the survey by Savills reporting that over the last year 39 per cent of all enquiries have been for France, with Spain coming in second with close to a third. The reason, according to Conti, is that investors see France as an accessible market that is both safer and more stable than Spain, and one that will generate steady returns.
But the good news is that Spain is on the rebound. Both Conti and UK house builder Taylor Wimpey claim that enquiries on Spanish property are up this year, with Conti reporting a 7 per cent increase, while Taylor Wimpey says enquiries are up an incredible 45 per cent on their Spanish developments. In fact it is estimated that 100,000 new homes will be sold in Spain in 2011 as foreigners start to take advantage of the housing slump and look to pick up some bargains.
So if you’re interested in all the latest residential property developments in both France and Spain, head to MIPIM in Cannes in March 2012. For the best hotel rooms, rented apartments and even private yachts look to EAS for all your accommodation needs. We can also help you with restaurant bookings, nightly entertainment and all your transportation requirements. Click on this link to fill in our request form.