Local agents are reporting increasing interest in property along the French, as tax cuts and advantageous exchange rates combine to offer better value for money for purchasers.
The weaker euro is attracting buyers from the UK, the US and Scandinavian states, says The Times. Dominique André of Aylesford in quoted by the newspaper: “It’s a great time to find a good deal on the Côte d’Azur because there has never been so much for sale. Many owners still need to reduce their prices drastically and offers are being made for 10% to 30% below asking prices.”
Mark Harvey at Knight Frank reports that the number of US buyers has tripled since November last year, due to changes to Capital Gains Tax (CGT) rules for overseas property owners, and the favourable currency exchange rate.
Property owners in France are now exempt from paying CGT after 22 years; previously, exemption only kicked in after 35 years. André believes CGT could be reduced further still, to a required ownership period of 15 years.