Sean Connery’s French Riviera home is on sale for US$33 million – as France leads the post-Brexit, post-coronavirus property boom
From vineyards to villas by the Mediterranean and Parisian pied-à-terre, as France’s real estate market reopens post-Covid-19 lockdown interest is booming, particularly among cash-rich Chinese investors and Britons wanting to beat Brexit deadlines
With lockdown restrictions easing, and the formal end of the Brexit transition period drawing ever closer, French property agents are reporting a flurry of interest from British buyers.
Britons have always been the most prolific buyers of second homes in France because it was so easy for them. Europe's much-loved, most-visited country is just across the English Channel, with no entry visas required or restrictions on length of stay.
After the Brexit transition period ends (currently set for December 31, 2020), Britons, like any foreigners, will still be able to buy property in France, but the rules may change. Though details are still being ironed out, agents say questions around tax and freedom of movement are on the minds of property investors. This may motivate some to secure their second home while still being safeguarded by EU member freedoms.
The portal French-Property.com reports that May broke all previous records for searches and inquiries on its site.
According to Pat Monk, managing director at French-Property.com, there were more than 900,000 property searches in May, an increase of 169 per cent over the same period in 2019.
“While a lot of the interest might have been dismissed as casual activity during the lockdown, inquiries to sellers rose by 88 per cent to nearly 7,000, {which is} also a record,” she said. “The highest daily count occurred on the last day of the month, following the announcement of the easing of the lockdown in the UK, when there were nearly 400 inquiries on property for sale.”
Monk added that nearly 90 per cent of inquiries have been from buyers proposing to buy within the next six months, which is “substantially higher than we normally observe”.
“It is clear many UK buyers plan to relocate to France to become resident before 31 December, after which visa requirements apply,” she said.
