Buying property in France
Owning a property in France – whether as an investment, a second home or a property for a permanent relocation – is an enticing prospect.
While the legal and financial processes of buying in France may appear daunting at first, there is a network of English-speaking professionals on hand to help.
This guide will provide an overview of the process, market conditions, key legal considerations and tips to help you navigate the French property market.
Who can buy property in France?
Non-residents are legally allowed to buy a property in France, including British, North American and Australian citizens. There are no restrictions on what or where you may buy.
There are differences for EU vs non-EU citizens in some of the processes and taxes, or, for example, in obtaining a mortgage. There are also limits on how long you may stay in France without having obtained a visa.
The properties you can buy in France
There is a wide variety of different types of property to buy in France: appartements, chaumières, gîtes, chateaux, bastides, maisons de maître and longères.
Each type has its own appeal and price tag, so choose a property type specific to your chosen location, your budget and your desired lifestyle.
Understanding the French property market
There are several reliable sources of information on the French property market. These include French Notaires and the French Statistics Institute, INSEE.
French property prices over the past 30 years have risen steadily, albeit with a dip – as in most countries – following the global financial crisis in 2009. Between 2015 and 2022 prices rose steadily, but they levelled off and dipped slightly in early 2023 as interest and mortgage rates rose.
Overall, however, in the decade between 2014 and 2024 property values in France rose by around 20% on average. [1]
According to Notaires.fr, the most affordable resale homes in France based on averages in the third quarter of 2023 were in:
- Châteauroux, Indre (€130,000)
- Amiens, Somme (€180,000)
- Poitiers, Vienne (€188,800)
- Troyes, Aube (€190,200)
- Limoges, Haute-Vienne (€193,300)
On the other hand, the most expensive and luxurious homes for the same period were found in:
- Grenoble, Isère (€377,200)
- Marseille/Aix-en-Provence, Provence-Alpes-Côte d’Azur (€402,100)
- Montpellier, Hérault (€448,700)
- Toulon, Var (€465,200)
- Lyon, Rhône (€425,900)
Steps to buying property in France
Buying property in France involves some legal processes that will be unfamiliar to some buyers from outside Europe. A notary (notaire) will handle many of the legal aspects of the transaction.
1. Research and search
Most buyers start with an online search of the type and location of the property. See France Property Guides for location guides and visit Your Overseas Home to get a feel for property prices in your favourite French location. The Your Overseas Home Virtual Event, held twice a year, is an invaluable way of making essential connections, such as with a local estate agent.
2. Viewing trip
It is possible to get a good idea of a property online, but when it comes to final decisions most buyers prefer to travel to France. Your estate agent may ask you to sign a bon de visite. This is normal practice and simply means that should you decide to proceed with a purchase, you will not privately approach the vendor.
3. Initial agreement
Once you’ve found the right property in France, and your offer is accepted, you and the seller will sign a preliminary contract known as the “compromis de vente”. This legally binding document outlines the details of the property and the agreed price. An alternative is the promesse de vente, which is similar but is legally binding to the seller and not the buyer. Find out more about initial contracts in France today.
4. Cooling-off period
After signing the compromis de vente or promesse de vente, there’s a 10-day cooling-off period where you can withdraw from the purchase without any penalties. Once this period has past, fees may incur.
5. Notaire checks
Over the next two months certain checks will be undertaken by the notaire. These include checking boundaries, title of the property and potential debts on the property. The notaire will also check diagnostic tests (Dossier de Diagnostic Technique, or DDT) which are provided by the vendor and cover, for example, energy efficiency.
6. Suspensive clauses
There may be conditions of the sale. For example, although not obligatory in France, many international buyers choose to get a structural survey. If you’re financing the purchase with a mortgage, being accepted for a mortgage could be a clause suspensive.
7. Final contract
The final sale contract, the “acte de vente”, is signed in the presence of a notary. Once signed, the property is officially yours.
Key Considerations for Buyers
Costs of buying property in France
Total buying costs for an older property are between 8 and 10% on top of the purchase price. Although listed as notaire fees (“frais de notaire”) these include taxes too. Although estate agent fees are paid by the buyer as well as the seller, these should be included in the price.
If buying a new-build property, notaires’ fees fall to between 2 and 3% on top of the property price and 20% VAT applies, but this should be included in the advertised price as TTC (Toutes Taxes Comprises).
The team to help you buy in France
For those buying a property in France, efficient and specialist professionals will make the process smoother.
Finding an estate agent in France
The first is the estate agent. Most estate agents in France do more than simply sell property. There is extra bureaucracy when buying from overseas and a good estate agent will be on hand to explain any potential pitfalls and help you through the process.
Hiring a property lawyer
Although a notaire does certain checks, most international buyers find it worthwhile to hire an independent legal representative to oversee the purchase. They will ensure that your interests are protected, while the notaire is more concerned about correct legal procedures being followed.
Your solicitor/lawyer will also be able to advise on such matters as planning permission and suspensive clauses.
Your lawyer may also be able to help you get a visa if you are moving to France.
Currency exchange for your purchase in France
The final contact that can help you manage your exposure to the volatile currency markets is a currency specialist. This will only be applicable to those not buying in euros.
The risk of buying real estate in France is that during the two- or three-month purchase process exchange rates will be moving constantly. The price you are contracted to pay in euros will be fixed, but the moving exchange rate will mean it is never the same in your own currency, whether pounds, dollars are something different.
A specialist in overseas property payments (as opposed to regular bank or FX app) will be able to fix your exchange rate for the entirety of the purchase process, often for up to 24 months, via a forward contract. This is important in case the value of your currency collapses. That could potentially leave you needing to find thousands more at the last minute.
A specialist in property payments will also be on hand during the purchase process in case of problems.