The Cote d’Azur and French mortgages
Affectionately known as the French Riviera, the Cote d’Azur is known throughout the world as the playground of the rich and famous. Its Mediterranean climate led it to be one of the first resort areas in the world during the end of the 18th century and ever since aristocrats, kings, queens, the wealthy and film stars have all taken to the delights of the region. Owning a property in the Cote d’Azur is as much a status symbol as it is a place to live.
Located in the south-eastern corner of France, the cities belonging to this region have become household names, with the likes of Monaco, Cannes and Saint-Tropez all heading the bill. When it comes to a French mortgage for a property in the Cote d’Azur there’s no denying that you are paying as much for the kudos of the area as you are the property itself. In fact, some averages suggest property in the region outdoes that of the country’s capital, Paris.
As expected, the Cote d’Azur is still seen as one of France’s property ‘hot spots’, and when you consider there is the potential to recoup money through holiday rental, a French mortgage for property in the region is seen as a considered choice – despite the high prices.
Where affordability is concerned it is still possible to find reasonably-priced homes in the region, the only downside being that they often require refurbishment to make them liveable. Therefore costs and time have to be carefully measured to see whether a ‘refurbishment’ property would be more cost-effective than purchasing a habitable property from the outset.
The role of the Cote d’Azur as the ‘playground for the rich and famous’ has kept prices along the coast high, but for those considering investment with strong likely returns, then the more reasonably priced property can be found away from the coast, such as the Var and Alpes-Maritimes regions. When it is considered that the region attracts 12.5% of domestic vacations, then those looking towards the Cote d’Azur as an investment opportunity will likely be secure in their French mortgage and property investment.
If you are interested in knowing more about a French property mortgage and the procedures involved to secure one, then speak to the experts at Conti. As the UK’s leading overseas mortgage specialists we have helped thousands of people to arrange their mortgages and can assist you every step of the way to help you find the finance for your property abroad.