Million Dollar
Homes

France has an undoubtedly strong economy as the 6th largest in the world. Following UK and Germany, France is the third strongest economy in the EU, mainly due to its diversification.

France’s chemical industry is by far one of its strongest sectors as it helps to power the manufacturing activities of the country. In terms of industry, the leading sectors in France include construction, textiles, automobile production, ship building and aerospace and defense, as well as telecommunications. France is also a pretty prolific arms manufacturer and dealer.

Equally, France is the world leader in nuclear power, not only bolstering the economy, but also making France the lowest emitter of CO2 out of the 7 most industrialized countries in the world.

As for agriculture, France leads the way in the EU, as the powerhouse of the agricultural sector - holding around a third of all the agricultural land in the EU.

Tourism is, without a doubt, also a very strong element of the French economy. As the most visited country in the world for the last ten years, France’s tourism is dictated by its range of landscapes, from ski resorts to beach towns, from wine country to culture-rich cities.

Despite a strong economy, France has a pretty high unemployment rate of about 29%.

France holds the title as the second largest trading nation in Europe and the ninth largest trading partner with the US.

The leading exports of France tend to be aerospace related, usually for defense purposes. As an arms dealer, France exports a large amount of military equipment to various countries.

France is also a big trader of cars and car parts, with leading brands such as Renault, Citroen, Peugeot, and Bugatti.

The agricultural industry dominates French exports, with France being the second largest agricultural exporter after the USA.

The fashion industry of France has also led to there being a notable export market for high-end perfumes, expensive textiles, and beauty products.

The French political system is a secular, democratic, social republic that works within the framework of a semi-presidential system.

The three major political parties in France cover the right, center, and left.

In late 2018, there was a spate of urban rioting across France as the citizens have become disenfranchised with the state of the system.

France’s dominant tourist industry makes it extremely simple to travel into France.

Visitors can arrive by plane to over 100 different airports all around the country. While there are direct flights from the USA to Paris, Lyon, and Nice, the vast supply of budget airlines in Europe makes it more sensible to travel to a nearby European city.

You can also arrive to France by ferry from the UK, leaving from Calais or Dunkirk, or you can travel into France by train.

It’s pretty easy to rent a car in France, but you must be over 21 by law.

In terms of rail travel, France has one of the best systems as an early adopter of the high-speed rail.

France is the largest tourist destination in the world, with the tourist sector raking in over 77 billion euros a year and providing 11% of the country’s employment.

Home to 37 UNESCO World Heritage Sites, France is abundant with cultural experiences and geographical wonders for tourists to feast their eyes upon.

When it comes to culture, however, Paris nabs the top spot as home to high fashion houses, the Louvre Museum, Arc de Triomphe, the Eiffel Tower, and Cathedrale de Notre Dame.

France is also famous for its glorious wine regions that scatter the country.

For the skiers and snowboarders, the Alpine regions are home to some of the best skiing in the world.

To top it all off, France’s beaches cannot be forgotten, With golden stretching coastlines, France is home to famous golden sands and beaches.

The French property market is slowly rising after experiencing a huge drop in value in 2009 and 2013. Housing prices have begun to rise again since 2017, with increases as high as 8%.

France's property market is generally one of renters. Native French people tend not to buy properties as house prices can be quite expensive, especially in major cities and tourist hotspots. Where property used to be cheap, now it is far too unaffordable for young families, and longer living relatives means that properties no longer get passed down the line.

That said, if you're looking for the quiet life, rural living can be a very affordable option. While urban dwellings are generally very expensive, countryside homes can be snapped up for very affordable figures.

When it comes to investment for tourism purposes, those looking to buy to let to holidaymakers need to consider the most popular destinations in France. Aside from Paris, Bordeaux, Provence, Nord, and the Mediterranean Coast are the most coveted spots, fetching the best prices.

France has a real melding pot of properties, all with their own unique charm.

As such a large country, France is mostly made up of countryside, meaning that the majority of homes are traditional rural properties, such as stone cottages, converted (or convertable) barns, and farmhouses.

If you're looking for something in pretty good condition, you'll probably pay around €65,000 for a farmhouse with a couple of bedrooms in a semi-popular destination.

Many of these quaint farmhouse setups come with a small cottage on the land, which may have been used for serving staff or farmhands back in the day. It's quite common to renovate this into a self-catering holiday home, known as a gîte.

If you're in search for the old French town feel of cobbled streets and coffee on your balcony, you may consider a village home or townhouse, often referred to as a chateau.

For those buyers looking for modern conveniences in a no-fuss apartment or considering buying to rent to holiday-makers, tourist spots tend to have pretty well kitted-out tourist developments or uniform residential complexes where you can buy condos and villas.

If you're a skier, you may consider a chalet in the mountains. As France has some of the best skiing in the world, unfortunately they usually come at a hefty price tag.

Buying property in France is straightforward for anyone - there are no restrictions for foreigners buying in the country, no matter whether you're from within the EU or not.

Just because you have a property does not mean you can live indefinitely in the country.

You'll need to get yourself:

• An estate agent - you want one that's part of a trade association such as the AIPP
• A notary
• A good independent lawyer
• A good surveyor (optional)
• An insured removals company

As for the buying process (which takes around 3 months, or sometimes longer), once you've found a property and made an offer, here's what you'll need to do:

1. The agent will ask you to sign an agreement that shows commitment to buy called an 'offre d'achat' so that the seller takes the property off the market.
2. Next you will sign a sale and purchase agreement called a 'compromis de vente'.
3. Next you'll be given a boundary map of the property known as a 'plan cadastral'.
4. Next, you pay a deposit which is usually around 10%.
5. There is a period of 10 days after signing the contract where nothing happens.
6. Following your 10-day cooling-off period, surveyors come in to survey the property to check everything is up to scratch.
7. Next, you need to put your purchase funds in place either by having your mortgage lender send funds to the notary or having your bank/currency exchange send funds via a transfer.
8. The last step is to sign the deed, known as the 'acte authentique'.

France allows you to buy houses outright with cash if you can afford it - you can do this either by bank transfer or through a currency exchange company.

If you need a mortgage, most countries won't lend to you for foreign property, but this is dependent on where you come from.

The best option is to look for an overseas mortgage broker that will scour French banks for the best mortgage deals for you.

Interestingly, you can borrow your mortgage in your home currency. You should really borrow in the currency you intend to pay back in but borrowing in Euros is also an option if you intend to recuperate the money by renting your property.

Taxes on buying properties range depending on the type of property, its price, and its age.

In France, you'll be given one bill by your notary that covers the notary fees, stamp duty, vat, and land registration fees.

You'll also need to pay:

• Legal fees - if using an independent lawyer
• Bank charges (for setting the mortgage)
• Estate agent fees
• Surveyors fees (optional if you hired one)

• Paying deposits in cash - If you're buying directly from the owner, you want to make sure you have a paper trail in place. Paying deposits in cash can be risky as the owner (or whoever is posing as the owner) can just disappear with the money.
• Presuming the closure date is fixed - You'll find that your compromis de vente has a closure date on it. You need to be flexible here as sometimes the process takes longer than it originally sets out.
• Not checking agent credentials - You want to make sure you're with an accredited agent. There is nothing wrong with asking to see their 'carte professionelle' to check they're as qualified as they say they are. Equally, make sure you see their financial guarantee as this is what insures your deposit if something goes wrong from their end.
• Not getting the insurance on new-builds - By French law, any new-builds are covered by a ten-year insurance, offered by the builders. Make sure you check this is in place.
• Not getting the house surveyed - This is especially important when you are buying an old property. You don't want to later find out that the roof is going to fall down when the owner said it was in good nick.

For EU Nationals:

• If you are an EU national, you can remain in France without any form of visa, but you will have to carry your passport.
• You will need to register as a resident by reporting to the 'mairie' or town hall. You need to take your passport and proof of address, and you'll be issued with an 'Attestation d'enregistrement'.
• Those working need to register for a social security number at your local social security office.

For permanent residency, EU members can automatically get a resident card if you can show you've lived in France for the last 5 years or if you have bought property or married a French spouse.

To get this, go to the local town hall in France where you will be given a temporary residence while yours is being processed. Here is what you will need to bring:

• Passport with copies of the main pages.
• Four passport photos
• Birth certificate and official translation
• Marriage certificate and official translation
• Two copies of the completed application
• List of previous residences
• List of former employers
• Names of siblings and children

For Non-EU Nationals:

• If you're staying for less than 90 days at a time, you'll only need your passport (for visa-exempt countries like the US and Australia).
• Those who want to stay longer need a temporary residence visa from the French Consulate in your country - it must be done before you get to France. Be aware that this can take up to 2 months.
• If you want to stay for up to 6 months in France, you'll need to apply for a permanent resident visa from your local French consulate in your country.

Here is what you will need to bring:

• Passport with copies of the main pages.
• Four passport photos
• Proof of residence.
• Proof of medical insurance.
• Proof of sufficient financial resources
• Birth certificate, with an official translation if requested, notarized by a French lawyer

For permanent residency, you'll need a 'carte de resident', which is valid for 10 years.

To get this, contact your French prefecture in your country or the local town hall in France where you will be given a temporary residence while yours is being processed. Here is what you will need to bring:

• Passport with copies of the main pages.
• Four passport photos
• Birth certificate and official translation
• Marriage certificate and official translation
• Two copies of the completed application
• List of previous residences
• List of former employers
• Names of siblings and children