Parisienne walkways

Paris has the reputation of being the most romantic city on earth. Ella Fitzgerald singing April in Paris made the song a hit in the 1930s, while Doris Day was equally successful in the film of the same name in the 1950s.
But is there still romance to be found in owning property there, or in any of the other readily accessible areas that lie between the lovers’ city and La Manche, the English Channel?
Most estimates put the number of British who own property in France at around 500,000. The country has an exceptionally diverse economy, with agriculture employing some five per cent of the country’s workforce. Yet the dream of buying and renovating a remote and dilapidated farmhouse, documented in countless books and television programmes, has lost much of its original appeal.
Today, with the Channel Tunnel, and ferries from Dover, Portsmouth and Southampton sailing frequently to Calais, Cherbourg, Le Havre and St Malo, the northern regions of France, as well as its capital city, seem that much closer to home.

Romantic retirement
And to cross-channel hoppers, an increasingly popular and romantic place to which to retire, own a second home, or to make a property investment.
A train journey from London, or Ashford, on a Friday evening could find you three hours later in Paris dining onboard un bateau-mouche on the River Seine, before returning to your own apartment in the Marais district for le weekend.
The British make up about 12 per cent of foreigners buying in Paris. “The UK market is largely owner-occupiers, buying for leisure or weekend breaks”, says Jean-Philippe Roux of Knight Frank International in Paris.
“Buyers in the 40 to 50 years age bracket investing in a central Paris apartment are looking not so much for capital growth or yield, but more for the benefits to their children, whom they want to spend time in the city, learning the language and absorbing the culture. Eurostar is a huge market influence.”
The areas most favoured by the British are the 6th and 7th arrondissements, along with the 1st and 2nd districts - the social and historical hub of the city. Buyers tend to seek out one or two-bedroom apartments, spending between £300,000 and £750,000. Around seven per cent needs to be added to cover stamp duty and legal fees.
“There is an obsession in France with price per square metre”, continues Jean-Philippe, “whereas in Britain you simply count the number of bedrooms. In 2006 property prices in Paris rose overall by 10 per cent to an average of £3,760 per square metre.

If you have a flat in Paris, people will be queuing up to move in

“In prestigious areas such as Saint Germain des Pres, the average price rose to £5,625 per square metre, and in those where there are prime properties, with views of the Eiffel Tower, the river or other well known landmarks, to £8,000 or £10,000 per square metre. He adds: “The new-build market is almost non-existent, with less than 600 apartments sold in Paris in the past year. So the emphasis is on high-quality refurbishment with period facades to keep the conservationists happy, and with air-conditioning and power showers to satisfy the modern buyer.”
With the buy-to-let market in the doldrums at home, the situation in Paris could not be more different. Living in rented accommodation is a lifestyle preference for many. Marie-Pierre Saint-Martin runs London Paris Dream Home, an independent property search agency based in London, specialising in finding apartments for people who want to buy in Paris.
“Paris represents an excellent investment opportunity. The city is short of rented accommodation and French people are not as concerned as Brits about getting a foot on the property ladder.” She continues adds; “If you have a flat in Paris that you want to let out for a minimum of a year, then it will never be empty. People will be queuing up to move in. A studio flat in the north east of the city would probably cost around £80,000, which you could expect to rent out for £450 a month. Yields can be up to few per cent but always make sure you fully understand the lease structure”.

Permanent living
Francophiles Ltd is now in its nineteenth year of selling properties in France. The company has more than 3,000 properties on its books, ranging from cottages to châteaux. Frances McKay is a director of the Maidstone-based firm, and says: “Seventy per-cent of our enquiries now come from those aged 55+ preparing for their retirement and planning to live permanently in France.
“More often than not they will have taken this decision long ago and once their house here is sold, they will use the proceeds to buy in France, and still have something left over. Although the days of £10,000 to £15,000 cottages are long gone, property in France is still a good buy”.
The northern departements such as Manche, Calvados, Somme and Seine-Maritime, are always popular, as it is extremely easy for homeowners to return to visit family and friends, in the same way they are well situated to have visitors from Britain.
Frances continues, “In these areas a two-bedroom house in a village, with a garden and garage, or large shed, would be upwards of £100,000; a four-bedroom house in the countryside, with more land would be in the region of £250,000. But do not forget that good quality properties in these areas are also sought by the French, in view of the excellent road and rail links into Paris.”
It is worth remembering too that the best way of meeting your new neighbours is pendre la cremaillere, to hold a house-warming party.
 
Words by Roger Paine

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