THE REGIONS

Some prospective buyers may already have homed in on a geographical target area, others may prefer to begin by investigating the relative merits of different regions. The prices under each entry in the table below indicate a typical T3 apartment, the first entry being purchase price and the second a monthly rental.

Table 2.4 Purchase price and monthly rental in different regions

The Pas de Calais and the coastal strip of Picardie around Boulogne and Le Touquet	Boulogne
€	€110,000	€1,050
Normandy, particularly around Deauville and Honfleur	Cabourg
	€ 94,000	€835
Brittany, especially the coastal strips between St Malo & Roscoff, Quimper and Vannes	Lannion
	€135,000	€395
The Loire valley in general, but mainly around Tours and Blois	Tours
	€87,000	€500
Charente and Charente Maritime	Royan
	€105,000	€575
Paris	Montmartre
	€205,000	€1,050
The Dordogne and Lot	Cahors
	€177,000	€665
Gironde	Bordeaux
	€155,000	€600
Provence in general but especially the Vaucluse and the areas around Nimes and Aix-en-Provence	Aix-en-Provence
	€160,000	€895
Burgundy	Dijon
	€88,000	€495
Vosges	Epinal
	€95,000	€575
Languedoc	Montpellier
	€120,000	€800

The inconsistency of these prices, particularly with regard to rental values, reflects the difficulty in assessing the market. The above prices were quoted by accredited Féderation Nationale des Agents Immobliers (FNAIM) agents in November 2004, but only the barest details of the condition and precise location of each property were given. In each case the rental prices were for long-term lets (six months or more) but much higher returns could be achieved, particularly during the season, on a holiday rental basis.

Target areas

Buyers of French property to rent need to assess their target area carefully. It is surprising that many prospective buyers do not investigate the merits of different parts of France. Each region has its own character and each scores differently on a checklist of advantages and disadvantages.

Invariably, rural areas provide the greatest bargains. These are generally the parts of France where agriculture once bloomed and the population rose rapidly during the last two centuries. More recent and ever-increasing industrialisation has pushed this population trend into reverse and has created an over-supply of country properties. At the end of 2004, best value buys were in the Limousin, the Ardeche, Haute Vienne, Cantal, Les Landes and Nevers. But whilst each of these areas has its merits and may provide a satisfactory return in terms of long-term rental arrangements, they are rarely included on tourist itineraries.

Target pointers

Ask yourself what your priorities are. Remember that it may be harder, in theory, to ‘sell’ a remote location but, at the same time, lower property values may enable you to finance the kind of development (perhaps with the addition of a swimming pool) that makes the property more desirable to family groups looking for a ‘chill out’ holiday.

Try listing these considerations in your own order of preference:

• Easy access by car
• Facilities such as a swimming pool and barbecue on site
• Proximity to local shops and services
• Climate warm and sunny all year round
• Cultural and historical opportunities nearby
• Close to a beach
• Close to rail and air links
• Area particularly suitable for children
• Area appropriate for specialist hobbies and interests, e.g. golf, fishing.

If you plan to use the property yourself, these preferences are paramount. It can also be argued that, even if you hope to let the property all the year round, your marketing may be more positive if you are entirely enthusiastic about what you have to offer.

The Tourist attraction factor

There can be no doubt that certain popular tourist attractions affect the short-term letting market in particular. Sometimes these defy the seasons – Paris is popular all year round not least because of the proximity of Euro Disney: Futuroscope has made Poitiers another year-round destination.

Other attractions are less obvious. The Orne Valley has become popular for winter white-water canoeing; the Jura is popular with winter cycle tourists. The French themselves never undersell any tourist attraction. Some of these are well known, others less so. In recent years; the French themselves have begun to discover the following regions:

• Aquitaine: The ‘new Loire’. Those who find the draw of châteaux and their gardens irresistible.
• The Auvergne: The upper reaches, in particular around les Mondeux, have become popular with those who prefer a slightly more ‘tranquille’ ski experience.
• Franche-Comté: An increasingly popular summer location which features two superb forests (Forêt de La Joux, Foret de La Fresse) a classic view point (Pic de L’aigle) and the much-photographed Lac de Chalain.
• Poitou-Charentes: This area, after the Côte d’Azur, has the greatest concentration of French holiday homes. The old town of La Rochelle attracts large visitor numbers particularly in the summer; Saintes is charming, elegant and steeped in history; La Palmyre is the best zoo in Europe; and the beaches around Royan are perhaps the finest in France.

Consider which region of France best fits the profile of your budget and personal preferences. The following thumbnail descriptions may help:

The Pas de Calais and Picardie

Most visitors see only the less attractive areas around the ports of Calais and Dunkirk from the autoroute. Of all the French regions though, this is the one with the greatest intensity of British-owned property. The advantageous price differential was somewhat eroded when the British property market declined alongside the value of the pound in the late 1980s.

Although not obviously attractive to visitors, there are some ‘undiscovered’ gems – such as Montreuil-sur-Mer and the delightful Poix de Picardie. There is, however, little activity in the long-term letting market and this has traditionally been an area largely ignored by tourists.

ADVANTAGES Transport links* Easy access* Reasonable prices*

THE DOWNSIDE Weather* Poor letting potential* Plain countryside*

‘BUY TO LET’ RATING Only deluxe facilities will attract holidaymakers

Normandy

There is good access to the UK through Caen, Cherbourg, and Le Havre. In the late 1990s bargains were picked up by the British, particularly around Honfleur and Deauville. Consequently, local builders earned a good living renovating inexpensive cottages. The situation has changed recently but there are still bargains to be had, particularly in larger rural properties.

Coastal property is relatively expensive, particularly around Ouistreham, Trouville and Deauville. There are better bargains to be had on the Cotentin peninsular. Inland and to the south there are still bargains to be had in the area known as Petit Suisse (particularly around Clécy) in the Orne valley. Prices generally increase towards those areas accessible from Paris for a weekend retreat.

ADVANTAGES Rolling countryside* Half-timbered houses* Access*

THE DOWNSIDE Few coastal bargains* English weather*

‘BUY TO LET’ RATING Take care but there are still exciting possibilities

Brittany

Brittany is more difficult to access but it remains justifiably popular with British buyers. The influence of the Gulf Stream makes part of the coast – especially in the north and west – remarkably mild for the latitude.

The area around St Malo, Dinard and Dinan is delightful but prices reflect this. There are better bargains to be had along the coast westwards towards Roscoff where there are some sheltered gems of seaside villages such as St Jacut de la Mer. It should be remembered that the western Brittany peninsular (Finisterè) suffers the worst of the winter Atlantic gales and that towns such as Brest and Quimper are nearly as distant from the Channel ports as the south of France. The southern parts of Brittany and Loire Atlantique are more accessible and have an even milder winter climate. The coastal strip from La Baule through St Nazaire and across the Loire estuary to Poraic is particularly popular with the French themselves for second homes. Letting values here are considered to be a good return on property investment, although holiday letting is restricted to a relatively short season.

ADVANTAGES Dramatic coastline* Seafood* Breton culture*

THE DOWNSIDE Atlantic gales* Impossible to remember placenames*

‘BUY TO LET’ RATING Some real possibilities but location is everything

The Loire Valley

The Loire river is said to be a major climatic division. It is certainly true to say that during the summer months the influence of the Midi (the south) is noticeable.

The Loire valley is also the market garden of France. It is an area rich in history and is very much on the tourist itinerary. Routes to the Loire from Channel ports are not good, but the projected motorway link from Alençon to Rouen will improve matters. Some popular centres such as Saumur and Amboise have become hugely popular with the British. The French themselves have a high regard for Tours. Prices reflect these preferences, but there are some delightful small towns where the ‘buy to let’ equation is more favourable. These include Loches, Montrichard, Chinon, La Flèche and Ingrandes.

ADVANTAGES Steeped in history* Iridescent light* Classy towns*

THE DOWNSIDE On the US tourist trail* Winter woollies required*

‘BUY TO LET’ RATING Some real potential here but the season is short

Champagne-Ardennes

The area has two distinctive characters – the upland forests of the Ardennes and the undulating chalk-fields of Champagne. There are some lovely villages and pleasant walled towns – such as Langres and Leon. Property prices are competitive and the area is almost undiscovered by the British.

ADVANTAGES Access to northern Europe* Some bargain properties*

THE DOWNSIDE Modest letting potential* Wet winters*

‘BUY TO LET’ POTENTIAL Only if you find a real bargain

Charente and Charente Maritime

This area has opened up recently because of improved motorway links. Unfortunately, this means it has become increasingly popular with British buyers. In the more rural areas, however, there is still a plentiful supply of relatively inexpensive property and the area is, therefore, worth considering for those with a limited budget.

The area around Cognac and Saintes attracts the majority of inland buyers, whilst properties in the (more expensive) fishing ports and holiday towns and islands to the northwest are frequently the choice of seasonal visitors. The area bordering on the Limousin, immediately north-west of Angouleme (around Ruffec), represents excellent value, although the (short) winters can be bitterly cold. Indeed, temperatures in recent years have fallen to –16°C.

ADVANTAGES Inexpensive property* Best sunbathing coast in France*

THE DOWNSIDE Wet and windy winter* Becoming popular with Brits*

‘BUY TO LET’ POTENTIAL Well worth considering

Midi-Pyrennees

This is a massive area, comprising the French sector of the Pyrennees, the south-western corner of the Massif Central and the long valley in between. Toulouse, astride the Canal du Midi and Garonne, is the natural capital of the region.

The Pyrennees, still regarded by some as Europe’s final frontier, has been massively developed for snow sports and climbing. There are few property bargains here. Toulouse itself is fairly pricey, and properties on the coastal strip around Perpignan and Argelès sur Mer are around twice the price of those encountered on the nearby (Spanish) Costa Brava.

ADVANTAGES Good year-round coastal climate* Real letting potential*

THE DOWNSIDE Fairly pricey property* Long distance by road*

‘BUY TO LET’ POTENTIAL Possibly just not good enough at these prices

The Limousin and Auvergne

Known as ‘La France Profonde‘ (deep France), the Auvergne has also been described as France’s ‘Wild West’. The volcanic landscape is breathtaking, with villages, such as Orcival, rivalling any in the country for character. Winter woollies are required, but it may be worth it for the best value (and cheapest) property in France. The improved motorway links have made the Auvergne a recent target for bargain hunters, but this is a thinly populated area so the buyer may find himself exploring far from the beaten track.

The Limousin has lakes, gorges, forests. For la vie tranquille it scores at the top of the scale. And its colourful capital, Limoges, is steeped in history. As with the Auvergne, prices are low but beginning to climb gently as the British discover it.

ADVANTAGES Rural beauty and solitude* Best bargains in property*

THE DOWNSIDE Letting potential patchy*Access* Short sharp winters*

‘BUY TO LET’ POTENTIAL A real gamble but the stakes are smaller

The Dordogne and Lot Valleys

The Dordogne is one of France’s longest and most beautiful rivers. The most attractive area between Bort-les-Orgues and Beaulieu-sur-Dordogne is also the most expensive. Better value can be had closer to the Lot. The Dordogne was one of the first areas in France to attract significant numbers of UK buyers. The area is now home to second and third generation Brits with a predominance of ex-academics and ex-military, often recognisable by their vintage Panama hats and similarly battered Volvos. The Dordogne Ladies Club and the Dordogne Organisation of Gentlemen (DOGS) each have their own committees, with rules carefully framed to avoid using the word ‘class’. This should be taken as a clear signal to the ‘wrong sort of people’ that they simply do not belong here. The summer cricket festival at Eymet is the highlight of the social calendar.

The Dordogne is also the cauldron of France. Its high summer temperatures and humidity are either attractive or unbearable, depending on your preferences. The upper reaches of the region (towards the Auvergne) offer a more temperate summer climate.

The Lot valley is arguably more promising in terms of ‘buy to let’ value. The area around Cahors in particular is well worth considering, and values are certain to increase when the west-east motorway link from Perigueux to Clermont Ferrand is complete.

ADVANTAGES Pleasant all-year climate* Best markets in France*

THE DOWNSIDE Fairly pricey* Try parking in August*

‘BUY TO LET’ POTENTIAL Almost as safe as houses if you buy sensibly. The facilities are as important as location.

Gascony

This ancient duchy, later part of Aquitaine and hence formerly the birthright of British kings, has recently become fashionable for Brits wishing to set up home in France. Following steeply rising property prices in the Dordogne and Languedoc, Gascony is fast becoming the latest enclave of ex-patriot Brits.

The coast, from Bordeaux to Biarritz, is virtually one flat sandy beach which offers the best surfing in Europe. Indeed, that same beach begins geographically as far north as Soulac (near Royan) and runs, almost without interruption, to the Spanish border at Hendaye Plage.

In contrast, inland, there are miles and miles of forest all virtually empty. The northern part of the territory is wine country – including such famous names as the Cha^teaux Latour, Cha^teaux Lafitte and Cha^teaux d’Yquem. To the south are the foothills of the Pyrenees and Basque country.

The climate is generally mild and frost free in winter. Even the summer heat is tempered by Atlantic breezes. That part of the coast known as Les Landes seems uninhabited other than by mosquitoes with vampire instincts. Properties between Biarritz and the Spanish border are much sought after and consequently expensive. The best bargains are to be had along the corridor of the N134 between Roquefort and Pau.

ADVANTAGES Biarritz in June* Red wines* Spanish neighbours*

THE DOWNSIDE Mosquitoes* Biarritz in August* Spanish neighbours*

‘BUY TO LET’ POTENTIAL Only in the right location at the right price

Inland Provence

Good motorway links have made the area accessible. The climate is good all year round, apart from the few weeks when the Mistral blows down the Rhône valley. Even before Peter Mayle, Provence was a popular choice with British buyers. Property prices reflect this, particularly in the Vaucluse and around Nimes and Aix-en-Provence.

Although this is not an area for the bargain hunter, it could still be regarded as value for money for buyers considering year-round lettings. Best value (again according to FNAIM figures) can be had around Ales, Vaison-la-Romainè, Bollene and Pont-St-Esprit.

ADVANTAGES Lavender breezes* Steeped in history* Climate*

THE DOWNSIDE The mistral* Prices* UK enclaves* Peter Mayle*

‘BUY TO LET’ POTENTIAL Return on investment may not be enough

The Côte D’Azur

The Côte d’Azur has been the summer playground for wealthy Brits for more than a century. Villas on the Cap d’Antibes appear to be reserved for minor royalty, geriatric pop stars and lottery winners. A modest apartment at Cagnes sur Mer is rather more affordable and will still have letting potential. As you go westwards, the towns become less fashionable and property is consequently cheaper.

ADVANTAGES* Hot dry summers* Excellent beaches* Air access*

THE DOWNSIDE Warm wet winters* Known as ‘the coast of crime’*

‘BUY TO LET’ POTENTIAL Worth considering despite the prices

Burgundy

Burgundy offers fine wines and gourmet cuisine. It is a land of rich pastures and golden villages, which makes it both picturesque and pricey. Burgundy also has a network of navigable waterways, little used commercially, but ideal for messing about in boats. Thanks to the limited inroads that tourism has made into the region, there may still be some property bargains, particularly in the upland area, the Jura, which is known as ‘old France’. Prices increase with proximity to the Swiss border.

ADVANTAGES Almost unspoilt* Picture postcard scenery*

THE DOWNSIDE Becoming pricey* Long winters*

‘BUY TO LET’ POTENTIAL Prices perhaps just a touch too much

The Vosges

The Vosges region again reflects the huge variety of what France can offer the property buyer. Although interest in this hilly and wooded region has increased in recent years, there are still bargains to be had. Delightful villages such as Bussang, Ferrette, La Hohwald, St. Amorin and Schirmeck vie for the attention of the buyer with the popular larger resort town of Masevaux and Plombières les Bains.

The Vosges is particularly popular with nature lovers and walkers who enjoy peace and unspoilt countryside. The names of towns and villages in the region indicate the historic links with Germany, and this is reflected in the local wine and food. In terms of ‘buy to let’, the Vosges is becoming increasingly popular as a winter location, although the road infrastructure is by no means as good as the Alps.

Although property prices are above average, the letting potential is quite good.

ADVANTAGES Some bargain properties* Germanic style and tradition*

THE DOWNSIDE The roads in winter* Summer midges* Poor access*

‘BUY TO LET’ POTENTIAL A possible winner for a moderate outlay

The Rhône Alps

The area, which lies between Lyon and the Swiss border, is popular for both winter and summer sports. The summer weather is less certain than in the far south but is generally good. The snow-capped mountains tell you all you need to know about the winters. Holiday-letting potential is excellent, but property bargains are scarce.

ADVANTAGES Excellent letting potential* Year round postcard views*

THE DOWNSIDE Winter access problems* Expensive property*

‘BUY TO LET’ POTENTIAL Good, but can you find the right property?

Languedoc

The Languedoc has arguably the best climate in France, which may begin to explain why, for the British, the Languedoc is the new Dordogne. This hot-spot status has encouraged prices to rise rapidly, with agents claiming a near 30% increase in them years 2001/2002. This acceleration of values has not been maintained.

Carcassonne (known as Corkassonnay by some of the British contingent) has become so popular that, despite the proximity of airports at Toulouse and Perpignan, it is now also accessed by scheduled flights. Prices in the more popular corners of Languedoc are as high as anywhere in France and outside Paris.

The Languedoc has also attracted buyers who have been ‘pushed’ along the Côte d’Azur by property prices. You will pay a premium in seaside towns like Narbonne-Plage, but there are still relative bargains to be had in and around Montpellier.

ADVANTAGES Climate and culture* Access by air* Montpellier*

THE DOWNSIDE Some pricey property* The British contingent*

‘BUY TO LET’ POTENTIAL Well worth considering despite the Brits

Paris

Purchasers should, for instance, generally avoid the suburbs and take care when purchasing in the ninth arrondissement. But get it right in Paris and ‘buy to let’ can be a winner. Only the most desirable apartments on the Mediterranean coast and luxury chalet-style apartments in the Alps produce such excellent returns, and in both those cases the initial investment is likely to be considerably greater. A 50 square metre apartment would cost typically around €165,000 and could quite realistically return €1,600 net per month.

The ninth arrondissement includes Montmartre and the Pigalle, which needs to be interpreted on a street-by-street basis in order to determine whether the area is ‘chic’ or ‘colourful’.

Purchasers should also consider whether their tenants would be happy to lug their bags to the 12th floor flat in an apartment building where the lift is regularly out of use. As both driving and parking in Paris are the stuff of nightmares, close access to the metro and bus routes is very important.

ADVANTAGES Paris in the spring* High letting values*

THE DOWNSIDE Paris in the winter* Parking at any time*

‘BUY TO LET’ POTENTIAL Excellent return possible but take care

Corsica

France in the Mediterranean. The island has almost 600 miles of virgin coastline and a mountain interior rising to 9,000 feet. It is, for a few discerning Britons, the place to be.

Despite a reputation for lawlessness there is, in fact, less crime than in most of mainland France. And there is even what some locals call ‘the bandit bonus’. This flows from the fact that nationalist and separatist groups have pretty much seen off big business. There are no condo complexes or time share high rises.

But you have to respect local traditions (bringing in a builder from the mainland is a big ‘no no’) and you have to speak the language. And because there is little property development per se it is difficult to buy property suitable for development. Property is not cheap either – although far less than the Côte D’Azur – and obtaining planning permission can be tricky. Access can also be a problem in the winter months.

ADVANTAGES Good letting returns* Discerning customers*

THE DOWNSIDE Poor out of season access* Planning restrictions*

‘BUY TO LET’ POTENTIAL Pretty good if you can find a suitable property