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French property increasingly popular among retirees
British retirees are increasingly choosing France as the destination of their retirement property, according to Matthew Weston of independent financial services group Blevins Franks. As the number of British pensioners choosing to move abroad rises, it is apparent that many buyers prefer a destination where they can integrate into the foreign way of life, rather than moving into one of the large expat communities commonly found in some other countries.
France is ranked second only to Spain in terms of popularity among British retirees, according to a survey recently carried out by Saga, and interest in the country is still rising. This is thought to be largely because France is perceived as a destination that offers foreigners a greater opportunity to integrate into the local culture than, for example, the also-popular Spanish ‘Costas’.
As well as properties in the quieter villages and rural areas of France, homes in the French Riviera are also growing in popularity. This is thought to be a result of the cachet the area is perceived to have, ensuring that – while the area doesn’t have the wide choice of property or the bargains that some others do – homes here can be expected to hold their value over the long term.
The Institute for Public Policy Research has estimated that, by 2050, one in five British pensioners will choose to retire abroad. There is also a high and constant demand for property among those who don’t intend to relocate to the country but are purely interested in a long-term investment. France is the world’s most popular holiday destination with the third highest income from tourism of any country in the world, which ensures that owners of French property can expect a reliable income from holiday lets, as well as solid capital growth over the long term.
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