French Property Market Consumer Surveys in July Reveal Average Budget and more
A series of surveys commissioned during July reveal figures like average budget, loan length and buying preferences to give a clear picture of the French property market’s current climate for buyers.
A series of consumer surveys carried out in July have shone a light on the French property market from a budding buyer’s perspective. Two from Opinionway and one from BVA answer questions such as: where do the French like to buy second homes? What reasons do they give for doing so? What’s the most common prompt to buying a property for the first time?
The average budget for those looking to buy a house is €257,010, while those seeking apartments can pay, on average, €182,155. With current price levels in the capital as they are – approaching €9,000/m2 – the average buyer in France has the budget for a 20m2 apartment, with this falling to 14m2 in the higher-end neighborhoods, where prices reach €12,000/m2.
Average budget of buyers in French property market
This average budget results in the following chart on the left that shows the market share of different house prices (€). Low rates have encouraged longer-term investment, illustrated in the chart on the right showing average loan lengths in the French property market.
Market share of house prices Loan length popularity
Second-home buying preferences were also looked at in surveys by Opinionway and BVA. Opinionway found that 59% of respondents cited property taxes as a reason not to embark on a second-home purchase; slightly fewer but still significant, 55% said maintenance and refurbishment costs dissuaded them from doing so.
Second home buying preferences
Only 13% of French citizens ever embark on a buy-to-let investment, while even less (9%) manage to acquire a second home. The average age at which buy-to-let investors obtain their first rental property is 36, while it is by 39 that people buy their second home.
image © Pixabay