Sunday’s Formula 1 race at Magny-Cour saw again plenty of action. Felipe Massa who trailed his team mate Kimi Raikkonen for the first 38 rounds managed to snatch the lead after Raikkonen experienced exhaust troubles. However, nobody else got close enough to pose a serious threat for the Ferrari team. As a result they snatched the podium once again just like they did in the Bahrain race.
- Felipe Massa (Ferrari)
- Kimi Raikkonen (Ferrari)
- Jarno Trulli (Toyota)
This double win ensured a widening gap between leading team Ferrari and hot on the heels team BMW Sauber. Right now, Ferrari is leading with 91 Championship points over BMW Sauber with 74 points.
While Ferrari celebrated a double win once again, Toyota partied for their own reasons, namely the first podium win since 2005. Jarno Trulli battled McLaren’s Heikki Kovalainen during the race, only to come out 3rd after Kovalainen hit a chicane.
While spirits soared in the winning team quarters, it didn’t look so hot for British driver Lewis Hamilton. Being served with a penalty for going over a chicane in the opening lap (trying to overtake Sebastian Vettel), he finished 10th.
So how is the French property market holding up?
According to a recent study by the French government, British buyers make up 28% of all foreign second home owners in France.
With a total of around 300,000 foreigners owning second homes in the country, a figure that has seen a 50% increase since 1997, the majority of second homes are still owned by the French themselves who own 2.6 million properties in total.
While British buyers make up 28% of the second home market, Italians clock in second with 14%, Belgians with 10%, the Dutch with 8%, the Spanish with 3% and from across the pond the Americans with 3%.
A notable increase of investment in French property however has been seen from the Irish with a growth of 86% since 2001.
Which French regions are hot for overseas buyers?
While France offers many spectacular sights throughout the country, certain regions have been seen to perform better than average when it comes to the funds of overseas investors.
Studies have seen the following regions with the highest concentration of second homes owned by foreign nationals in France.
- Alpes Maritimes 17%
- Var 9%
- Paris 7%
- Haute Savoie 5%
Also the rural hinterland of the West continues to attract investors. Surprisingly enough, Europeans hardly invest into Parisian real estate with only 3% of second homes owned by them. It is more the US and Canada buyers as well South American’s and investors from the Middle East who see Paris as a valuable second home.
With so much interest in France coming from overseas buyers, locals have apparently been forced out of the market, according to a forum comment. With dropping property prices and the rising cost of fuel and air travel, only the richer buyers will soon be able to afford a second home in France.
Many existing second home owners will find themselves at a loss in regards to being able to afford commuting between their first and second homes, which will see plenty of available properties being offered on the market.
So while the current market is holding up, the question arises whether owning a second home in France is the right thing for investors. In the end, there is always the option to make France your first home base, since the cost of living is way below most European capitals, except of course in Paris and the more touristy destinations.
