Since the COVID-19 pandemic, there has been an interesting shift in property buying trends across Europe and the United States, as buyers are increasingly attracted to less populous towns. The French are abandoning the busy capital Paris, and other major cities in favor of the previously looked down upon smaller towns. Like Britons, the French have realized that they do not have to put up with cramped apartments in the glamorous cities when they can gravitate to less congested and attractive places.
First, the greatest motivation for this trend is the flexibility of working remotely. Second, the growth is attributed to the renewal of 35% of property sales delayed because of the COVID-19 outbreak in 20202. Lastly, the French are also encouraged by the low interest on property loans, meant to boost the real estate industry after the impact of the pandemic. The shift has created a significant boost in the property market in the northwest region of France and other medium-sized cities.
In the past two years, northern towns such as Brittany have welcomed many buyers interested in purchasing homes and investment property, leading to a 13.5% growth in house prices. The demand for houses in French mid-sized cities is now driving property prices and attracting investors in these regions. Before the COVID-19 outbreak, the top 10 major cities in France set the pace of property prices. Real estate research approximates 1.2 million transactions by the end of 2021, making it the record highest year in sales.
French mid-sized cities provide the options of country houses in a cool region, or homes by the seaside, giving flexibility of choice to those looking for second homes, retirement homes, and investment. These places also have good access roads, making it easy to travel to the major cities for work appointments. Indeed, the COVID-19 pandemic has tremendously impacted people’s perceptions and lifestyles. After the lockdown, people are just looking for places where they can enjoy more space and a fresh breath of air.
