European investors snap up French property

Overseas property buyers from Europe are dominating the French housing market, new figures have revealed.

According to government statistics, 93 per cent of foreigners who own a property in France come from inside the continent, Homes Overseas reports.

Nearly a third of these people were found to be from the UK, which means that Britons are now the largest group of foreign investors in France.

In fact, figures showed that the proportion of British property buyers is twice as high as the number of Italians, who account for the second-largest group of foreigners.

This puts them ahead of people from Switzerland, Germany, Belgium, the Netherlands and Spain.

However, some buyers were found to come from beyond European shores, as three per cent hailed from the US.

This comes after France was highlighted as a suitable destination for people who wish to retire to another country.

ShelterOffshore.com said that a growing number of people in the UK are thinking of spending their retirement abroad, as the economy is faltering and the climate is relatively poor.