French Property Market Shrugs Off Sub-prime

French property market shrugs off sub-prime

Article Date : 25 February 2008
News Section: France

The French property market is shrugging of the effects of the much-feared credit crunch, say experts.

Amid wider concerns in the European financial markets and indications that the property sector will feel the knock-on effect of less readily available credit, France has so far shown no signs of feeling the pinch, according to a leading independent financial services group.

Matthew Weston, who specialises in overseas mortgages for Blevins Franks, said that some French banks had been offering a number of products which had helped keep the market strong.

Cheaper fees, higher value mortgages and products targeted specifically at non-resident buyers had helped shore up the market, with Mr Weston saying the sub-prime crisis has had "little to no impact on the non-resident property investment market in France".

"The French mortgage marketplace has grown increasingly competitive over the last few years as banks have enjoyed a property boom and soaring new levels of mortgage business," he added.

"In the wake of the credit crunch, French bankers' trepidation that this boom may be over may explain why so many lenders this year are offering new or enhanced products and cut-cost discounts than ever before."

Mortgage lending in France in the last three months of 2007 revealed an increase of 3.8 per cent compared to the same period in 2006.

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Article created on behalf of Propertyshowrooms.com News Desk (http://www.propertyshowrooms.com/news/)

French property market shrugs off sub-prime

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