Buying a property in the Provence: a complete guide

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Yes, the analysis of the Provence's property market is included in our pack

Considering buying real estate in The Provence? You're not alone!

Many people are drawn to the Provence's scenic beauty and fantasize about owning a charming farmhouse or a modern villa there.

Would it be a smart investment, though? Are property prices increasing in Provence? What is the current trend? Should I buy property in Aix-en-Provence or Avignon? Are there any secret taxes? Can I get a very good rental yield? Where?

We've solved it for you.

The Investropa team has really dug into this market. Actually, we have condensed all our findings in a pack. Get it now.

In this article, we'll provide you with helpful information.

How is the property market in Provence?

What's happening with the property market? Some say it's going up, others say it's going down. Our approach is distinct—we rely on fresh data and stats to reach the correct conclusions.

Property types

In Provence, there are various types of properties available for sale, catering to different preferences and needs.

These include charming countryside homes surrounded by vineyards and olive groves, quaint village houses with traditional architecture and cobblestone streets, elegant townhouses in historic towns offering cultural experiences, and modern apartments with convenient city access.

Additionally, there are luxurious estates with sprawling gardens and stunning views, as well as rustic farmhouses that offer a more rural and authentic living experience.

Whether you're looking for a peaceful rural retreat, a vibrant urban dwelling, or a blend of both, Provence offers a diverse range of property options to explore.

What's better: buy or rent?

(If you want to live there yourself and not rent it to others)

If the Provence region in France is your destination of choice, you might be considering whether it's better to buy a property or opt for renting in this picturesque part of the country.

Generally, buying is a better choice than renting in Provence due to the potential for appreciation in property values and the ability to create equity in the long run.

On the other hand, if you value flexibility, renting might be the better choice.

Property pricing in Provence

On average, according to the last data from National Institute of Statistics and Economic Studies (INSEE), purchasing a property in Provence would cost you around $6,500 per square meter.

Of course, there are notable differences. The value of a square meter for a farmhouse in Provence might differ from a villa in Aix-en-Provence. You'll get a more detailed in our pack for buying property in Provence and in France.

To help you understand better, it means that, instead of purchasing a flat in Manhattan, you can obtain 2 properties in Provence.

Also, housing prices in Provence are 17% cheaper than in Tuscany.

The most expensive places in Provence are probably around the cities of Aix-en-Provence and Marseille, while the cheapest areas tend to be in the more rural areas of the region.

Trends

First and foremost, we have to acknowledge that France currently stands out for its remarkable stability. The last Fragile State Index that has been reported for this place is 30.9.

Keep this in mind when thinking about the possibility of buying a property in Provence.

Also, according to the IMF’s forecasts, France's economy is expected to soar by 6.7% in the coming 5 years, resulting in an average GDP growth rate of 1.3%.

If you're about to invest in real estate in Provence it's a good thing because, as the economy grows, people's incomes (usually) increase, motivating them to invest in real estate, which causes a rise in property demand and prices.

Also, in France, the average GDP per capita has changed by 1.7% over the last 5 years. Though not substantial, there is still a positive trend of growth.

Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in France right now.

Buying property in Provence

Buying real estate in Provence can be difficult due to the lack of reliable and up-to-date information available. That's why we have created the pack to buy property in Provence and in France.

Buying process

In the pack of documents we have built, we've covered everything about buying a property, from the contacts you'll need to the taxes that need to be paid, and even where to look for available properties.

Now, we're presenting a simpler version to make it easier for you to understand and follow along.

This is the step-by-step process to purchase a property in Provence:

1. Research the market and choose a specific location in Provence.
2. Hire a local real estate agent with expertise in the region.
3. Visit properties and shortlist potential ones, considering the unique Provencal architecture and landscape.
4. Review and negotiate the price with the seller, considering regional property value trends.
5. Sign a "compromis de vente" (preliminary contract), including details like "clause suspensive" for mortgage approval.
6. Pay a deposit, usually 5-10% of the property price, into the notary's escrow account.
7. Conduct property surveys and inspections, considering factors like potential mistral winds or termites.
8. Secure financing or mortgage approval from a French bank, providing necessary financial documents.
9. Finalize the sale with a notary, who ensures all legal requirements are met and registers the transaction in the land registry.
10. Pay the remaining balance and relevant fees, including notary fees and property transfer tax ("droits de mutation").
11. Transfer ownership at the notary's office, signing the "acte de vente" (final deed).
12. Register the property with the local authorities and obtain the "titre de propriété" (property title) specific to Provence.

Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in France.

Make a profitable investment in the Provence

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Where to find a property

Explore these websites to find properties in Provence.

• French Entrée - A comprehensive guide to buying property and living in France, featuring property listings, guides, and lifestyle articles.
• My French House - An award-winning property portal specializing in houses, villas, and properties for sale in France. They offer expert advice and a bespoke home hunting service.
• French Property - A leading online portal for property in France, offering a wide range of properties for sale and rent.
• Houses & Apartments - A leading real estate website offering a wide selection of apartments and houses for sale in various locations in France.
• Realestate.com.au - Offering a wide range of properties for sale and rent, along with information on new homes, agents, lifestyle, news, and commercial properties.

Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in France.

Which properties for which budget?

As mentioned before, the average price per sqm in Provence is $6,500. A 1-bedroom property with a size of 60 square meters would cost approximately $390,000, and a 2-bedroom property with a size of 85 square meters would cost approximately $553,000.

However, prices will change based on both the property itself and its location.

Top-tier locations in Provence typically mean higher property valuations. A house in Aix-en-Provence might cost around $1,230,000, while an apartment in Saint-Rémy-de-Provence could be priced at $690,000.

But there are less expensive options in certain locations. You could find a residence in Avignon for $640,000, or you may locate a residence in Manosque priced at only $410,000.

Find a more detailed price list in our full pack for buying property in France.

Mistakes to avoid

Here are the main pitfalls specific to buying property in the Provenceance:

• French property inheritance laws can lead to complicated ownership disputes.
• Historical preservation restrictions may limit renovation options and add costs.
• Provencal properties may lack modern amenities, requiring costly updates.
• Zoning regulations may affect property usage and development plans.
• Lack of awareness of termites or other regional pests can lead to costly damages.
• Provencal weather patterns, like the Mistral winds, can affect property conditions.
• Water scarcity issues may arise, impacting water usage and irrigation for gardens.
• Understanding complex tax systems and local property taxes is crucial to avoid surprises.

We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.

Everything you need to know is included in our France Property Pack

Living in Provence

Living in Provence is a dream come true, with its stunning landscapes, unique culture, delicious cuisine, and relaxed atmosphere.

Cost of living

The cost of living in Provence is generally reasonable, with housing and food being particularly affordable. Groceries, transportation, and entertainment are also reasonably priced compared to other parts of France.

Here are some examples to better understand the cost of living in Provence:

• Rent for a one-bedroom apartment in the charming "Le Panier" neighborhood of Marseille: $1,100 per month.
• A meal at a local restaurant with "Ratatouille," a traditional Provençal vegetable stew: $20.
• Monthly transportation pass for "Tramway d'Aix-en-Provence" and "Lignes d'Azur" buses in Nice: $65.
• Utilities (electricity, water) for a small apartment in the historic "Le Vieux Port" area of Marseille: $90 per month.
• A glass of "Vin de Cassis," a unique white wine produced from blackcurrants: $8.
• Entrance fee to the "Palais des Papes" in Avignon, a historic papal palace: $12.
• Monthly membership at a fitness center in "Le Suquet" area of Cannes: $50.
• A bottle of "Bandol," a distinctive red wine made from Mourvèdre grapes in the region: $20.

Areas and spots

We want to show information in an easy-to-understand way. So, we made a summary table that lists the different parts of Provence. For yields, prices and rents, check our property pack.

Life in Provence

The economy of Provence is largely driven by tourism, with the region being a popular destination for visitors from all over the world. Additionally, the region is home to a variety of industries, including agriculture, manufacturing, and technology.

What expats usually like the most in Provence is the beautiful landscapes, with its rolling hills, vineyards, lavender fields and picturesque villages. They also enjoy the Mediterranean climate, the warm temperatures and the relaxed lifestyle.

Provence has good access to healthcare, with a well-developed network of hospitals, clinics and other medical facilities.

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Renting out in Provence

If your intention is to buy a property not for personal use, but to rent it out and create income, then this section is for you.

Long-term

According to the data reported by Wikipedia, the home ownership rate in France is 65%, which is average.

When people buy in Provence it's usually to live there, and not to rent out.

If you decide to rent out long-term, you might want to target individuals who are looking to experience the culture and lifestyle of Provence, such as retirees, students, or professionals looking to escape the hustle and bustle of city life. These tenants may be drawn to the region for its natural beauty, quaint villages, and slower pace of life.

Here is a little summary table we've made for you.

Now, you will probably ask us about the yields. Unlike other places, giving you an average rental yield for Provence is though. The region is quite varied. For example, rental yields in Saint Tropez are quite different from those in remote villages.

Finally, if you want to rent long-term in Provence, be aware that the rental income tax stands at 45-50%, which is quite high.

Short-term

You could also decide to rent short-term to holidaymakers looking for a relaxing getaway in Provence, or to business travellers looking for a base while on assignment in the region.

If you decide to go with that option, look for properties in the cities of Aix-en-Provence, Avignon, Marseille, or Nice, as they are the most popular tourist destinations in Provence. Alternatively, look for properties in the smaller towns and villages in the region, such as Gordes, Roussillon, or Saint-Rémy-de-Provence.

Currently, there are approximately 3,125 active Airbnb listings in Provence, reflecting a highly dynamic and bustling short-term rental market. The average daily rate stands around $110.

You have the opportunity to generate a nice additional income stream then. According to online testimonials and analytics platform like AirDNA, Guesty and Inside Airbnb, people who offer short-term rentals in Provence can make around $1400 per month. Also, the average occupancy rate is estimated at 62%.

Is it worth buying real estate in the Provence then?

Buying a property in Provence can be an excellent choice if you're seeking a long-term residence or investment opportunity. The region's stable economy, low Fragile State Index scores, and forecasted GDP growth can make it a promising destination for property buyers.

Whether you're captivated by the picturesque landscapes, unique culture, or delicious cuisine, Provence offers a dream-like lifestyle for those who want to live there. If you plan to make it your primary residence or aim for long-term appreciation, owning a property in Provence aligns with your vision.

Additionally, the potential for rental income, especially in popular cities like Aix-en-Provence and Marseille, can make property ownership financially rewarding.

However, buying property in Provence might not be the best idea for everyone. If you intend to visit the region infrequently or for short durations, renting could be a more cost-effective choice, considering the ongoing expenses associated with property ownership.

Moreover, it's crucial to be well-prepared and informed about the local market, legal procedures, and tax implications. Without proper knowledge, you might stumble into complications like complicated inheritance laws or unexpected renovation costs.

Budget constraints and the high rental income tax rate for long-term rentals should also be carefully considered. In essence, while Provence offers an idyllic lifestyle and investment potential, it's crucial to align your decision with your personal circumstances and goals to make the most informed choice.

Make sure you understand the real estate market in the Provence

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The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.