Why the Dordogne continues to appeal to British buyers

Sharp declines in the value of the British pound since the UK vote in favor of the EU exit have affected many Britons who have decided to buy a place in the sun, especially those working on a project. renovation.

"In recent weeks, the exchange rate has dropped further, which particularly worries those who have bought a cheap property they are building," says Eve Gratton, writer and owner of a bed and breakfast business living in near Eymet in the Dordogne. place so popular with British expatriates that it was nicknamed "Dordogneshire". "DIY materials are appallingly expensive compared to the UK," she adds. Commodities such as paint and woodwork can cost up to one-third more than at home.

However, while many rural areas of Europe – including Inland Andalusia and much of Tuscany – still do not see real estate sales and prices rising since the end of the crisis global financial crisis, the Dordogne seems to be curbing the trend. British buyers are still the most active in France, accounting for 59% of non-resident transactions in the Dordogne, according to French notaries, far ahead of the Belgians (17%) and the Dutch (14%).

"This is the best year in 15 years I've worked in real estate here," says Kirsten Pollard of Maxwell Baynes, a subsidiary of Christie's International Real Estate. "We currently have seven sales of castles, ranging from € 600,000 for a complete renovation project to € 4.27 million for an 18th century castle set in a 26-hectare park," she says. The agency offers a bid of € 2.9 million for a house of 900 m2 with 10 rooms and 25 hectares of park. and an eight bedroom house near the town of Sarlat with a guest house and a swimming pool for 1.9 M €.

Leggett Immobilier made 142 sales to British buyers in the Dordogne last year. "Our sales to the British grew by 38% in the first quarter of 2019 compared to the same period in 2018," says Joanne Leggett, who adds that 2018 has been the company's best year since 2014. "L & # Clear attitude of the buyers met at the exhibitions and seminars on real estate are trying to arrive in France before Brexit, "she said.

Why does the Dordogne continue to seduce British buyers in such numbers?

"Buyers are looking for a retreat in the ever-increasing urban world," says Jack Harris of Knight Frank. The Dordogne is also committed to the preservation of its heritage buildings and the landscape protected by Unesco.

"There are new initiatives at local and national level in these villages to protect architecture and the environment for future generations," says Pollard, who lives in Saint-Cyprien, one of the protected areas of the Dordogne. clbadified villages.

Their beauty can be badured, but such villages present additional bureaucratic hurdles for foreign buyers undertaking renovation projects. "There are often rules about the color of your shutters, what you can do on your facade and the limitation of using Velux windows on rooftops," says Pollard. "There are grants for which you can ask for the restoration of heritage buildings, but it is very difficult if you do not speak French well."

Despite the pitfalls, homes are relatively affordable. Although real estate prices in the Dordogne are higher than in neighboring countries departments Lot, Lot-et-Garonne and Charente, the average price of real estate is € 1,362 per m² against a national average of € 2,471 per m². "An attractive family home of 170 m² would cost around € 230,000, which is, coincidentally, the average budget of an international buyer in Dordogne," says Leggett.

Those who try to cope with British pensions or smaller budgets may be exhausted, but for wealthy buyers, the exchange rate is "out of place," Pollard said. "They often have their finances in different currencies and they buy their lifestyle. They have often sold a business and are looking for a change, a few years of retirement, "she says. "Getting a French mortgage is a relatively complex procedure for a foreigner. Most of them therefore use their spot buyer position to their advantage in the negotiations. For the seller, it is much less risky to engage with a cash buyer, so he is generally more willing to be price flexible. "

Given the constraints and costs of renovation, most buyers want a completely renovated castle, mill or farm. British and American buyers are particularly fond of castles and Pollard currently has three Russian customers – "against one over 15 years," she adds. "They want castles that offer privacy and security."

According to Tim Swannie, founder of Home Hunts, a French agency, revenue generation is essential for buyers entering the region. "They usually want to run a bed and breakfast business, or British clients have organized yoga retreats and antique centers," he says. Buyers may find potential in a 17-room castle to be modernized near Bergerac, sold with Home Hunts at € 1.26 million, or in a three-bedroom stone house with studio, two gites and a swimming pool on 1 , 9 ha near Vergt, 30 km north of Bergerac for € 763,200.

This is an opportunity to own a vast expanse of countryside in an area offering a rural idyll. And for many British buyers, even Brexit can not tarnish their ambition to be part of that.

Buying Guide

• The pound sterling is down about 22% against the euro since its peak in July 2015
• Grants for the restoration of heritage buildings are available through organizations such as Bâtiments de France. You will need French and resilience to undertake such a project
• The name "Dordogneshire" may be so named because it is perceived as outdated by the British – but of the 153,000 Britons officially registered as living in France, only 7,300 live in the Dordogne

What can you buy for. . .

500 000 € A renovated historic six-bedroom farmhouse on two acres near the medieval town of Sarlat
€ 1 million A large 16th century castle in Périgueux with many original features
€ 5 million An 18th century estate on 10 hectares at the edge of the Dordogne

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