Brexit & Buying in the Alps
Category: Finance > Finance | 03rd Jun, 2016
Brexit and buying property in the French Alps
What will it mean? Does it matter?
Dare we mention the "B word"? For any Brit looking to invest in a property in the French Alps, the upcoming EU Referendum or Brexit may feel like an invisible brake, bringing with it an inevitable climate of uncertainty and confusion. The Remain Camp is winning, the Leave Camp is gaining momentum; the Pound goes up, the Pound goes down. The outcome, at this stage, is anybody's guess!
At the end of the day does it actually matter?
When a British buyer buys a chalet in the French Alps, the purchase is generally driven by a love of the mountains and mountain sports, which with the best will in the world, the UK cannot offer. France still looks a better option to Switzerland, when comparing currencies and property prices. French ski resorts such as Chamonix are hard to beat for snow surety; few can compete with the Portes du Soleil. For ski area size and the Swiss airport of Geneva will always provide an easy gateaway to French ski resorts in the Haute Savoie. So our love affair with the French Alps will continue. After all where else would you find an authentic farmhouse like this one near Les Carroz? Or a building plot with Mont Blanc views? Or a ski-in/ski-out chalet? And if the Brits aren't buying, another nationality will, such as the Belgians, Scandinavians, the Swiss.
The alpine market is truly international, a chalet in the Alps is a desirable purchase and one less country in the EU (if Britain leaves) is unlikely to change that. Until the outcome of the EU Referendum is announced, the repercussions are unknown. There may be taxation issues, currency fluctuations and additional administration all of which have been looked at in our article on The possible impact of Brexit on expat property owners. Whatever the outcome, if you love winter sports or the mountains in summer, and you dream of a chalet of your own, the French Alps will still be a go-to destination.
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