The biggest event in France which has been influencing not just the property market in the country, but the entire economy has been the ongoing Presidential race. If you’re planning to sell your property in France fast in 2017, you should pay close attention to what’s going on.
Unless you have been living under a rock for the last few days, you will have known that Emmanuel Macron, the centrist candidate won 23% of the votes in the first round of the Presidential race, closely followed by the far-right candidate Marine Le Pen.
Both Macron and Le Pen move on to a face off on May 7, just a few days from now, which will decide the next President of the country. This is significant because both candidates are outside of the establishment parties, and belong neither to the conventional right or the left.
In fact, French voters will decide much more than who will become their next President on May 7 – they will essentially be deciding the future of the European Union. Yes, it is the future of Europe at stake on May 7, let’s understand why.
Marine Le Pen gets her support from the working class in France that has been shut off from the job market, which has seen their standard of living suffer in recent years. Most of her supporters blame globalisation for their condition. The European Union is the most obvious target of their ire and Le Pen has been able to take advantage of it.
Her anti-European Union stance is clear. She wants France to leave the European Union as soon as possible and have a Frexit in the same manner as Britain had a Brexit.
On the opposite side of the spectrum is Emmanuel Macron, who is a young 39-year old liberal and globalist, and represents the section of the French population – young and education – that have benefited from globalisation. He sees himself as a citizen of the world, a European, as much as a Frenchman. This makes him a complete opposite of Le Pen.
As far as experts on the French economy and the property market are concerned, the verdict is clear – Macron is their man. His win in the Presidential race – which seems to be the most likely outcome given that all mainstream political parties are supporting him in their bid to keep Le Pen out – will be the best news possible not just for the French economy, but also for the property market here.
As Julien Manceaux, a senior economist at ING Bank in Brussels explains: "A Macron victory, which is currently our main scenario, would be positive for Europe and investments. However, the effect on unemployment could be less rapid if he does not supplement his policies by strong labor reforms. As he will have to deal with a government which is unlikely to be fully on his side, he will have manage both left and right which could prove a perilous exercise."
Keeping this in mind, this is as good a time as any to buy property in France online. We expect real estate prices to shoot this year in the event of a Macron win on May 7, 2017.