BNP Paribas International Buyers has presented its new Market Observatory for foreign non-resident home buyers in France. It shows a 29% growth in the transactions involving foreign non-resident buyers. Most represented nationalities are American (+91%) and UK buyers. Moreover, French expatriates represent a significant share of the non-resident market at ~30% of transactions.
The Mortgage Credit Directive 2014/17/EU adopted on 4 February 2014 must be enforced in all EU Member State Countries beginning March 2016. The directive applies to both secured credit and home loans. It provides a uniform operational scheme across the EU, addressing and normalizing areas such as consumer creditworthiness assessment, provisions on early repayment, and provisions on foreign currency loans. Consumer rights are reinforced through mandatory pre-contracting information, standardized documentation, conduct of business obligations, and competence and knowledge requirements for staff. Eventually, the directive should favor the emergence of a single market for financial services (e.g. passports for credit intermediaries who meet the admission requirements in their home Member State).