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Île de France, the region where Paris is located, had more than 20,000 British nationals registered as full time residents, according to 2010 figures from the French Statistical Office (INSEE). This makes Île de France the most popular French region among those choosing to move permanently to France.
Paris is expensive. Property prices in the capital are assessed by square meter and vary depending on the neighbourhood. Paris is divided into 20 different neighbourhoods called arrondissements, each with its own number. Starting right in the centre, the first is situated on the right bank of the Seine around the Louvre. Each successive arrondissement is located in a clockwise spiral direction around the city, rather like a snail shell, and numbered consecutively – so the lowest numbers are the most central and the highest are the furthest out.
So as always, location, location, location is key and will determine your budget. In the most historic neighbourhood in Central Paris, Le Marais, you can pay more than €10,000 per square meter. However, if you choose an up-and-coming area just outside of Paris like Montreuil, where the Lumière Brothers set up the first ever film studio, you would only pay half, an average of €4,550 per square meter. The town is still within the Metro system, therefore very easily accessible.
Most properties available in Paris are apartment buildings. This means that you will have to pay a monthly charge to cover your share of the building’s costs. In fact, it might be advisable to check any upcoming building expenses to avoid any surprises!
The cost of living is also high. Paris has been named in 2014 the second most expensive city in the world according to the Worldwide Cost of Living study carried yearly by The Economist Intelligence Unit (EIU). Therefore, you should plan your move well.
Foreign Exchange can be a hidden cost in your move as small fluctuations in rates on the foreign exchange market could see the value of your budget change considerably. For example, during 2013/2014 the sterling/euro exchange rate pairing moved between lows of €1.14 and highs of €1.22 to the pound. This meant that a €250,000 property in the Ile de France could have cost you as little as £206,000 or as much as £220,000, depending on when you transferred your money.
Being careful with exchanging your currency can save you thousands. If you consult with a foreign exchange specialist, such as Moneycorp, before you buy a home, you can easily save and enjoy a much healthier bank balance to start life in Paris.
With Moneycorp you’ll get exchange rates up to 4% better than from a typical high-street bank and transfer fees that are normally much lower – as little as £5 against the typical £40 bank international transfer fee. On average, Moneycorp saves clients around €3000 on a transfer of £100,000 into euros, enough money for you to make a few home improvements.
Importantly, not only are Moneycorp’s exchange rates more competitive than a high-street banks, but every customer is assigned their own personal account manager who can offer expert guidance on the foreign exchange market. Their professional insight of the markets can save you thousands by making sure you understand the best time to exchange your currency.
As well their guidance on the market, your account manager could help you target a better exchange rate, not currently on the market. Alternatively, if the current exchange rate is favourable you can consider fixing it for a future transfer that can happen any time within the next two years.
Even after you’ve completed the purchase of a property, you’ll be able to save with Moneycorp. If you need to make frequent monthly payments from your UK bank to France to cover your costs, for example for a French mortgage, general property expenses and bills etc, Moneycorp’s Regular Payment Plan can make this simple; you can make your transfers automatically at a schedule you’ve set and even fix the exchange rate for up to two years. This means you could effortlessly save hundreds a year on bank fees and maybe even thousands on exchange rates.
You can manage your Moneycorp account online 24/7 at your convenience. You can view all your past transactions, get an up-to-the-minute exchange rate quote and make a transfer whenever you want. So there’s no need to disrupt your routine to fit into 9-5 British business hours; but, if you need it, the expert help of your account is always at the end of a phone.
Moneycorp can make your move to France easier by saving you thousands on your dream home whether in the heart of the city of light or the leafy suburbs of the Ile de France.
As a limited offer, Moneycorp offers free transfer fees for life to French Entrée clients that open a trading facility. To register with Moneycorp please click here. This does not involve any cost or obligation plus the account can be cancelled at any time with no hassle and cost.
Should you want to receive more information about the services of Moneycorp you can contact them on +44 (0)20 3773 6355, please remember to mention French Entrée to benefit from the above offer.
Alternatively you can click here to submit an enquiry..