France is famous for doing things differently, and takes particular pride in doing exactly the opposite of le rosbifs who live in ignorance across the Channel.

Take football. While England's players are busy scoring drinks on Wayne Rooney's stag do in Ibiza, the French players are limbering up for action in Euro 2008.

With victories in the World Cup of 1998 and Euro 2000, and indeed reaching the final of the 2006 World Cup only for Zidane to headbutt defeat from the goalposts of victory, the French team is a powerful player on the international stage.

The same can be said of the country's property market. One of the first overseas markets to attract British buyers, the French property market has grown steadily and securely, providing reassuring levels of capital appreciation and rental income for those in search of investment.

In contrast, Romania has shown potential both in the property market and on the football field, but so far has failed to capitalise on its promise in either arena.

This contrast between the so-called 'emerging markets' like Romania and the trusty 'old guard' market of France has not been overlooked by agencies selling French property.

"Investing in France is not like taking a 'punt' with an emerging country, many of which are in the early days of development and therefore there are no past figures to show capital growth and rental returns," states a representative of Imoinvest. "Many lack fundamental infrastructures and therefore the risk of seeing a return in the near future is far greater. With France, there are figures showing growth and of course it is a country much loved by holidaymakers and greatly visited by business people."

The figures are indeed reassuring. While the average British house has, according to Hometrack, decreased in value by 1.9 per cent since May 2008, the average French property is now worth 2.7 per cent more than it was in the first quarter of 2007.

The best place to own an investment property in France this past year was the once-royal resort of Biarritz, where the average price increased by 8.2 per cent to 4,469 euros per square metre. Paris, the home city of French star striker Thierry Henry, came off equal second best with year-on-year price increases of 5.6 per cent, managing a high-scoring draw with Cannes. Lille, the as-good-as home city of winger Franck Ribery, and Lyon, birthplace of striker Karim Benzema, achieved y-o-y appreciation of 3.7 and 2.7 per cent respectively.

Unlike the credit crunched UK property market, which is feeling as sorry for itself as an England football player with an almighty hangover, the French market still has everything to play for.

Citing the "tough lending criteria" of French lending institutions as the reason for its resilient property market, Sharon Hill of French Mortgage Direct comments: "I personally think the French lenders are less exposed than UK lenders so I don't believe we will be seeing a crunch similar to that in the UK here in France. Traditionally, people in France borrow at a fixed rate throughout the duration of the mortgage and are therefore protected from the risk of rising rates. Because of this, the problem of monthly repayments suddenly jumping up after an initial 'fixed' rate teaser deal doesn't occur as such so home owners aren't suffering as much as those in the UK."

In fact, as if to rub our indebted British noses in it, some French lenders have chosen this moment to relax their lending criteria.

"It's quite ironic in France at the moment," says Hill. "On one hand you've got lenders toughening up their criteria and yet on the other hand there are lenders who are really competing for business and implementing attractive deals to get new customers. As a broker we see both sides and find that there is a greater range of mortgages available here now than ever before."

Whereas once French lenders were unlikely to lend more than 80 per cent of the property's value, even non-residents can now obtain a 90% fixed rate mortgage in France and, in some cases, even 100 per cent fixed-rate mortgages are available. 

"For those purchasing a home in the Lot, Tarn, Tarn et Garonne or the Aveyron, French Mortgage Direct is able to source a 100% mortgage with rates as low as 4.75% fixed for 10 years," says Hill.

"This is a dramatic breakthrough for the French market," she concludes.

Let's just hope that said lenders don't get dispossessed of their confidence by a crunching tackle.

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For more information visit:
www.imoinvest.com
www.frenchmortgagedirect.com 

Pictured: Nova Park development, Villejuif, Paris. Studios and one-bedroom apartments available from Imoinvest, priced 111,000 euros to 282,000 euros.

Romania v France
Group C, Euro 2008
Letzigrund Stadion, Zurich, Switzerland
Kick-off: 1700 BST

Coverage on BBC ONE

Article first published 09 June 2008