Buying Guide Details

Buying Property in Burgundy (Bourgogne)

Where to buy property in Burgundy (Bourgogne)

Despite this region’s worldwide renown for its wine, property prices in Burgundy are still very reasonable and are, in fact, among the cheapest in France. With annual price growth below the national average, buying property in Burgundy is not so much an investment as a lifestyle choice – maybe the lack of an international airport explains why so few buyers outside France have made that choice up to now.

The higher property prices in Burgundy tend to concentrate around the busy working towns of the wine business, such as the area around Beaune in the east, and also in the north of the region to Auxerre, as it is popular as a second home destination for Parisians. Likewise in the south around Cluny is a getaway destination for the Lyonnais.

Nevers, in the west, is another area with great potential. It has the Morvan Forest, a national park, and some well-known wine-growing areas such as Pouilly-sur-Loire. The national park area is very extensive and, in particular around the cathedral city of Autun, has some very picturesque and ‘undiscovered’ property gems.

Renovating property in Burgundy is a popular course of action for overseas buyers and investors, and there are many such opportunities here. The northeast of the Côte d’Or département, around Châtillon-sur-Seine, has rolling countryside and forests, largely overlooked by visitors to the region, and some of the cheapest prices in this region.

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The Process of Buying Property in Burgundy (Bourgogne)

Once the buyer has found a property in Burgundy (Bourgogne) and made an offer, both parties must sign a compromis; a legally binding agreement setting out all terms involved

Financing will have to be sorted out by this stage as details regarding any loans must be clearly outlined in the compromis
There is then a seven-day cooling-off period, which gives the buyer (but not the seller) the opportunity to back out of the deal without penalty. A 10% deposit is then required and the notaire then carries out all checks on the property (for clean title, wood rot, etc)
Before the signing takes place, all funds must be transferred to the notary’s account. Failure to do this on time could mean the buyer loses both the property and the money
If the buyer is not able to visit the property in in Burgundy (Bourgogne) before signing the final contract, a representative should do so on their behalf to make sure that everything is in order. The contract clearly states that the property is accepted in its condition on the day of sale
Finally the acte de vente is signed in front of the notary, and the sale is complete.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Vary hugely depending on the region and type of property in Burgundy (Bourgogne), but set aside 12 to 15% of the selling price
Allow around 6 to 8% per cent for notaire’s fees. This includes stamp duty, which varies from 0.6% for a new-build to 6% for any property over five years old
Agents’ fees vary greatly and can be anywhere from 4 to 15%. Around 7% is the most common amount, but check when looking in agent’s windows for the letters FAI after the price – this indicates that their fees are already included
IVA (VAT) of 19.6% is applicable on most fees and taxes, but is avoided on leasebacks. The price of new-build properties usually includes 19.6% IVA, but always verify this from the start
If a property in Burgundy (Bourgogne) is sold on within two years, capital gains tax is likely to be in excess of 33%
Transfer tax varies greatly, but for properties over five years it tends to be around 7%.

Getting there

There is no international airport in the region – Paris, Orléans and Lyon are the nearest, best-served options.

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