Political instability and widespread unrest in France are negatively affecting the sentiment of foreign real estate buyers. According to a survey by the international platform Green-Acres, conducted October 20–25, 2026, 70% of foreign respondents stated that the political situation is causing them to question the wisdom of buying a home in the country.
According to the survey results released on October 27, the proportion of potential buyers concerned about the political situation in France has increased significantly over the past year. In 2025, this figure stood at 27%; in July–August 2026, it rose to 54%; and following the mass unrest on October 17, it reached 70%.
The October survey covered 222 foreign Green-Acres users who were actively searching for real estate in France. At the same time, about 60% of participants in a separate survey, which included 204 people, reported that the events of October 17 had heightened their doubts about purchasing a home.
Benoît Gali, founder and CEO of Green-Acres, noted that France’s appeal to international buyers is largely based on the country’s reputation as a stable and comfortable place to live. In his view, political tensions and street unrest are damaging this image and could influence foreigners’ decisions regarding real estate investments.
A potential decline in foreign demand could have the greatest impact on regions of France that have traditionally been popular among international buyers.
According to data from French notaries, between July 2025 and June 2026, non-resident foreigners purchased 14,735 properties in France for a total of EUR5.8 billion.
The largest volume of investment was in the Alpes-Maritimes department, where foreign buyers spent EUR1.27 billion. In Paris, the volume of such transactions totaled EUR890 million; in the Var department, EUR540 million; and in Haute-Savoie, EUR433 million.
Thus, these four regions accounted for over EUR3.1 billion, or about 54% of the total value of real estate purchases by non-resident foreigners in France.
Amid political uncertainty, some potential buyers are considering alternative real estate markets in Southern Europe. According to another Green-Acres survey, 49% of the 659 respondents were looking for a home exclusively in France. Among alternative destinations, Italy attracted the most interest, with 20% of respondents considering it. Spain was mentioned by 13%, Portugal by 7%, and Greece by 5%.
At the same time, experts emphasize that the survey results reflect the sentiments of the platform’s users rather than an actual decline in the number of transactions. The growing proportion of buyers who are unsure about the wisdom of purchasing a home does not yet allow for an assessment of how many investment projects will be postponed or canceled.
Future trends in demand for French real estate will depend on the stabilization of the political situation, lending conditions, and the overall state of the European economy.
Green-Acres is an international real estate search and sales platform founded in France in 2004. The company specializes in residential and suburban real estate, including properties for vacation use, relocation, and the purchase of a second home abroad.
According to Experts Club, on October 30, 2026, the international rating agency Fitch Ratings unexpectedly revised its outlook on France’s long-term sovereign credit rating from “stable” to “negative,” while maintaining the rating itself at A+. This decision is linked to the deterioration of public finances in the eurozone’s second-largest economy, a slowdown in economic growth, and rising debt-service costs, Reuters reported, citing a statement from Fitch.
The rating agency noted that since its previous review in August 2026, France’s credit metrics have deteriorated sharply. Economic growth has been weaker than expected, government bond yields have risen significantly, and the prospects for reducing the budget deficit have become less certain.
Fitch is particularly concerned about the trend in public debt, which, according to the agency’s forecast, will rise from 115.7% of GDP in 2025 to approximately 124% of GDP in 2028.
Thus, over the next three years, France’s debt burden could rise by more than 8 percentage points of GDP, despite the government’s stated plans for fiscal consolidation.
According to Fitch’s assessment, the total fiscal adjustment required to stabilize public debt now stands at about 3.5% of GDP, compared with 3% of GDP in the August forecast.
An additional challenge is the rise in public debt servicing costs. The agency expects interest payments on the debt to increase from 2.5% of GDP in 2025 to 3.3% of GDP in 2028.
This means that an increasingly large share of budgetary resources will be directed toward payments to creditors, which will limit the ability to finance other government expenditures without raising taxes or taking on new debt.
Fitch forecasts that France’s general government deficit will reach 5.5% of GDP in 2027. This significantly exceeds the 3% of GDP benchmark set by European fiscal rules.
Meanwhile, the French government expects to reduce the deficit to 5% of GDP in 2027. Fitch’s higher forecast reflects the agency’s doubts about the feasibility of implementing the planned austerity measures and generating additional budget revenues.
The negative economic trends are also confirmed by the latest official statistics.
According to a preliminary estimate by France’s National Institute of Statistics and Economic Studies (INSEE), published on October 30, the country’s GDP contracted by 0.1% in the third quarter of 2026, following zero growth in the second quarter.
At the same time, exports fell by 1.7% compared to the previous quarter, and fixed capital formation declined by 0.6%.
Inflation added to the pressure; according to INSEE data for October, it accelerated to 3.4% on a year-over-year basis.
The situation in the government bond market also reflects growing investor concern.
The yield on 10-year French bonds exceeded 5.14% at the end of October, reaching its highest level since 2002.
Rising yields mean higher costs for the government to raise new funds and a gradual increase in the cost of refinancing existing debt.
Of particular significance is the widening spread between French and German government bond yields, which are traditionally used as a benchmark for assessing debt risks in the eurozone.
In October, this spread reached 178 basis points, compared with approximately 85 points in early September, indicating a notable increase in the risk premium on French government debt.
Fitch also highlights the political constraints on fiscal policy.
The French government lacks a stable parliamentary majority, and the approaching 2027 presidential election complicates efforts to agree on spending cuts and tax changes.
Mass protests over the cost of living, funding for public services, and socioeconomic reforms are creating additional pressure.
According to the agency’s assessment, political fragmentation and a tense social climate make it difficult to implement a consistent, multi-year policy to reduce the budget deficit.
At the same time, Fitch believes that the 2027 budget could be adopted using the mechanisms provided for in the French Constitution, even without a stable majority in the National Assembly.
However, the mere adoption of the budget does not guarantee that the stated financial targets will be met if economic growth remains weak and debt service costs continue to rise.
French Minister of Economy and Finance Roland Lescure stated in an official announcement on October 30 that the government takes note of Fitch’s decision.
According to him, it confirms the need to adopt a responsible budget by the end of the year, aimed at reducing the public finance deficit to 5% of GDP.
The minister emphasized that the government intends to continue fiscal consolidation and ensure predictable conditions for economic activity.
Fitch’s decision marked yet another warning from the major international rating agencies regarding France’s financial situation.
On October 23, Moody’s maintained the country’s credit rating at Aa3 with a negative outlook. Meanwhile, S&P Global Ratings rates France at A+ with a stable outlook.
Thus, two of the three largest international rating agencies now have a negative outlook on French government debt.
Fitch plans to conduct its next review of France’s rating no later than the end of February 2027.
A negative outlook does not imply an automatic downgrade, but it does indicate an increased risk of such a decision in the future if public finances continue to deteriorate.
At the same time, the agency emphasizes that the current A+ rating is supported by the size and diversification of the French economy, high household income levels, the resilience of government institutions, membership in the eurozone, and a relatively stable banking sector.
For the European economy, the deterioration in France’s fiscal outlook is significant primarily due to the size of its public debt and the role of the French financial market in the eurozone.
A further rise in the cost of government borrowing could increase debt-service costs, limit the scope for fiscal stimulus, and intensify pressure on public finances.
In addition, persistently high yields on government bonds could affect lending conditions for French companies and households, as the cost of sovereign borrowing serves as one of the benchmarks for the financial market.
Fitch Ratings is one of the three largest international credit rating agencies, alongside S&P Global Ratings and Moody’s. The agency assesses the creditworthiness of governments, corporations, and financial institutions. An A+ rating falls within the investment-grade category and indicates the borrower’s relatively high ability to meet its financial obligations.
Previously, a video analysis of countries’ external debt was prepared by the Experts Club think tank — https://youtube.com/shorts/fUTLp6l_fTY?si=A2hpjEt0CCViKKnh
On October 17, 2026, large-scale nationwide protests took place in France against the rising cost of living, increasing fuel prices, and cuts in funding for public services. According to the country’s Ministry of the Interior, approximately 550,000 people took part in the demonstrations, while organizers estimate the number of participants at 800,000, Reuters and the French newspaper Le Monde report.
A total of 110 demonstrations took place across the country. In Paris alone, according to Interior Minister Laurent Nuñez, approximately 110,000 people took to the streets. The protests also spread to Marseille, Lyon, Lille, Bordeaux, Toulouse, and other major cities.
The participants’ main demands included higher wages and pensions, measures to curb food and energy prices, increased funding for education and healthcare, and the preservation of social guarantees.
Trade unions, student organizations, representatives of farmers’ associations, transport sector workers, and activists from the “yellow vests” movement, which emerged in France in 2018 due to rising fuel prices, joined the demonstrations.
The current wave of protests began in September with student demonstrations against teacher shortages, the poor condition of educational institutions, and insufficient government funding for education. Subsequently, the demands expanded to include issues of purchasing power, social inequality, and the government’s economic policy.
Despite the predominantly peaceful nature of the demonstrations, clashes with police, vehicle arson, vandalism and looting of shops, and attacks on administrative buildings occurred in several cities.
In Paris, the most tense situation was observed near Place de la République, where some groups of rioters threw stones and pyrotechnic devices at police officers. Law enforcement officers used tear gas and water cannons. There were also reports of shops being looted and bank branches being damaged.
In Marseille, a group of protesters entered the city council building; in Lyon, a tourist office was set on fire; and in Limoges, a fire damaged the town hall building. Incidents involving damage to administrative buildings were also recorded in other cities.
According to preliminary data from the French Ministry of the Interior, police detained approximately 400 people. Authorities reported injuries among law enforcement officers and civilians. A separate investigation was launched following the serious injury of a minor participating in a protest in Saint-Étienne.
French President Emmanuel Macron condemned the violence and stated the need to hold those responsible accountable. Prime Minister Sébastien Lecornu emphasized that the government would not allow the unrest to be used to exert pressure on state institutions.
At the same time, protest organizers emphasize that the overwhelming majority of participants demonstrated peacefully and demanded a revision of the state’s socioeconomic policy.
The mass demonstrations are taking place against the backdrop of a difficult situation in France’s public finances. According to the draft state budget for 2027 presented on October 1, the government plans to reduce the deficit from a projected 5.4% of GDP in 2026 to 5% of GDP in 2027.
To achieve this goal, overall fiscal consolidation measures totaling €54 billion are envisaged, including €43 billion within the framework of the draft laws on the state budget and the financing of the social security system.
At the same time, the government forecasts a slowdown in France’s economic growth to 0.5% in 2026, with a possible acceleration to 1% in 2027. Public debt servicing costs could rise from €79.2 billion in 2026 to €91.2 billion the following year.
Trade unions fear that measures to limit public spending will increase the burden on households, primarily those with low and middle incomes.
The protests have already caused disruptions to urban public transport, the temporary closure of certain Paris Metro stations, and damage to commercial properties. A final assessment of the economic damage caused by the unrest has not yet been released.
The new wave of social discontent is increasing political tensions in France ahead of the 2027 presidential election and complicating discussions on fiscal policy. Further developments will depend, among other things, on negotiations between the government, trade unions, and representatives of the student movement.
France is the second-largest economy in the eurozone after Germany and one of Ukraine’s largest trade and economic partners in the European Union.
According to Experts Club, France continues to enjoy one of the highest levels of positive perception among Ukrainians: in August 2026, 72.8% of respondents viewed the country positively, while only 3.7% viewed it negatively. Compared to March, the share of positive assessments has decreased slightly, but at the same time, the share of negative responses has also decreased, reports the Experts Club Information and Analytical Center.
According to the results of the August survey, 28% of Ukrainians view France entirely positively, and 44.8% view it mostly positively. 22.5% of respondents hold a neutral position. 3.5% view the country mostly negatively, only 0.2% view it entirely negatively, and another 1% were undecided.
The balance of positive and negative assessments stands at plus 69.1 percentage points. Thus, positive attitudes toward France outnumber negative ones by nearly 20 to 1. Based on this balance, the country remains among the leaders in the overall ranking of Ukraine’s trading partners.
Compared to the previous survey wave, the changes are relatively minor. In March 2026, 30.3% of respondents had a completely positive attitude toward France, and 44.3% had a mostly positive attitude—meaning the overall positive rating stood at 74.6%. At that time, 20.3% held a neutral position, while 4.7% of respondents expressed a negative attitude.
Thus, over the course of five months, the share of positive assessments decreased by 1.8 percentage points—from 74.6% to 72.8%—but the share of negative assessments also fell—from 4.7% to 3.7%. At the same time, the share of neutral responses increased by 2.2 percentage points—to 22.5%. The balance between positive and negative attitudes changed only slightly—from plus 69.9 to plus 69.1 percentage points.
The internal structure of positive responses is also revealing. The share of those who view France entirely positively decreased from 30.3% to 28%, while the share of mostly positive responses remained virtually unchanged—44.3% in March and 44.8% in August. This indicates that a stable, positive core of public opinion regarding France remains intact.
Oleksandr Pozniy, director of the research firm Active Group, previously attributed France’s high ratings to its established image among the Ukrainian public.
“For many Ukrainians, France is a symbol of support in difficult times, as well as a cultural and political reference point in Europe. These figures demonstrate a high level of trust and respect, which is largely explained by Paris’s active role in European policy toward Ukraine,” Pozniy noted.
According to him, when analyzing these results, it is important to consider more than just current emotional assessments: attitudes toward other countries are shaped by experiences of interaction, the informational context, and Ukrainians’ expectations regarding the future role of a partner country.
The latest wave of the survey shows that attitudes toward France remain consistently positive: a slight decrease in the overall share of favorable assessments is accompanied by a reduction in the negative segment and an increase in the share of neutral responses. In other words, there has been no noticeable shift from a positive to a negative perception.
The survey was conducted in August 2026 using self-administered online questionnaires in the SunFlowerSociology panel among 800 Ukrainian citizens aged 18 and older. In the previous survey wave in March, 800 respondents were also surveyed; the sample was representative by age, gender, and region, with a maximum theoretical margin of error of ±3.5 percentage points for indicators at the 50% confidence level.
ACTIVE GROUP, EUROPEAN UNION, EXPERTS CLUB, FRANCE, international relations, PUBLIC OPINION, SOCIOLOGY, UKRAINE
According to Experts Club, France and the Netherlands have the highest share of positive attitudes among Ukrainians among the Western European countries included in the study — 72.8% and 71.2%, respectively. Germany is viewed positively by 69.9% of respondents, and Switzerland by 66.9%. These findings come from the third wave of the study “Ukrainians’ Attitudes Toward Countries Around the World,” conducted by Active Group in collaboration with Experts Club, reports the Experts Club Information and Analytical Center.
According to the results of the August survey, 22.5% of respondents have a neutral attitude toward France, 3.7% have a negative attitude, and another 1% were undecided. The balance of positive and negative assessments stands at 69.1 percentage points, compared to 69.9 percentage points in March 2026 and 71 percentage points in August 2025.
For the Netherlands, the balance of positive and negative attitudes stands at 69.6 percentage points. Specifically, 71.2% of respondents view the country positively, 26.4% neutrally, and only 1.6% negatively. In March 2026, the balance was slightly higher—71.5 percentage points—while in August 2025 it stood at 61 percentage points.
69.9% of Ukrainians view Germany positively, 23.5% neutrally, and 5.5% negatively. Its net balance fell to 64.4 percentage points, compared to 73.9 percentage points in March and 72.7 percentage points in August of last year. Thus, among the six Western European countries surveyed, Germany showed the most significant decline in this indicator between March and August 2026.
Switzerland is viewed positively by 66.9% of respondents, negatively by only 1.4%, and 29.7% hold a neutral view. The balance stands at 65.5 percentage points, compared to 67.1 percentage points in March.
Belgium is the only country in this group where the balance increased in August compared to March—from 56.4 to 58.5 percentage points. 59.9% of respondents view the country positively, 36% neutrally, and 1.4% negatively. In August 2025, the balance stood at 54.4 percentage points
Austria received the lowest share of positive responses among the Western European countries surveyed—52.6%. At the same time, only 2.7% of Ukrainians view it negatively, while 41.7% chose a neutral response. The balance stands at 49.9 percentage points, compared to 53.3 percentage points in March 2026 and 44 percentage points in August 2025. Overall, the data indicate that the lower levels of positive attitudes toward Belgium and Austria are primarily due to a higher proportion of neutral, rather than negative, assessments.
Maksym Urakin, founder of the Experts Club Information and Analytical Center, deputy director of the Interfax-Ukraine news agency, and candidate of economic sciences, emphasized the importance of systematic communication between foreign partners and Ukrainian society.
“The first recommendation is to regularly showcase concrete achievements and specific actions. The second is to be open to questions and inquiries from the media and the public,” Urakin noted.
Oleksandr Pozniy, director of the research company Active Group, for his part, drew attention to the link between public awareness and the practical development of bilateral cooperation.
“We should focus not only on raising general awareness. We need to expand cooperation with countries where we can achieve a positive balance,” Pozniy noted.
The survey was conducted in August 2026 using self-administered online questionnaires in the SunFlowerSociology panel among 800 Ukrainian citizens aged 18 and older. According to the organizers, the sample is representative in terms of age, gender, and region; the maximum theoretical statistical margin of error at a 95% confidence level is 3.5%. This is the third wave of the study, following surveys conducted in August 2025 and March 2026.
ACTIVE GROUP, AUSTRIA, BELGIUM, EXPERTS CLUB, FRANCE, GERMANY, SOCIOLOGY, SWITZERLAND, THE NETHERLANDS, UKRAINE, WESTERN EUROPE
Ukrainian students have been selected as recipients of the HEC Imagine program, which provides young people from countries affected by war and crises with the opportunity to study at HEC Paris, one of France’s leading business schools.
This was reported by the Embassy of Ukraine in the French Republic following the “Imagine pour la Paix” event, dedicated to supporting the program’s participants.
The event took place at UNESCO headquarters in Paris and brought together representatives from HEC Paris, the French business community, program partners and donors, diplomats, and students.
Among those attending were Jean-Noël Barro, France’s Minister for Europe and Foreign Affairs—an HEC Paris alumnus—as well as Gaël Veissier, former French Ambassador to Ukraine, who currently heads the Crisis Response and Support Center at the French Ministry for Europe and Foreign Affairs.
HEC Imagine fellows shared their personal experiences and insights about studying in France.
The HEC Imagine program was created to support talented students whose education and career prospects have been threatened by wars and other crises. Ukrainian students were among the program’s first participants.
According to HEC Paris, the HEC Imagine Fellows project began in 2022. From the very beginning, the scholarships enabled students from Ukraine, Afghanistan, and Syria to study at HEC.
The program provides not only financial support for tuition but also facilitates the students’ integration into the academic and professional environment at HEC Paris.
The Ukrainian Embassy in France emphasized that supporting the education of Ukrainians takes on special significance amid the war and the destruction of Ukraine’s educational and scientific infrastructure.
“The reconstruction of Ukraine is not just about rebuilding buildings and infrastructure. Above all, it is an investment in people: future entrepreneurs, economists, engineers, and managers who will create jobs, attract investment, and build a modern, European Ukraine,” the Ukrainian Embassy noted.
The diplomatic mission also thanked HEC Paris for its support of Ukrainian students and the Association des étudiants ukrainiens en France for helping to organize Ukraine’s participation in the event.
HEC Paris is one of Europe’s most renowned business schools. The institution specializes in training professionals in the fields of management, finance, entrepreneurship, and business administration, and its graduates work in international companies, financial institutions, the public sector, and their own businesses.
The HEC Imagine program is part of a broader initiative that combines support for students from conflict-affected countries with a discussion on the role of business and education in rebuilding and securing peace.
Sources: Embassy of Ukraine in the French Republic, HEC Paris, UNESCO.
