Courtesy of agency France ChȘteaux XIXth century château in Brittany, Ille et Vilaine Asking price: $500,153 (3.7 million French Francs)

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Bauchner and Critchlow are part of a fast growing group of Americans who are buying and renting everything from castles to cottages in France, Italy, Spain and other European countries—and often for less than the price of a cramped apartment in Manhattan. "In the past five years," says Emile Garcin, owner of a French real estate agency that caters to foreigners, "the number of Americans buying châteaus has doubled." One big reason is the strong dollar, which has gained 40% against the franc since 1995 and 20% against the euro since that currency was launched two years ago.

In France, many Americans are drawn to the sunny ProvenceșCôte d'Azur region, but prices are much lower in Brittany, Normandy and central France. A fixer-upper can be found for as little as $150,000, and rentals are equally attractive. A two-bedroom ski chalet in Haute-Savoie rents for $300 a month. A one-bedroom flat in central Paris goes for about $2,000 a month, as does a four-bedroom home near the beach in Nice. "Americans can find great deals on little 19th century châteaus," says Serge Hénu, director of the France Châteaux agency in Brittany. "For the French, that's not considered old enough to be interesting."

Eighteenth century châteaus are particularly desirable because of their large windows and roomy interior spaces. Laure Jakobiak, who works on château restorations with architect Bruno Lafourcade, says, "It is essentially Americans who are interested in restoring châteaus. They are very attracted by the history."

The search for a bargain château can begin at home, where one can scan specialized websites like vacationspot.com, castles.org and athomeinfrance.com. Château hunters should also flip through upscale French real estate reviews such as Demeures et Châteaux, Propriétés and Belles Demeures, available at international newsstands in most large U.S. cities. Prospective buyers should contact reputable agencies experienced in steering foreigners through the shoals of house hunting and real estate transactions in France. Agents like Garcin (emilegarcin.fr) and Hénu (france-chateaux.fr) can arrange hotels for prospective clients, visit properties with them, help arrange financing and oversee the closing formalities.

Disclosure requirements in Europe are often weaker than in the U.S., so buyers should seek expert local advice on ground prone to shifting or flooding. They should also consider the cost of heating, maintenance and a caretaker to deter vandalism during the owner's absence. But all these costs are lower, in dollar terms, than they have been in decades. It's a great time for Americans with deep pockets to realize their dreams.

— With reporting by Stacey Vanek Smith/Paris

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