Based on French media projections, Socialist Party candidate Francois Hollande is to lead France for the next four years.
Partial results give Mr. Hollande a lead of almost four point.
With an estimated 52% of votes in the country’s presidential election his already, Mr Hollande said, the French have chosen “change.”
Meanwhile incumbent Nicolas Sarkozy has conceded defeat and wished Mr. Hollande Goodluck.
In his concession speech the outgoing president said he was “taking responsibility for defeat”.
Speaking about his future, he said, “My place will no longer be the same. My involvement in the life of my country will now be different.”
Mr Sarkozy also told his supporters “Francois Hollande is the president of France and he must be respected.”
Exuberant Hollande supporters are gathering on Place de la Bastille in Paris – a traditional rallying point of the Left – to celebrate victory.
Mr Hollande who is not in Paris at the moment is reported to be travelling to the capital , to team up with supporters at Place de la Bastille.
Mr Hollande is the first socialist to win the French presidency since Francois Mitterrand.
Reacting to his victory Mr Hollande said he was proud to have been capable of giving people hope again and that he would push ahead with his pledge to refocus EU fiscal efforts from austerity to growth.
He said he would push ahead with his pledge to refocus EU fiscal efforts from austerity to “growth”.
“Europe is watching us, austerity can no longer be the only option,” he said.
Meanwhile, the UK Prime Minister David Cameron has called Mr Hollande to congratulate him.
Mr Hollande is expected to be inaugurated later this month.