Investing In France: Francophiles considering a leaseback investment will find a choice of locations at an exhibition taking place at the Stillorgan Radisson this weekend.
Dublin-based Springvale Overseas Properties will be exhibiting three different new French schemes, marketing sun, ski and city properties.
The new ski resort will be 10 minutes from the Andorran border in the Pyrenees at Font Remeu, within reach of Perpignan airport. Prices for the chalet-style apartments start at €112,000 for a one-bed of 41sq m (441sq ft), €177,500 for a two-bedroom apartment of 45sq m (484sq ft) and from €290,000 for a three-bed with 77sq m (829sq ft) of space. The apartments will come fully furnished and fitted out and prices are net of Vat, under the French government-controlled holiday leaseback scheme. Rental return is guaranteed for 11 years at 4.5 per cent.
A second leaseback development will be located in fashionable Antibes on the Cote d'Azur. This will be rented out by a management company to business people working in or visiting the area. The exterior of terracotta and white render will have large balconies, communal gardens and will include a pool. Prices start at €139,000, exclusive of Vat, for a furnished 28sq m (301sq ft) studio. The guaranteed annual return is 4.85 per cent. The developer is well-known French contractor, Vinci.
The third leaseback scheme will be 10 minutes from Paris, in Seine Saint Denis. Landscaped gardens will stretch to the business centre of Paris Nord and Charles de Gaulle airport is a 15-minute drive from the site.
The notoriously compact French sizes can be seen here, where a 22sq m (237sq ft) studio will cost €121,500 and a 36sq m (388sq ft) one-bedroom apartments is priced at €196,000, exclusive of Vat. Rental return here is 5 per cent. Financiere Rive Gauche is the developer in this leaseback scheme.
Buyers in all three developments will become freehold owners, although Vat will have to be repaid on a pro-rata basis if the property is sold on within 20 years. The rent will increase annually in line with the French Construction Costs Index.
Owners can use the properties where available at a discounted rent. Prices are inclusive of legal fees from a notaire appointed by the developer, but it is always prudent to obtain independent legal advice when buying abroad. Completions are scheduled for the end of 2008.
The exhibition takes place at the Radisson Hotel, Stillorgan on Saturday and Sunday from noon to 6pm.
