Avoriaz, the purpose-built ski resort in the heart of the Franco Swiss Portes du Soleil ski area in the French Alps, is undergoing a €200 million regeneration programme which will give property investors the opportunity to buy new-build property in the resort for the first time in 40 years.

Two entirely new developments are on target to be built by 2012 creating 475 new apartments designed to meet the current shortfall of quality accommodation in the resort. The two new areas of Avoriaz are Crozats, at the top of the resort and Amara, at the cliff entrance to the resort.

The centrepiece of the new development will be ‘Aquariaz’, a 3,000 sqm indoor aquatic and leisure area that can be used all year round. Based on the leisure dome concept inspired by Center Parcs, and built by the same developer, Pierre & Vacances, ‘Aquariaz’ is an extension of the established children’s’ village and will have wild water river streams, Jacuzzis, a water tree, aquatic games, wave pool and slides. During the summer months, it will have outdoor beaches.

Avoriaz already has established summer adventure activities paragliding, horse riding, glacial hiking, canyoning and white water rafting, fishing and walking in the stunning mountain scenery.

There is also a 9-hole golf course and an 18-hole course at nearby Les Gets. It is also widely considered as one of the best mountain biking areas in Europe. In the winter, skiers can make use of 650kms of slopes.

Avoriaz was the catalyst for Pierre & Vacances to revolutionise the concept of buying mountain resort properties which could be leased back to holidaymakers. All the properties are sold on a leaseback basis whereby investors purchase a property and then lease it back to Pierre & Vacances in return for a guaranteed rental return of up to 3.5 percent net of all costs.

The Crozats project will comprise three new Pierre & Vacances branded residences and one Maeva branded residence. Facilities will include a gym, sauna, hammam. These residences are scheduled for completion at the end of 2010. Prices for one- and two-bedroom apartments range from €180,000 to €490,000. These prices exclude French VAT at 19.6 percent as Pierre & Vacances pay the investor an immediate VAT rebate upon purchase as part of the leaseback scheme.

The first phase of the Amara project is scheduled for delivery in December 2011, and will see the construction of five new residences and a spa bearing the up-market MGM brand.

One, two, three and four-bedroom apartments are available, starting at €289,715 and rising to around €1,021,070 again excluding VAT.

Nick Leach, Head of Pierre & Vacances Property Investments, UK & Ireland, said: “These apartments are a great investment choice paying a guaranteed return of up to 3.5 percent depending upon the number of weeks the investor chooses to stay in their property.

Investors pay a 2 percent deposit to reserve a property and have nothing more to pay until Q4 2009.

“99 percent finance is also available subject to status. We are sure Aquariaz and the other activities on offer in Avoriaz throughout the year will ensure strong occupancy all year round.”

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