Overseas Property Focus
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Erna Low Property is gearing up to release the new two-bed units at Les Domaines de St Endreol Golf and Spa Resort, which is 45 minutes from Nice International Airport. It is made up of a combination of villas and apartments available on the French government’s leaseback purchase scheme, allowing investors to waiver the 19.6 percent VAT on the sale price while benefiting from a guaranteed rental return of up to 3.6 percent with a variety of usage options available. The award-winning development was established in 1992 and is made up of nine phases spread over a secure, 350-acre resort. These new apartments make up the sixth phase and are the first opportunity for fly to let landlords to acquire a leaseback property on the resort. French leaseback properties are generating €2.2billion in turnover each year on mature developments like St Endreol and continue to attract local and international interest, according to Joanna Yellowlees-Bound, CEO of Erna Low Property. “Five apartments have already been reserved within days of launch and with such an attractive ownership package attached, St Endreol presents a rare opportunity of great hassle-free investment for the international market as well as the French,” she explained. The Mediterranean coast is a 30-minute drive away, giving access to the coastal towns of St Tropez, Cannes and Monte Carlo. On site facilities include a spa, conference centre, tennis courts, swimming pools, restaurants and boutiques as well as an award winning 18-hole 72 par golf course. Prices start from €287,100 and peak at €355,500 for a fully furnished two-bedroom apartment. 100 percent mortgages are available from leading French banks offering fixed interest rates for up to 25 years, subject to conditions.
The service helps English buyers find their ideal property across the Channel and enquiries for its most expensive houses in Riviera resorts like Cannes, Antibes, Nice and Beaulieu sur Mer have risen by more than 50 percent between February and May. Director Patrick Joseph said he had just completed the sale of a £2m villa in Antibes within weeks of the property going on the market and that top end homes in Paris and the French Alps are also selling well. “The figures are not surprising given the improvement in the exchange rate and the fact that the recession is coming to an end,” he explained. “Houses are still more realistically priced in France than the UK and people who want to retain a luxury lifestyle are realising that they can get more for their money on the Cotes d’Azur than in some of the more upmarket English towns and villages.” Joseph also believes that France does not seem to suffer the same price fluctuations as Spain and other parts of Europe, making it a better choice for investors. He said: “There hasn’t been the intense building of houses and apartments aimed at investors as has been seen in other parts of Europe so properties in France are seen as a better long term investment. “Generally I find that people who visit our site have done their homework and realised that this is a good time to buy. “Whether they’re looking for a winter retreat on the Cotes d’Azur which they can let over the summer or a £2 million chalet on the slopes near Chamonix that they can rent out at a premium during the peak winter season, they see France as a stable market for investment.”
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