Overseas property investment landlords could be tempted to expand their portfolios by buying into a luxury new build development in the heart of Paris.

Located in the fourth arrondissement, the properties are minutes away from the historic Notre Dame cathedral, the Institute of the Arab World and the Museum Futuriste des Arts Premiers.

The apartments, being marketed by Erna Low Property, are billed as being environmentally friendly building and have been designed by a famous French architect, featuring a modern curved shape and an emphasis on space and light.

Francois Marchand, sales manager at Erna Low, said: “It is very rare indeed that new-build properties come on to the market slap bang in the centre of Paris.

“In this beautiful property, you are not only located right on the borders of the River Seine, but you are also in the heart of Paris – just a stone’s throw from Notre Dame Cathedral. “Planning in Paris is very strict so we are delighted to be able to offer such a gem of a property for sale.

“On the first day that it was launched, over €27m worth of property was sold to the French market – always a good sign for the international market.”

Prices range from €520,000 for a studio apartment measuring 36,74sqm up to €1,980,000 for a four-bedroom apartment of 130,34sqm.

There is a reduced notary fee of 2.5 percent as opposed to 8 percent when buying an apartment that is older than five years and there is also a 10-year building guarantee.

And in Paris generally real estate has continued to thrive. The latest figures from the French notary association show an increase last year in Paris IV arrondissement of more than 22 percent.

• A temporary change to transfer fee rules is expected to see investors flocking to purchase property in Cyprus.

For the next six months those who pay VAT on their house purchase will now not be liable for transfer fees and for those who do not pay VAT, property transfer fees will be reduced by 50 percent, as long as they are within this time frame
These new changes came into effect on 2 December and only apply to the first sale of a property where the contract is dated and deposited during this period.

Richard Way, editor of www.OverseasGuidesCompany.com, said: “Now that a favourable decision over transfer tax has been announced, buyers who had been waiting in the wings for confirmation will now be happy to commit to a purchase, thereby injecting some life into the depressed Cyprus property market.

“As for vendors, knowing that a prospective buyer of your property will be paying less, or no, transfer tax shouldn’t be a reason to suddenly increase or simply stand firm on your asking price.

“Be as flexible as you would have been before the tax change, otherwise the intended benefit of this initiative, namely to stimulate sales, will be lost.”

This new Cypriot tax initiative has been welcomed by the property market as experts predict it will kick start the Cypriot property market in the face of growing financial unrest across Europe.

However there are also provisions in the law to prevent abuse of this tax break and to stop buyers withdrawing contracts of sale deposited at the Land Registry and then altering dates before re-submitting.

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