5 February 2008
The village ski resort of Montgenevre in the Southern Alps, one of the first ski resorts established in the French Alps over a century ago, is to have 54 new homes designed and constructed by developer MGM – which will suitable for occupation by December 2009 - as part of an €80m face-lift.
The local council has already spent €60m on various projects, including a €30m road tunnel, situated a quarter mile under the village, improvements to the ski slopes and lifts, as well as the implementation of a new cinema, theatre, nursery and community centre. The remaining €20m has been earmarked for the creation of additional slopes and the installation of new ski lifts, over the next couple of years.
Nathalie Turchet of MGM’s London branch reports: “In recent years, and prompted by the Turin Winter Olympics in 2006, huge improvements like new ski lifts and snow canons have added to the appeal of the 250 miles of slopes on the doorstep, the so-called Via Lattea or Milky Way network of pistes.”
Off-plan prices at Montgenevre start at €230,000 for a two-bedroom apartment. The price excludes VAT at 19.6% as it is waived under the sale-and-leaseback scheme.
Editor’s comment
The French sale-and-leaseback scheme was introduced by the French government back in the 1980s. It is very much a low-risk, long-term form of investment. It gives investors the opportunity to purchase property (often off-plan) and then lease it back to a management company for a typical term of nine to 11 years, in return for a guaranteed year-round rental income – often a rental yield of 3 to 5% of the purchase price - throughout the duration of the leaseback agreement.
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