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British buyers in the Alps buck the trend on credit crunch caution - Zameen News

British buyers in the Alps buck the trend on credit crunch caution

November 25, 2008 • news

Bucking the trend among second-home buyers cautious about signing-up to off-plan purchases in the wake of the credit crunch, a leading developer in the French Alps reports that a quarter of the buyers of properties sold off-plan in its latest new scheme are British.

As construction work gets underway at Le Telemark, a brand new residence de tourisme of 57 ski-in/ski-out leaseback apartments at Tignes Le Lac, the French mountain and lakeside property specialist the MGM Group reports that 39 of the properties already have been sold with ten of them being snapped up by UK buyers.

Says Nathalie Turchet, MGM’s London-based UK sales manager. “Clearly the appeal of these properties to British buyers is that they meet three requirements – a high quality second home to enjoy winter sports in one of Europe’s top ski resorts, a great base for summer holidays and a guaranteed source of rental income.”

Located close to the residence are ski lifts giving direct access to the 300 km of slopes within the Espace Killy skiing area. One of the best-known and, at an altitude of 2,100 metres one of the highest resorts in the French Alps – making it also one of the most snow-sure – Tignes is used by the national ski team of France to train for international competitions.

Within a 15 minute walk of Le Telemark is an 18-hole golf course around the Chevril Lake which has a sailing centre nearby.

Among early buyers of apartments at Le Telemark are Duncan and Catherine Harriss of Southwell in Nottinghamshire who have reserved off-plan a two-bedroom property.

The price they paid – €257,600 – excludes VAT at 19.6 per cent and includes a further reduction in lieu of rental income during the 11-year term of their lease agreement.

Chambery Airport is less than two hours away from Tignes by car. The airports at Lyon and Grenoble are two-and-a-half hours by road.

Properties at Le Telemark are available for leaseback purchase only. Prices range from €232,000 for a one-bedroom apartment to €795,000 for a four-bedroom
duplex home. They exclude VAT waived under the leaseback scheme.

[Easier News]