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New property related laws, developments and services.
SCOTTISH INVASION
The tartan army is on the move again, and this time they’re heading over to the French Alps to make their presence felt. Edinburgh-based property agent Rettie & Co. began marketing ski properties to Scottish clients at the start of the winter, and are reporting considerable success. Some would point to this migration as a symptom of the demise of the Scottish ski industry, but Catherine Bernard of cbfrench-property-consultancy.com doesn’t think that the two are related: “You really can’t compare Scotland and the Alps – they’re very different. People are still going to the Highlands to ski on weekends, but buying in the Alps represents an investment as well as a leisure activity. Direct flights from Edinburgh to Geneva have made short breaks more feasible, so people are seeing a new market opening up to them.” Two-bedroom apartments have proven the most popular properties, offering an affordable investment that is easily rented out when the owners head back home.
When off-plan comes together
Buying off-plan can be an excellent way to invest in property on the continent, often bringing high returns from minimal initial investment. The laws that govern this practice vary considerably throughout Europe though, so it’s essential that you look beyond the local bars and beaches, and question what you’re looking for from your investment. According to Penny Zoldan from French property experts Latitudes, France offers a particularly safe environment for long-term property investors. “The French have a multitude of laws that cover every stage of the buying process. Any developer must have a bank backed guarantee before they can begin work, which states that even if the developer goes bust the bank will ensure the property is built, so nobody loses out. You will have the opportunity to approve the property at every stage before you pay, and the French government demands that new builds come with a ten-year guarantee.”
HOW MUCH?
It sounds obvious, but you’d never agree to buy a home in your own country without knowing how much it was going to cost you. This is precisely the situation that people buying abroad can find themselves in though, as Alex Wright of Halewood International Foreign Exchange explains: “When you buy abroad you may have to agree the price in a foreign currency. A British investor buying in France, for example, would have to agree the price in euros, but until they buy those euros they don’t know how much they will cost. A French property priced at ¤100,000 would have cost £63,694 in December 2002, but increased to £68,966 by March 2003 – an extra £5,272 or 8% in just 3 months!” If you have all of the funds at the outset you can of course just buy all of the foreign currency at a favourable rate, but it is more likely that you’ll need to keep paying in instalments as money becomes available to you. You can still set the price of the currency you buy though, by taking a forward contract, which essentially allows you to buy currency now and pay later. Under this agreement you will pay a 10% deposit upfront, and the remaining balance upon delivery of the currency, unaffected by fluctuating exchange rates in the intervening period. If this still sounds as clear as mud take a look at www.hifx.co.uk and see how you can set your currencies in order.
In your dreams
Standing just outside the artists’ haven of Altea and overlooking the sea and mountains,a new villa is setting the standard for luxury accommodation on the Costa Blanca. The usual pool, terrace and well-appointed rooms are all present and correct,but so too are a gym, sauna, fully equipped bar, library, and a separate apartment for guests that prefer a little extra privacy. Workaholics can get their kicks in the mezzanine office before taking a turn around the landscaped gardens, or head back up to the master bedroom to soak the day away in the hot tub. Such privileges come at a predictably steep price –¤1,850,000 to be exact –but if you’re in the market for a major investment take a look at www.oceanestates.com and quote CB 7794.
MEALS ON SKIS
Arriving at your second home after a long journey you are often greeted by cupboards with no food, a fridge with no beer, and a bathroom with no toilet paper – not an ideal way to start a relaxing break. Add the fact that many holiday homes are located in resorts with limited, overpriced shops, and feeding you and yours becomes a real problem. Step forward Jamie Brown of chaletfood.com, a new company that aims to deliver food, drink and other groceries to your door within one hour of your arrival. Serving the Meribel and Courchevel valleys and surrounding area, the company was established at the start of this ski season, but has been such a success that Brown is already planning to expand. “Customers place their order up to 72 hours before their arrival and we do the rest. We shop at a variety of outlets in the region, and manage to knock around 12% off the typical bill of someone shopping in the resort. We’re slightly more expensive than the supermarkets but cheaper than the local shops, so our customers see a real financial benefit.”
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