British buyers snub recession gloom in French Alps
New residence in Tignes Le Lac is the ideal base for active summer holidays as well as winter sports, says MGM’s Richard Deans
Bucking the trend among recession-hit second-home buyers cautious about signing-up to purchases, British investors account for more than a quarter of the buyers of off-plan apartments in a brand new residence de tourisme – Le Telemark – at Tignes Le Lac in the French Alps.
An artist’s impression of Le Telemark at Tignes Le Lac where leaseback apartments have been bought by British buyers seeking a second home for both summer holidays and winter sports.
In the past six months all but nine of the of 57 ski-in/ski-out leaseback apartments being built by MGM, the French mountain and lakeside property specialist, have been sold. Now construction work continues apace to ensure that the scheme is ready for occupation in December this year.
Says Richard Deans, London-based sales consultant with MGM: “The appeal of these properties to British buyers is that they meet three requirements – a great base for summer holidays, a high quality second home to enjoy winter sports in one of Europe’s top ski resorts, and a guaranteed source of rental income.
“The proximity of Tignes to the Vanoise National Park makes this residence an ideal base for walking and hiking holidays during the summer months. Other popular summer activities in the French Alps include climbing, fishing and horse-riding, as well as paragliding, hot air ballooning and white water rafting.”
Within a 15 minute walk of Le Telemark is an 18-hole golf course around the Chevril Lake which has a sailing centre nearby.
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A view of Tignes Le Lac, described by MGM as an ideal base for walking and hiking holidays during the summer months - Photo by MONICA DALMASSO
Located close to the residence in the winter months 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.
Among British buyers at Le Telemark are consultant urological surgeon Duncan Harriss (45) and his wife Catherine (42), an interior designer, from Southwell in Nottinghamshire. They say that MGM’s approach to design and construction meets all their stringent criteria. Having inspected the company’s earlier residence de tourisme Les Granges du Soleil in La Plagne, they say the decision to opt for an apartment at Le Telemark off-plan was an easy one.
Catherine and Duncan Harriss who say that MGM’s approach to design and construction meets all their stringent criteria.
The couple, who paid at €257,600 for their two-bedroom apartment, bought it with the aid of a French mortgage arranged by a UK broker. Under an MGM leaseback option the price they paid excluded VAT at 19.6 per cent and included 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 Le Lac by car. The airports at Lyon and Grenoble are two-and-a-half hours by road.
The prices of properties still available at Le Telemark start at €192,300 for a one-bedroom apartment. The price excludes VAT waived under the leaseback scheme.