Luxury Development Set to Surge in France

Tax reform in France is triggering aggressive interest in luxury real estate development aimed at attracting wealthy expatriates and foreign investors. President Nicolas Sarkozy is making headlines with …

Tax reform in France is triggering aggressive interest in luxury real estate development aimed at attracting wealthy expatriates and foreign investors. President Nicolas Sarkozy is making headlines with news that the tax overhaul will increase the limit of the wealth tax from €800,000 to €1.3 million, thereby making France a new option as a tax haven for the rich. MGM French Properties is acting ahead of the change by building new luxury apartments Annecy, an historic Old World villa at the foothills of the French Alps. One project known as La Reserve is nearing completion and two others are planned. For more on this continue reading the following article from Property Wire.

The news that French president Nicolas Sarkozy is to overhaul his country’s wealth tax system next year has prompted a leading French property developer to target wealthy Britons in a bid to encourage them to make their homes in the historic lakeside town of Annecy in the Haute Savoie region of France.

Those who become resident in the country could find themselves better off with the threshold at which wealth tax becomes payable increasing from €800,000 to €1.3 million. It has been suggested that, for wealthy residents, France could become more attractive than some Swiss cantons.

‘France could become a new tax haven for expatriates. Until now, Annecy, in the foothills of the French Alps, has been relatively unknown to Britons. The historic and picturesque olde worlde university town with its Little Venice canal network, restaurants, cafes and weekly markets has a lot to offer Britons seeking a new life in one of the most beautiful parts of Europe,’ said Richard Deans, who heads the London sales office of Annecy based MGM French Properties.

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He also points out that it is just half an hour from Geneva by road and regularly hosts international conferences, festivals and sporting events. Lake Annecy is said to be the cleanest in Europe.

Currently the firm is busy completing its latest development of exclusive new luxury apartments at La Reserve in the residential area fronting the town’s prestigious Avenue d’Albigny known as the town’s Champs Élysées, and one if it’s most desirable addresses.

Comprising two three storey buildings together containing 17 one to three bedroom apartments, La Reserve follows the success of MGM’s earlier schemes in the town. Featuring contemporary external and internal designs, it is unusual as buyers can choose from a huge variety of kitchens, bathrooms, doors, tiles and other finishes to personalise their bespoke homes. All of them will have spacious balconies or terraces, many with views of the lake and mountains.

La Reserve is described by MGM as ‘a showcase for environmentally friendly development’ with features ranging from geothermic under floor heating to the use of water based products in place of conventional solvent based ones. In many cases MGM has opted for building materials which can be recycled in the longer term.

Elsewhere in Annecy, MGM is building Les Jardins d’Albigny, two three storey buildings together containing a total of 14 contemporary two to four bedroom apartments set in spacious landscaped gardens.

Also under construction, at Veyrier du Lac on the sunny south west facing east side of Lake Annecy, is Les Jardins d’Eos, named after the Greek goddess of the Dawn. The low rise development comprises four buildings, each containing seven contemporary apartments ranging in size from one to four bedrooms with two or three bathrooms and floor areas of 71 to 116 square meters.

All the apartments, which have panoramic views of the lake, come with under floor heating and an underground private garage. Owners will have use of a communal pool.

This article was republished with permission from Property Wire.

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