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French property ahead of schedule - 6 March 2009

While it is tempting to succumb to the depression that is sure to permeate all through the world of property, the economy or money at the moment, there are some examples of places, projects and properties which are bucking the trend of doom and gloom.

One developer in France, MGM, has been so successful in the off-plan sales of a new project in the Alps that they will begin building on the project ahead of schedule. The La Villa d’Artagnan development in Annecy will see construction work get under way this month. This latest development in the historic lakeside town is situated just one minute away from the shore, and five minutes from the town centre. The Parmelan area of Annecy sees large art nouveau family homes nestled along the fashionable streets, into which the 18 new contemporary-style properties will fit perfectly.

This is good news, not only for the companies involved in building the properties, but also for anyone buying in the area, as it shows demand for properties in this part of the Haute-Savoie is as strong as it has ever been – a situation that is unlikely to be repeated in many other locations around the world.

The new homes range in size from one-bedroom apartments at €388,000 to four-bedroom duplexes costing €1.2million.

MGM is one of the companies in the overseas property world that seems well-placed to survive the global slowdown in property sales, as their prudent building and development policies of the past begin to pay dividends. Despite the popularity of buying property in France in the past 20 years MGM, a French-owned developer, has had a policy of building a limited number of properties each year. In this way, they have maintained the quality of the properties, ensured demand among customers has stayed high, and built only as many properties as it knows it can sell.

MGM currently has eight residential schemes planned or under way around Annecy and the surrounding villages. Nathalie Turchet, London-based UK sales manager of MGM says that although Annecy is still relatively unknown to many Britons, the picturesque ‘olde worlde’ university town in the foothills of the French Alps, with its ‘Little Venice’ canal network, restaurants, cafes and weekly markets, is only half-an-hour by road from top ski resorts like Le Grand Bornand and La Clusaz. In summer its lake draws enthusiasts for sailing, watersports and fishing as well as paragliding and hiking.

It could also be said that the versatility of buying in the Alps is connected to the fact they are selling so well. With access to some of the best skiing in Europe on the doorstep of the town, along with a great range of summer activities around the lake and the clean environment of the mountains, property in Annecy has true year-round potential.

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