French property news: Strong demand for MGM project

21 September 2009

Construction work is set to get underway on brand new French homes in the heart of Chamonix where, undaunted by the current economic climate, off-plan buyers have already purchased half of the apartments planned, according the French property developer behind the scheme, MGM.

“This is a very rare opportunity to buy a new home in Chamonix, a popular centre for holidays all year round, so the level of interest from both British and French buyers has been considerable,” reports MG sales consultant Richard Deans.

Designed in the classical Belle Époque style, the five-storey building – Les Jardins d’Astoria – will occupy the site of a disused garden, in Place Balmat in the centre of the town. It comprises ten two- and three-bedroom, two-bathroom apartments with floor areas ranging from 69sqm to 90sqm.

Chamonix, long-established as a tourist town with beautiful old buildings lining cobbled streets and squares, has a reputation as the home of mountain sports like off-piste skiing, paragliding, climbing, mountain biking and rafting. An 18-hole golf course at nearby Le Praz, five minutes away by car, offers players stunning mountain views.

“Easy access, with Geneva Airport only an hour away from Chamonix, means good letting potential and that is an important consideration for investors,” says Deans. He predicts that the apartments could command a peak week rental income of around £2,225 at the height of the ski season.

The apartments at Les Jardin’s d’Astoria come with fully-fitted kitchens and bathrooms, fitted wardrobes in bedrooms, and pine finishes with tiled and parquet floors. MGM’s specification exceeds the regulation standards for acoustic and thermal insulation.

Secure basement storage space is available with each apartment and car parking is available at MGM’s nearby development Le Hameau de la Blaitiere, a five-minute walk away.

Prices of the properties available for outright purchase at Les Jardins d’Astoria start at £500,000 for a two-bedroom apartment.

See Also:   France, Marc Da-Silva, MGM