BUYING IN SWITZERLAND:There are laws to stop foreigners buying Swiss property - but now upscale ski apartments are for sale. ISABEL MORTONreports and below, explains the laws
A SKI-IN SKI-OUT apartment development about two hours drive from Geneva in the canton of Valais in Switzerland is being offered to Irish buyers with prices starting from €500,000.
Built by award-winning French developer and property management company Garrigae Resorts, Les Mayens D’Heremence is a five-star hotel-operated scheme of apartments.
It is Garrigae’s first foray outside France, where it has seven developments: it has won the Bentley International Property Award for best French development on three occasions as well as a CNBC International Property Award in 2008.
Les Mayens D’Heremence, which is due to be completed in the winter of 2010/2011, is in the Thyon region in the Canton of Valais near the town of Sion.
It is ideally situated for winter sports enthusiasts, with its ski-in ski-out facilities. The two and three-bedroom apartments and duplexes in the development will have large south-east facing balconies overlooking the Dent Blanche and the Matterhorn. Mayens is in the Four Valleys, an area famous for its ski resorts such as Verbier and Crans Montana. The hotel is within easy walking distance of the chairlift in Les Masses at 1,500m and a gondola is planned for 2011.
The first phase will consist of 64 hotel-operated five-star apartments, which are being developed in keeping with the authentic Swiss alpine village style of Les Masses. Phase two, an additional 70 luxury apartments, is planned. The hotel will include a spa, swimming pool, steam room, sauna, massage and treatment rooms as well as a restaurant, wine bar, grocery store, ski shop and ticket centre.
Prices range from just under €500,000 for an apartment of 73.36sq m (790sq ft) with a 23.87sq m (257sq ft) terrace to approximately €1.6 million for an apartment of 155sq m (1,668sq ft) with a terrace of 25.57sq m (275sq ft). A deposit of 7 per cent is required. Prices include fittings and furniture, a cellar area, a ski locker and an underground parking space.
There are four different purchasing options:
Garrigae Pure offers a financial return of 3.5 per cent for pure investors who want to ensure the maximum possible cash rental return. A reduction will be offered to owners who choose to spend their holidays at a Garrigae resort; Garrigae Pleasure, which offers a mix of rental return with the opportunity to enjoy the property by breaking down the 3.5 per cent return into 2.5 per cent cash and 1.5 per cent in personal use credit;
Garrigae Leisure, which offers more emphasis on leisure use of the property (2.5 per cent personal use credit) and less financial return (1.8 per cent); and
Garrigae Home from Home, which allows those who want to spend significant amounts of time in their property, yet still benefit from the returns.
Garrigae will be responsible for all bills relating to the properties and their maintenance and decoration for the duration of the lease. Should the owner decide to sell on the property at any time during the lease period, the new owner will be obliged to see through the remaining time on the lease.
Garrigae Resorts: 01 5241201 jbranch@garrigae.com
www.garrigaeresorts.com
