Canton Valais moratorium on property sales

As nearly 1000 Permit C applications are currently outstanding in the Canton Valais, the local government has announced a 12 month moratorium on sales of second homes to foreign buyers in seven communes from January 2007 in order to eliminate the backlog.
This action, announced on December 19th, appears to be limited to the Bagnes (Verbier), Grimentz, Heremence, Nendaz, Riddes, Val d’Illiez and Veysonnaz communes in Valais. Leukerbad, located on the sunny side of the Rhone valley, to the east of Lake Geneva in the Canton Valais region just two hours from Geneva airport, will not be affected by the moratorium.

Philip Barker, Managing Director of Overseas Homesearch, who has been selling properties in Leukerbad for the past four years states: “Interest in Swiss property investment has been growing as a result of greater awareness of value in Switzerland. Investing in a country with one of the highest standards of living in the world with the excellent health, financial, social, and transport infrastructures guarantees minimal risk of investment. The new restrictions on foreign ownership in Switzerland mean that location is crucial but fine properties are still available at prices that are much more reasonable than one might imagine. Switzerland may be exclusive, but it is not necessarily just for the rich and famous.”

Properties for sale through Overseas Homesearch in Leukerbad range from £133,047 for a one bedroom apartment in Les Naturelles, which is available for immediate occupation, to a £386,266 three bedroom chalet at Residenz Ambassador which has a fitness room, sun beds, and wellness centre with a Jacuzzi, steam room and sauna. Both developments come with a five year guaranteed rental income.

For more information, visit overseashomesearch.co.uk.