Last chance to buy metres from Three Valleys slopes

The pledge by the leading developer in the French Alps to replace ugly ’sixties- and ’seventies-built ski holiday accommodation blocks in Les Menuires – which it regards as ‘blots on the stunning mountain landscape’ – is paying off as it reports that all but five of the 94 apartments in its latest residence de tourisme in the resort have been sold.

Richard Deans, London-based sales consultant with Annecy-based MGM, says: “Our third traditionally-styled development in Les Menuires – Les Clarines, the four-star residence which last year won the Homes Overseas Best Ski Development Silver Award – has become a significant new architectural landmark in the resort we are transforming with the removal from the skyline of outdated ‘rabbit hutch’ apartment blocks.”

Developed in the wake of the successes of MGM’s earlier residential schemes in the town – Le Hameau des Airelles and Les Alpages de Reberty – Les Clarines replaces an old 300-bedroom hotel which stood on the site. The new residence opened for business at the end of last year and the final phase of the development is on schedule for completion next year.

CGH, the MGM Group’s specialist management company which runs it, reports that occupation of more than 90 per cent was achieved for its first ski season.

“That is good news for investors who were attracted by MGM’s leaseback schemes,” says Richard.

The schemes mean that the prices payable for the remaining properties start as low as €230,000 for a two-bedroom fully-furnished apartment with underground parking, cellar storage and a ski locker because the price is reduced by 30 per cent in respect of the waiver of VAT and a further discount in lieu of rental income. Alternatively buyers can opt to receive a guaranteed annual rental income but still gain a reduction of the price they pay though the waiver of VAT at 19.6 per cent.

With so few apartments now left to sell, MGM says this is a last chance to buy a property just 100 metres from the slopes of the Three Valleys and alongside a lift to the top of the runs.

For more information, visit mgm-constructeur.com.