New developments like this one in Hérault (see opposite) oſten have great facilities


Building for your future


Can’t find quite the right property? It might be time to consider an off-plan purchase – new developments can be ideal for private buyers and investors. Julie Savill explains what you need to know


I


n France, off-plan developments have long been a staple of the property market and are increasing in


popularity. Finished to a high standard and ready for you to move straight in and enjoy, they are an ideal investment for those wishing to run rentals or a low-maintenance option if you simply want your own French bolthole. This isn’t the way forward if you want to be in by Christmas – these sites usually have a two-year build schedule – but if you find the right property and are prepared to wait, you might just end up with something really special.


BUY WITH CONFIDENCE Buying off-plan is a very secure purchase option in France. Extensive legislation covers the build and the legal process of


“Buying off-plan is a very secure purchase option in


France – the system is probably the most robust in Europe”


the sale and the French system is probably the most robust in Europe. Financially, it also eases the load on cash flow as payments are scheduled by law according to building stages all the way to completion. The art of a successful off-plan purchase is choosing the right property for your needs, and for that, local expert advice is key.


NEW-BUILD OR RENOVATION There are two types of off-plan


34 FRENCH PROPERTY NEWS: November/December 2023


purchase in France. You’ll see properties listed as either VEFA (vente en l’état futur d’achèvement) or VIR (vente en l’immeuble à rénover), each of which can offer several advantages to buyers. VEFA relates to the sale of


property that is to be built from scratch. It offers buyers the opportunity to purchase a property before construction is completed (and often before it is even started). The buyer pays for the property in stages,


with payments linked to construction milestones. This allows buyers to spread the cost of their investment over a longer period, making it even more affordable. There are also favourable


rates for notaire’s fees on this type of purchase. Buyers enjoy a full construction dossier including planning and extensive diagnostic reports. VIR is a similar model, but it


applies to existing properties that are being renovated to create new accommodation within a character building. So, for example, an historic property in a desirable town or city might be transformed into luxurious apartments and penthouses offering a quality lifestyle. For those who are paying tax in France, there is the possibility of significant


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