The construction of new villas and apartments on the Cote d’Azur gives investors the opportunity to secure a great investment. There is a huge demand for new real estate in the area, and only a few plots of land are currently available. It is therefore important that buyers act fast. If you see a high building crane, it means that the construction of the project has already started.
Around 70% of the project has been sold. The French Riviera is known for its beautiful new construction villas and apartments, and they are some of the most environmentally friendly buildings in Europe. Due to the high energy class for developers, all new build villas and apartments are very low in energy usage. You can also save money by using solar panels and smart heat pumps.
Most of the development on the Cote d’Azur are apartments, but there are also villas that are newly constructed. Before you buy a villa, it’s important that you talk to the builder and architect about how you want the walls to be placed. In the design stage, you can add certain features to the villa, such as a larger bedroom or a walk-in wardrobe. New build villas and apartments for sale in the South of France can be found in various price ranges.
Construction of new villas and apartments on the Cote d’Azur
Depending on the type of property that you’re looking for, the service fee for a primary domain can range from 2 to 5 euros per square meter living space. For instance, if you have a large living space that’s equipped with a swimming pool and tennis court, you can expect to pay around 5 euros per square meter.
For around two million Euros, a seven-bedroom penthouse apartment with a 150 square meter terrace can be purchased. New construction apartments are modern and energy-efficient. The materials used in these buildings include woodlike stone tiles and large 60 x 60 centimeter tiles in bathrooms. Sometimes, developers build new apartments in old townhouses or villas, following the original design and spirit of the building. All of these new construction homes are finished to perfection. This is because the architect must approve every aspect of the project.
In the Cote d’Azur, everything will look and feel like it was designed by an artist. Its parks, roads, paths, and borders are new, and the plants are delightful to look at and smell. You’ll feel at home right away. You know that you live in the South of France, as the countryside is filled with blooming lavender.
Some people wait until they see the property before making a visit. Unfortunately, we must warn you, as the demand for top-floor apartments is much greater than for other types of homes. These are typically the most sought after and therefore are more expensive than the other types of apartments. If you’re a smart investor, then you can easily resell a new apartment right after you have the keys. There are no legal restrictions when it comes to speculative investing, and the profits can be as high as 30%. If you’re not ready to commit to buying a new apartment yet, contact us about the various opportunities that are available in this area.
VAT on new construction
There is a possibility to claim back the 20% VAT on a new build apartment. But you need to be ready to open a seasonal rental company (para hotelier service) and become part of the French fiscal system. You rent out your property and can deduct the VAT on every purchase in relation to the property. More info here about opening up a para hotelier service and claim back 20% VAT.
The reservation process
After visiting the project, we organise the reservation to buy. The first contract is a reservation that gives you the right to buy. It’s a blueprint for the final sales contract. The law in France ensures that the buyer is well protected from any potential issues. The price of the apartment or villa you agree to is set in this preliminary contract. The contract can be signed either by a proxy or in the developer’s office. All of our clients are foreign, so prior to viewing the property, they will first have to confirm their intention to buy by e-mail with a KYC form.
With a KYC form, the developer knows the basic information like your name, address, and proof of your identity. If you are a married the notary must have both names, identity copies and what regime of marriage you have chose. In addition, a 5% deposit is required as a goodwill token. The reservation contract will be sent to you by mail, and it will contain important details such as the buyer’s name, the price, and the property’s description.
After signing, you have ten days to cancel the purchase. You can do so by sending a registered letter and a stamped envelope to the developer. The money will be returned by the notary. If you need a mortgage, you will have 60-80- days extra to arrange this. Once that contract is ready, the notary can create the final sales deed.
After the notary has the final contract, it becomes official. On that day, you have to pay 25% of the total price (or more if the building has advanced closer to the deadline). Your sales deed includes a payment schedule and a guarantee fund to protect you from any issues that may arise. You can now countdown towards the day of delivery in the most beautiful area on Earth.
