With most owners only using their properties for just a few weeks each year and the demand for accommodation ever increasing, the French government introduced a scheme to entice owners of new properties into renting them out when not in use. The scheme known as Residence de Tourisme in France, which we term as Leaseback has been running for over 25 years and has proven to be very popular among purchasers of holiday homes. The MGM group has already completed many Leaseback Residences in the Alps. Most of MGM's latest developments have 4 star status (the highest possible classification) and offer some of the finest accommodation in their respective resorts.
The MGM residences are built to the highest standards and most of them are managed by the MGM Group's dedicated specialist company, La Compagnie de Gestion Hoteliere (CGH) , which handles maintenance, letting and management for owners, providing a seamless after-sales service at a consistent high standard.
CGH was indeed established by the MGM Group in 2005 so that it could provide a holistic service embracing the planning, design, construction, sale, maintenance, letting and management of the properties it builds.
If you think that you would only be using your property for 4-8 weeks each year, Leaseback may be an option worth considering.
The purchaser buys the freehold of a new property (within designated projects only, the "Residence de tourisme") and then leases it back to the management company for an 11-year term. In order for someone to enter into such an agreement there has to be an incentive. This is offered in three distinct forms depending on the chosen leaseback purchase option.
