IL Postcard

Buy a Home in Provence and Save $42,000

Date: 11/14/2008 Author: Leigh Fergus

Friday, Nov. 14, 2008

Read more about France in International Living Postcards—your daily escape

Dear International Living Reader,

If the name Provence makes your heart soar but has your wallet diving for cover, I have some good news. I’ve found new property in the heart of this lavender-filled region that not only costs you less, but also brings you income in euros. And it’s just a few miles from the most prestigious vineyards of the south.

Although small semi-detached houses near the walled city of Avignon start at €124,000 ($157,000), you can pay just €91,000 ($115,000) for a brand-new property here...through the leaseback system. Through leaseback, you save almost 20% off the price as the VAT on new properties is taken off. And that’s not all—you also net a guaranteed rental income in euros of up to 4.55% for 11 years.

The place I’m talking about is in Aubignan village, with views over oak forests and vineyards and the Ventoux mountains. The complex is made up of seven groups of cottages and lush gardens, all linked by cobblestone trails, with a pool, gym, and spa. Prices here start at €91,000 ($115,000) for a one-bedroom property.

Under the classic French leaseback system, a company with a proven track record in managing property will run the resort and rent out your property for you (no hassle of looking for tenants or maintaining the grounds), with a guaranteed rental return of 4.55%. You can also opt for a lower return and use it yourself for up to eight weeks a year for 3.5%, or buy it under the quasi hotel scheme that gives you up to six months’ use and guaranteed rental, but at a reduced return.

Not only will you be within strolling distance of the vineyards of Beaumes de Venise, but you can also taste the same prestigious red wine—Châteauneuf-du-Pape—sipped by the popes of the past. And Avignon’s festivals and cultural attractions are just 15 miles away.

The name of this residence is Demeures du Ventoux, and you can find out more here.

Leigh Fergus
Europe Editor, International Living

Editor’s Note: In the newly updated France: The Owner’s Manual, find out more about buying through the leaseback program, and other areas where the living is easy and the property prices at rock bottom.

Read related IL Postcards:

- Your Home in a Wine Paradise for $36,000

- A River-view Apartment for $35,000 in a Lively 16th-century Town

- The Cheapest Homes in France’s Wine Country