France continues 2008 where it left of f in previous years, as Ireland’s favourite overseas property investment location.

You can expect to see a raft of new developments aimed at the Irish market as it is one of the few areas which has maintained a strong Irish investor base.

Paris has become a firm favourite with Irish property investors as well as tourists. Access is extremely good from all main Irish airports, even to Beauvais with Ryanair if you fancy a bus drive to the city. It is also a pretty short flight so it is a favoured ‘long weekend’ destination.

For those looking more toward an investment in the Paris region, Springvale Overseas is offering an opportunity to purchase in Nova Park, a business residence with 113 apartments and 33 covered car park spaces. The property will feature lifts to all floors and the garage, a luggage room, reception area and disabled access facilities.

Te r e n c e O’Mahony of Springvale said the residence is ideal for short to medium-term occupancy. The central Paris region of Ile de France is the country’s foremost centre of economic activity. La Defense, the largest purpose-built business district in Europe, hosts the head offices of almost half of the major French companies, as well as the headquarters of ten of the world’s largest companies. It is generally regarded as one of the world’s four major cities.

The apartments come fully furnished with televisions and electric heating. Kitchens are fully fitted with dishwasher, fridge, vitro-ceramic hob, microwave, china and crockery.

Bathrooms come fully fitted and furnished with shower/ bath and fan radiators, cupboards and shelves. The residences will contain a sofa, secured entrance doors and double glazing.

The rental on these units is paid quarterly in advance and the purchase is without Vat, which is being prepaid by the developer. The leaseback income is index-linked and, as they are business residences there is no self-occupancy.

O’Mahony said this is a tax efficient investment vehicle with amortisation over 30 years for income tax purposes and mortgage payments deductible against rental income. Rent is reviewed every year and there are no penalty charges for cancelling the lease after the first lease term.

The yield is from 4.34 to 4.83 per cent, index linked with a renewable lease length of 11 years, 11 months. Prices are from €150,927 to €193,232 including furniture.

Springvale will be showcasing this leaseback at a private exhibition in the Westin Hotel, College Green, Dublin 2,today from 12 to 6pm.

For those looking at property on France’s Mediterranean coast, the Languedoc Roussillon region of the south of France is growing a strong Irish fan base. The area is renowned for its Mediterranean resorts, high mountains, close proximity to skiing in the Pyrenees and especially its vineyards.

A few years ago you could hardly reach the area. Over the past two years, however, the Languedoc’s airports have been in collaboration with a number of low cost airlines, including Ryanair, to service its five airports in Carcassonne, Toulouse, Perpignan, Nimes and Montpellier.

By 2009 the TGV (Train a' Grande Vitesse - France’s high speed rail service) will operate the Barcelona to Perpignan route, carved through the rock of the Pyrenees, shortening the journey of 2 hours 45 minutes to a mere 50 minutes. It is anticipated that property demand from Barcelona will increase dramatically as property prices are much higher than in this part of the south of France.

Prices in the Languedoc have risen sharply in recent years, but they come in a great deal lower than the traditional hotspots of the neighbouring Riviera. ‘‘The cost per square metre along the Riviera is nearly €5,000, but Languedoc has yet to rise to €3,000,” said Ciaran Mannion of Overseas Properties.

The Carcassonne region offers increasing opportunities for Irish investors, according to Mannion, due to the increased flight access and three vineyards in the region which are in the late stages of development plans for international golf courses.

‘‘Golf is in its infancy in the Languedoc,” said Mannion. ‘‘The new courses should bring enhanced tourist opportunities.” Some 16 kilometres northeast, or 20 minutes by car from Carcassonne, the firm has launched a development in the rustic village of Villeneuve Minervois. The village is known for its truffles and wine from the two local vineyards - Chateau Des Chanoines and Cellier Lauran Caberet. Local farmers provide produce like farmhouse cheese and foie gras.

Carcassonne Golf is a hamlet of 27 traditional villas. Each villa includes three bedrooms, three bathrooms and a private pool. One of the luxury golf and spa resorts planned for the area is 20 minutes from the development.

Mannion estimates these properties can achieve a weekly rental income of over €400 in low season and €735 during peak. Prices in this development range from €255,000 to €285,000.

Contacts

Overseas Properties: 1800 252 004; www.overseasproperties.com. Springvale Overseas: 014758802; www.springvaleoverseas.com.

Diarmaid Condon is an independent overseas property consultant with significant agency experience. He can be contacted via www.diarmaidcondon.com