Normandy is one of the most beautiful regions in France in which to invest in property. Its beaches and pleasant lifestyle have everything you could wish for. The presence of a major transport and infrastructure network makes it easy to get to the major cities, making it even more attractive. This dynamism is the reason why so many property development projects are being rolled out in Normandy. Each of them is made up of key phases, from design to delivery. What are the most important?
The developer's task is to identify suitable land for the development. To do this, it relies on a number of factors, such as :
The property developer in Normandy also ensures that all the conditions required for the project to go ahead are met. This highlights the need for discussions with the local authorities to ensure that the land can be built on. If the response is positive, a meeting is arranged with the owners to begin talks on the purchase.
Once the land has been acquired, the next phase is to design the project. Studying the market is essential to get a clear idea of the needs of the future inhabitants of Normandy. The factors considered at this stage are demographic growth, the region's infrastructure and forecasts. Once all the studies have been completed, the property developer contacts an architect.
His job is to analyse the feasibility of the project, in order to determine its constraints in accordance with town planning standards. He will then draw up the various plans to indicate the floor area. The proportion of residential or commercial space to be included in the project will be useful to the municipal authorities. It is on the basis of this information that the building permit will be issued.
Before starting any building work, the property developer must obtain the express consent of the local council. The application for planning permission is submitted together with the various administrative documents required. As you will see here, some applications are refused for various reasons. The developer must ensure that his project complies fully with the Local Planning Scheme (PLU).
After three months, you will receive a response from the municipal services in Normandy. If your request is accepted, you can consult the document on the local authority's information notice board. What happens if my application is refused? You will have to restart the procedure by submitting a new application. Planning permission is valid for 3 years. You can renew it twice for a further year. The maximum duration cannot exceed 5 years.
The most common way of selling a property development project in Normandy is the VEFA. This is known as a Vente en l'Etat Futur d'Achèvement (sale on completion). This is a deed in which the developer undertakes to supply the chosen property to the purchaser on completion of the works. This promise can only be honoured with the support of a financing organisation. The developer of the property project thus obtains his GFA (Garantie Financière d'Achèvement).
The bank will ensure that the financial resources are provided if the developer is unable to continue with the work. This provision protects the investment made by the purchaser in the property project.
A property development project in Normandy requires considerable financial resources. The main purpose of these funds is to honour the agreements made between the developer and the various parties involved. In this way, the risks that could hinder the smooth running of the project are reduced. Financing an investment of this scale can be done :
Now it's time to put the Normandy property development into practice. The developer takes on the role of project owner, working with a team of experienced professionals. These include the architect, the design office and specialist building and civil engineering companies. Each member of the team provides valuable resources to ensure that the programme is carried out according to the rules.
The flats have been completed at this stage, and can now be marketed. Buyers can now take possession of their property. Where defects are identified, they have the right to report them to the developer. The developer has a legal period of two months in which to make the necessary corrections. This will enable it to remove the reservations mentioned on the handover report, which is signed by both parties.
