| LUXURY FRENCH PROPERTY – RESTAURANTS |
One way to make a return on investment on a luxury French property is to open a restaurant. However, it is always wise to keep an eye on the market and current trends before committing to an establishment.
We know from the news this year that restaurateurs in Britain have been struggling in 2009 and France is no different.
The French Government cut the rate of VAT on restaurant food from 19.6 percent to 5.5 percent in July 2009 in an effort to increase the number of people dining out. However, according to figures by consumer research group NPD, people visiting restaurants actually fell by 1.2 percent on 2009.
This isn’t a reason to abandon the dream of opening a restaurant but a little thought is required as to what food to serve and what style of eatery is currently most popular.
Part of the VAT reduction involves establishments passing the reduction onto customers in seven key menu items, which you will need to ensure you adhere to.
One option could be to purchase a luxury French property and convert a section into a restaurant, however you will need to apply for change of use.
The NPD research also confirmed that almost three quarters of the recorded restaurant visits were to fast-food outlets showing the French are comfortable visiting these establishments for a complete meal.
This is no reason not to peruse a luxury French property conversion, just ensure you monitor the trends closely and provide the kind of food and atmosphere in current demand.
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