What the post does not mention is that if you sell within the lease, even though you no longer pay back the VAT, you will make little or no growth. Too make growth you must sell as a normal property and therefore refuse renewal after one of the leases. This will be subject to French commercial law and the particular type of leaseback you have bought, some of which it will not be possible on (e.g. retirement homes) and some of which it will not make sense as there will be no buyers in the normal market (e.g. student residences). Growth also depends on whether you pay a fair starting price. You pay a premium for most and a few are hugely overpriced. Very few are priced similarly to normal properties in the local market.

Seamus McConville