INVESTIGATION – Many French people bought apartments in these buildings with services dedicated to the elderly. They were promised generous returns and security. Promises undermined by the real estate crisis.
Large red signs invite motorists to stop for “visit our residence”. But on this departmental road, a sort of expressway linking Biarritz to Bayonne where new, soulless buildings parade past, nothing really encourages you to take a break, except for the gas station opposite, the only shop in the area. At Girandières d’Anglet (68), a senior residence opened a year ago, they are still looking for the miracle recipe to fill the still vacant apartments that make up the building.
Enough to worry private owners, who thought they were getting a good deal by investing their savings in this residence dedicated to the elderly and offering often paid services (catering, hairdressing, caretaking, etc.). This investment was supposed to provide them with regular income, around 4.5% per year. “Our banker had promised us a smooth investment managed by a solid operator, Reside Etude Seniors,” remembers Marie-France, who invested…
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