French property leasebacks - opinions/advice please

[GarrettMacD]

I have been looking at buying a French property leaseback in a new (family-orientated) site in the south of France. (Languedoc-Roussillion).
It would include a few weeks personal use per year, and I am particularly interested in the fact that the management company furnish the apartment and generally manage the upkeep. The return is about 4.5% p/a, but that's not what I'm after, I am well aware that I can get much bigger returns elsewhere. The VAT is reduced by 19.6% (because it's a new build), and we would sign a contract for 11 years with the management company, during which time they can have about 40 weeks of the year to rent it. If they fill the 40 weeks then they make considerable profit, in fact they probably make considerable profit even with only 12 weeks of the year!

Does anyone have eperience with these investments? I am particularly concerned about what would happen in (say) 20 years, when all of the apartments are out of contract, and, theoretically, on the open market, and what effect this would have on the value of the apartment and also the ease of selling it.

Thanks,

Garrett