Annecy, a town with lots of appeal

Often called the “Venice of the Alps” because of the three waterways that flow through its historic neighbourhood, the prefecture of Savoy stands on the shores of the lake, 41 km from Geneva, 50 km from Chambéry. It is home to close on 50,400 people intra-muros, 215,700 in its urban area.

At the turn of this century, almost 28,000 units comprised the town’s accommodation, 87 % consisting of year-round homes and comprised 95 % of apartments. Throughout the first decade, prices rose significantly. Urban projects, either signed or in the pipeline, are certainly not wanting : a multi-modal station in the centre, development of the Trésum site following demolition of the hospital scheduled for 2014, the introduction of a train-tram in 2015, construction of a congress centre in Albigny the following year and a tunnel under Le Semnoz in 2017.

”Annecy owes its appeal to its natural setting, healthy business activity and its proximity to Switzerland,” says Pierre Majoulet of Orpi MC Immo La Suisse. “Since January 2013, enquiries have admittedly been fewer in number, but of better quality.” Properties in the 150,000 to 350,000 € bracket are in demand, these amounts bringing respectively a standard 1-bedroom apartment, and a 2-bedroom apartment of 65-70 m2 at the lower end of Annecy-le-Vieux or a house of 90 m2 to renovate with a garden of 1,000 m2 in Metz-Tessy. Depending on the neighbourhood, prices can triple, a fact naturally explained by a property’s appointments, amenities, orientation and view. The majority of clients are looking for year-round homes, though a few clients from Paris or Lyon treat themselves to a pied-à-terre in this town lying between the lake and the mountains. Properties over and above 800,000 € are in less demand. On the other hand, there is on-going enthusiasm for building land in communes around the shores of the lake, Veyrier, Menthon-Saint-Bernard and, to a lesser extent, Sevrier and Saint-Jorioz. The price per sq. metre is always above 500 € and can soar as soon as the plot offers a view of the lake.

”Compared to other regions, the area around Annecy is showing stronger resistance, explained by its many attributes ; an idyllic geographic location by the side of the lake and below the Alps, and a relatively dynamic pool of employment not far from Switzerland’s business hub, a 35-minute drive away,” says Eric Flament of Expert Immo. 74.2 % of transactions concern people working across the border. Over the past few months, houses have possibly seen more of a slowdown in activity than apartments, though interest seems to be picking up again this spring. Among his most recent sales, our estate-agent mentions an apartment of 75 m2 in very good condition near the train station, priced at 313,000 €, a through apartment of 95 m2 on a high floor, in need of a lick of paint, with a lift and sweeping view, at 500,000 €, and a third example of 145 m2 in a bourgeois building at the heart of town, at 785,000 €. Finally, a member of the local working population has just acquired a property of 250 m2, benefiting from a swimming pool and panoramic view of the lake, for 1,290,000 €.