Annemasse and its agglomeration

This town with almost 31,300 residents stands on the French-Swiss border in Upper Savoy, south-west of Lake Geneva. Only 2 km from the canton of Geneva, at the entrance to the valley of the Arve, it belongs to the “agglomeration community” of Annemasse-Les Voirons.

At the foot of Mount Salève and in immediate proximity to Switzerland’s main business hub, Annemasse-Les Voirons covers a surface area of 78 km2 encompassing 12 communes with a total population of 82,110. The largest localities (with over 5,000 people) are Annemasse, Gaillard, Vétraz-Monthoux, Ville-la-Grand, Ambilly and Cranves-Sales.

“Generally speaking, demand is steady and offerings somewhat limited,” says David Caillet of the Cabinet Caillet. “Clients are mostly looking for small surface areas that they can lease, priced between 80,000 and 120,000 €, while those in search of villas mainly focus on the 400,000 to 500,000 € bracket.” Recently, a couple of first-time buyers paid 420,000 € for a “pavillon” of 100 m2 in need of refurbishment with a garden of 4,000 m2 - which, however, did not benefit from building rights - on the outskirts of Annemasse, a 15-minute drive to Geneva. Just like them, 80 % of buyers make their livings from jobs in Switzerland. Building land draws a lot of interest. A plot of 1,000 m2 within a 15-km perimeter and close to the French-Swiss border found a taker for 270,000 €. The buyer profile is comparable to the previous one, with budgets of around 600,000 €. An investor then paid 158,000 € for a 2 bedroomed apartment of 70 m2 in the centre of Annemasse, in need of total renovation. Once completed at a cost of about 70,000 €, the new owner should be able to obtain rental income of 900-1,000 € per month, ie. a gross return of 4.5 %, accompanied by the assurance of a sound long-term asset. Especially as such purchasers benefit from the possibility of tax reductions. “By 2017, some 17,000 people are expected to settle here. A very encouraging prospect, underscored by the economic dynamism of Geneva.”

Catherine Delucinge’s decision to call her agency “Euro Suisse Immo” says much about the very nature of the market and the sector she covers, deeply affected by the phenomenon of “frontaliers” : “Most of the buyers work in Switzerland, and may even come originally from the canton of Geneva, which is both saturated and expensive”. Annemasse is rarely the town on the top of their lists. It is criticized for its lack of an historic centre, of harmonious urban planning, parks or gardens. On the other hand, its properties with more generous outdoor areas meet with great success. Other communes in the agglomeration, just as active economically, are laid out around very well-designed shopping centres. Plans for the CEVA, a rail connection between Annemasse and Cornavin, and a tramway to follow a similar route, are a blessing for the town bringing positive prospects over the medium term. For Catherine Delucinge, demand typically concerns quality apartments priced from 300,000 to 500,000 € ; a top-floor example of 100 m2 in a residence built 25 years ago, with a view of the Alps and a private parking place, recently sold for 415,000 €. The average budget for houses is around 500,000 €. An example of 140 m2 requiring total renovation, with a garden of 1,100 m2 in Vétraz-Monthoux, just changed hands at 538,000 €. A recently-built house of 130 m2 in Gaillard (an address which wrongly suffers from the poor reputation of one of its neighbourhoods), in grounds of 4,000 m2, is currently on offer at 598,000 €. New developments have their fans and benefit from the fact that building land is scarce. One example is a residence in Ambilly, with apartments pegged from 4,500 to 5,000 € per sq. metre. Whatever their level, prices are always more affordable in France than in Switzerland.

“Rental investors, who currently account for three out of every five sales, are targetting the future axis of the CEVA,” notes Stéphane Robert of Accort Immobilier. He mentions the recent sale of a studio of 27 m2 in satisfactory condition, near the station, priced at 3,590 €/m2, likely to bring a monthly rent of 600 € including charges. A 1-bedroomed apartment of 52 m2 in need of a revamp, on Avenue du Giffre, bears a price-tag of 145,000 € and could be rented, after refurbishment, for 750 € per month. Traditionally, Ambilly and Gaillard have been quite popular. Since confirmation of the CEVA, Annemasse has also seen renewed interest. Family apartments are particularly in demand. A 3-bedroomed apartment of 83 m2 in Ambilly thus sold recently for 283,000 €. Another of 82 m2, priced at 307,000 €, benefits from the rural setting offered by Bonne. This type of buyer is naturally concerned by the availability of public transport services and the closeness of schools and shops. The stock of houses at the right price is not, however, endless. By way of example, one seller is asking 320,000 € for a chalet of 75 m2 with a full basement and a garden of 450 m2 in Gaillard. Finally, new properties rely on two weighty arguments : energy performance and reduced notary’s fees. The agency in La Roche-sur-Foron is currently proposing new semi-detached houses of 190 m2 with gardens of 700 m2 at 495,000 €.

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