Apartments in Chambéry : a return to commonsense

Welcoming 1,300 new residents per year, the urban area is composed 90 % of main residences, 82 % of apartments of which 70 % offer three, four or five main rooms. Our local estate-agents analyze the market for apartments in the Prefecture of Savoy…

The greater urban area plays host to 126,000 inhabitants, Chambéry 57,450. The old centre of the “Alpine crossroads of Europe” is characterized by its “traboules” and narrow medieval streets, partially bombed in 1944. In the decades following the Second World War, new neighbourhoods were created, such as Le Biollay. Long linked to administrative services, the local economy began to diversify in the 1960’s with the integration of Bissy and Chambéry-le-Vieux and the creation of industrial zones. The rise in population dates back, in fact, to this era and witnessed a second phase with the installation of the University of Savoy in 1979, and consequently, an influx of students. The many Italians give an international dimension to the neighbouring communes of Lyon (101 km), Geneva (85 km), Grenoble (57 km) and Annecy (49 km). From 1970 to 2000, the housing stock doubled in size. Up until 2006, the town built 730 additional dwelings each year. This wave of construction even extended to public facilities. The theater Le Phare opened its doors in 2009. Les Halles, supposed to host a shopping mall and a cinema, are currently under construction.

Jérôme Stefani of Zen Immobilier notes a limited supply on the market of studios, 1-bedroom apartments and, in general, properties of interest to investors, who could comprise a much larger share of purchasers. If the sq. metre in Chambéry costs on average around 2,400 €, the apartment sector posts significant disparities depending on surface areas : small apartments sometimes sell for 3,000 €/m2, while large ones cost as little as 2,000 €/m2. Targetted by executives, self-employed professionals and sprightly seniors, generous living space in the historic heart of town, marketed at about 250,000 €, are meeting with great success. The character and quality of the buildings offset the absence of elevators, terraces and parking facilities. Just a 5-minute walk from the centre, the upper part of the Prefecture sector contains newer and very comfortable apartments, as do Les Charmettes. Benefitting from balconies and some lovely mountain views, Jean-Jaurès is not as popular as it was before, as apartment blocks are pretty much out of favour. Generally speaking, buyers pay 120,000 € for apartments with two main rooms, 170,000 € for three, and 200,000 € for four main rooms with living space of 90 m2, a terrace and garage. Beyond 250,000 €, they mostly prefer the independence offered by a house. Rather than a crash in prices, our estate-agent talks about a return to commonsense, a healthy return to normal levels of estimation, a differential of 15-20 % between the price-tags displayed and prices actually written into the deeds of sale. Even if activity on the market for apartments is still seeking its cruising speed, it is gradually resuming its rights.

“Large housing complexes are long forgotten, intimate residences are riding the crest of the wave,” says Véronique Jouglas of Sun City Street. Despite the Scellier Act, new accommodation is not as popular as it was before the crisis, probably because prices remain high. Many buyers in fact prefer old buildings, cheaper and more easily adaptable in terms of layout. Struggling with tight budgets of about 120,000 to 130,000 €, first-time buyers are nevertheless back in force. Véronique Jouglas describes some unexpected solutions, such as a house split into three apartments of 68 m2 each, and sold for 115,000 €. Some addresses suffer from unjustified prejudices. This is true of Chambéry-le-Haut, which in fact combines spacious interiors with competitive prices. Thus, 88 m2 in excellent condition, prolonged by a garden, recently found a taker at 142,000 €. Residents of Les Châtaigniers accept, for example, to change apartments, but not the neighbourhood, despite the many preconceptions. “Biased ideas that are swept away once you actually live there,” says the manageress of Sun City Street, who remains firmly convinced that the popularity of Savoy in general, and Chambéry in particular, has a bright future to look forward to.