Chamonix, a market subjected to high demands

Running north to south, 16 hamlets comprise the commune of Chamonix-Mont-Blanc. Sandwiched between the mountain ranges of Les Aiguilles Rouges and Mont-Blanc, Chamonix can claim the highest altitude in western Europe.

A renowned winter resort, Chamonix is, in fact, widely appreciated all year round, as the considerable number of sports and leisure activities that can be practised here make it a pleasant tourist destination in all four seasons. And especially as the Mont Blanc area prides itself on being the third most visited natural site in the world. Covering an area of 116 sq. km, Chamonix is one of the largest communes in France. Comprised of the main agglomeration nestling in the hollow of the valley, the town straddles the two banks of the River Arve. Here one finds a library, skating-rink, swimming pool, eight tennis courts, crèche, intermediate and secondary schools, the National Skiing and Alpinism School, as well as an Alpine Museum. Further south, Chamonix boasts other leisure infrastructures and a new hospital. A considerable number of shops play their part in the economic boom experienced by the town, which reported a total 13,527 living units in 2009 : 31.8 % main residences, 66.1 % holiday homes, and the remaining 2 % vacant - with an average 75 % consisting of apartments versus 25 % of houses.

The star product in Chamonix ? The 2-bedroom apartment in the town centre priced from 400,000 to 500,000 €, according to Philippe Chevallier, director of the Chevallier Century 21 agency, founded in 1985. “This type of property, ideally on the right bank of the Arve, is becoming scarce due to constant demand.” He is embarking upon 2014 with real optimism after seeing a rise of 17 % in his sales in 2013 versus 2012. With 85 % of its clientele looking for holiday homes, this agency offers a service encompassing the entire valley of Chamonix, Les Houches, Servoz, Vallorcine and Argentière. “Nowadays, 50 % of our clients are French ; mostly senior executives from the stretch from Paris to Lyon and Marseille. The other 50 % is shared out between English clients, Italians and many residents of Geneva drawn by the liveliness of Chamonix and es­pec­ially its accessibility : the commune is only 50 minutes from Geneva on the motorway.”

Brigitte Comte, manageress of AIM Chamonix - one of the oldest agencies on the commune - markets many new chalets, some just 5 minutes from the town centre and the slopes. “A lovely traditional chalet with four bedrooms, four bathrooms and an adjoining garage, ideally situated near the centre and ski-runs, will be priced from 1,380,000 €,” she explains. “In the neighbouring village of Les Bossons, a similar property will be proposed at around 800,000 €.” However, most enquiries are for 1- or 2-bedroomed apartments from 40 to 60 m2. For this type of property, prices per sq. metre currently range from 4,500 to 7,500 € (and even beyond on the Bressans slopes) in residences built from the 1960’s to 1990’s. In the neighbouring area of Les Houches or Sallanches, one can expect to pay from 4,500 to 4,800 € for an equivalent property. As regards the clientele, one trend seems to be well-entrenched : buyers now take their time.

This observation is shared by Sylvie Squinabol, manageress of the Peak Immo agency, based in Chamonix for the past 13 years. “Today’s buyers make the effort to carry out an in-depth analysis : they compare, refine their searches, visit more properties… Faced by this demanding clientele, we propose technical services, legal and tax advice. Occasionally, to speed up a sale, we also help with home-staging. In the case of chalets, we offer properties to renovate from 500,000 to 700,000 € on the immediate outskirts of Chamonix or in Argentière. Here again, we provide assistance for the new owners throughout their renovation work.” Rare prestigious properties bearing price-tags of several million euros are still sought after by a few Russian clients drawn by Chamonix’s international renown.

A diverse but stable market, despite a slight slowdown due to the general economic climate, Chamonix is still seen as a sound value, a town which is an “address” whose aura has long travelled beyond the borders of France.