Chamonix, an international address

Radia Amar - 06 August 2014

Conveniently located 50 minutes from Geneva, Chamonix, world capital of mountain climbing, has a lively market comprised of functional apartments and chalets at astronomical prices. High-flying overview...

Almost 9,000 people live in Chamonix all year round, a record figure for a tourist destination. Schools, a high-altitude military academy, medical training and research institute, national skiing and mountaineering school, a hospital and shops have all contributed towards the boom experienced by this commune, lively in all four seasons. Consisting of 16 little villages sandwiched between the mountain ranges of Les Aiguilles Rouges and Mont-Blanc, Chamonix lays claim to the highest altitude in western Europe. It offers about 14,000 homes, 30% occupied year-round. Comprised on average of 75% apartments versus 25% chalets, the local market - which is non-extendable - mainly focuses on properties up for re-sale. “All types of homes combined, we are seeing fewer offerings than in 2013. Numerous preliminary sales agreements are underway ; transactions proceed slowly, even though demand for Chamonix remains steady,” explains Philippe Chevallier, manager of the Chevallier Century 21 agency. “With tax at almost 35 %, potential foreign sellers are not in a hurry to put their properties on the market. Which makes life complicated.” While prices have not seen any significant declines, it is not rare that sales go through with bargaining of around 10 %. Even if more and more French clients and a few Belgians are looking to acquire properties, second residences in the guise of 1- or 2-bedroomed apartments are mainly destined for clients from Geneva, who account for the majority of buyers : American, Argentinian, Italian, English and Polish buyers, mostly working in the banking sector or for large international organizations. They appreciate the quality offered by the resort and its accessibility : Chamonix is 88 km from Geneva’s international airport. “The most widely sought properties are 1- and 2-bedroomed apartments in the town centre.” For a 2-bedroomed apartment of about 65 m2, prices range from 450,000 to 500,000 € on average, whereas a 1-bedroomed apartment of 40 m2 can be had for around 270,000 €.

Chamonix also boasts a premium market : prestigious chalets change hands at around 1,500,000 €. Grouped together in the highly-prized areas of Les Moussoux, Les Pècles, Les Nants and Les Houches, accessible by bus from the town centre, some are pegged from 3 to 4 M €. “A prime location is sometimes the only criterion for wealthy buyers, who don’t hesitate to demolish an existing property to build a chalet with modern appointments,” says Margaux Carmentrand, negotiator for Appartements et Chalets. Based for the past seven years in the area, this agency has many investors as clients. “They often acquire a property from which they benefit personally while renting it out for most of the time. Our most frequent sales concern 1- and 2 bedroomed apartments ranging from 200,000 to 350,000 €. Our clients are keen on the town centre and the southern mountainside for its generous sunshine. The neighbourhoods of Les Mousseaux and Le Bourg give easy access to both the ski-runs and the shops, without having to take the bus.” On average, apartments here are proposed at around 6,000 € per sqm., with some outstanding properties attaining 9,000 €.