Ferney-Voltaire and Thoiry

These two communes in Le Pays de Gex owe their success to the proximity of the business hub of Geneva. It is, in fact, their only point in common : Ferney-Voltaire gives priority to apartment buildings, while Thoiry, composed of five different hamlets, offers a more airy landscape in which houses are given pride of place.

Ferney lies 8 km north of Geneva. With 8,000 residents, it benefits from immediate proximity to the international airport on the commune of Cointrin. In 1878, the municipality tacked the name of its benefactor, Voltaire, to its name. A statue erected in the centre represents the philosopher who, during his stay in the town, built more than 100 houses, the church, a school, hospital, reservoir and fountain. The 1970’s saw the inauguration of an international secondary school, meeting the criteria of employees at the CERN (Europ­ean Organization for Nuclear Research). Two-thirds of the residents work in Switzerland, one-third for an international organization. The rate of rotation of the population is particularly high, just like its buying power and the cost of living. Thoiry, with over 5,000 residents, lies below Le Jura, 10 km from Geneva and 15 km from Gex. Its housing market consists 67 % of individual homes and over 63 % of home-owners, just the opposite of Ferney. The opening of Val-Thoiry, the largest shopping centre in Le Pays de Gex, in 1993, spurred its development.

“The market of Ferney, both intra- and extra-mural, mainly seems to address those working for international organizations or Geneva’s private sector,” explains Yann Coutant, Manager of the Cabinet Landecy & Associés. “While it posts attractive prices compared to those of its Swiss neighbour, it is becoming increasingly hard to propose properties under 500,000 €.” A new apartment with 4/5 main rooms, a terrace and parking place costs from 650,000 to 900,000 €, depending on its surface area and prestige. On average, new developments post prices from 4,800 to 5,500 €/m2 versus 3,500 to 4,500 €/ m2 for older apartments, depending on their location, cond­ition and year of construction. Buyers pay close attention to energy savings, reflected in the BBC label, and high environmental quality. Houses over 20 years old compensate by means of generous and better equipped outdoor areas. The short distance separating Thoiry from the CERN and the industrial zone of Meyrin-Satigny explains its popularity, further bolstered by magnificent views of the Geneva basin and the Alps. The four-lane expressway has also contributed towards the development of the western side of Le Pays de Gex, and a plan for a tramline linking it to Saint-Genis-Pouilly are being studied. Yann Coutant regrets the lack of semi-detached houses of 100-120 m2 with gardens of 200 m2, and building land, selling at 400 to 500 €/m2. Since the change in legislation on capital gains, investors prefer to hold on to their properties, thus exacerbating the shortage. Currently, indicators for buying are green for go : the borrow­ing rate in Swiss francs is advantageous and the economic health of Geneva bears not the shadow of a doubt.

“Improvement of the road network now allows buyers to consider Le Pays de Gex, or even the Geneva basin,” says Sébastien Bourbon of IFIC International. “In Ferney, 87 % of the accommodation consists of apartments, only 11 % of houses. And over 60 % of the population are rental tenants.” The town is undergoing quite a few changes, as exemplified by the project to rehabilitate the working-class district of Les Tattes. Numerous building permits are pending. And it’s not easy to analyze the market without assessing underlying factors. As the vast majority of mortgages are negotiated in Swiss francs, those who bought in 2009 and would now like to sell are seeing their debt rise sharply. A realization which does not help to restock inventories. On the other hand, today’s buyer who opts for Swiss currency benefits from a favourable exchange rate. Over the past few years, “tax benefit” schemes have given real a boost to investment acquisitions. Their gradual disappearance sows the seed of doubt as to the success of future developments, especially as they consist 70% of apartments, whereas clients are currently more interested in houses. Another cause for concern : studies foresee population growth to the tune of 15,000 people per year in Le Pays de Gex up until 2017. Last year, Geneva built 542 new homes, ie. less than in 2010. This deficit invariably has a rebound effect on the Ain. Not to mention that bricks and mortar are historically seen as a safe haven, a long-term asset. If the banking sector plays its part as lender, there is no reason not to look to the future with serenity.

Among the most recent contracts signed through Orpi Voltaire Immobilier and Orpi Lion d’Or Immobilier, Jean-Louis Spiller mentions a house of 150 m2, built in 2005 in grounds of 1,070 m2 over towards Ornex, a village on the boundary with Ferney, acquired for 950,000 €, and a 1-bedroom apartment of 57 m2 in a 1997 residence, for 260,000 €. Within the border town, 70 to 75 % of sales concern apartments, 60 % 1- and 2-bedroomed apartments from 260,000 to 350,000 €, 40 % prop­erties up to 1 million euros, both types of accommodation comb­in­ed. In Thoiry, a 3-bed­roomed apartment of 107 m2 in a 2005 residence, with a cellar and two park­ing places, has just found a taker at 390,000 €, while a house of 152 m2 with a garden of 720 m2 sold for 560,000 €. The higher prices observed in Ferney are solely justified by its easier access to the business hub of Geneva. The highly-prized triangle of Ferney/Prévessin-Moëns/Ornex bears the highest price-tags, explain­ed by the presence of international organizations. On the other hand, Thoiry seems to be getting closer to Saint-Genis, a site which is also finding itself obliged to adopt a new stance, due to the arrival of the tramway to Geneva, an international secondary school and a swimming pool. One final point : developers are finding it virtually impossible to propose “naked” plots on estates, given the price of building land. They are thus obliged to build the homes themselves, in order to eek out a profit.