Les Trois Vallées, lots of diversity

Situated in Savoy, in the valley of La Tarentaise, this skiing domain which competes with Les Portes du Soleil is one of the world’s largest. Occupying 34,580 acres of land with 600 km of slopes, its resorts go by the names of Courchevel, Méribel, Val-Thorens and Brides-les-Bains… While some are ranked among the world’s Top Five, others of a more intimate character are certainly not lacking in qualities…

Courchevel’s long-established reputation goes well beyond the borders of France. A resort highly-prized by jet-setters, 1850 has nothing to envy of Gstaad or Aspen. This select and festive spot, Saint-Bon-Tarentaise, Le Praz, 1550 and 1650 draw French, British and Russian enthusiasts, but also fans who don’t hesitate to cross oceans and continents for a few days of relaxation. 90 % of the accommodation enjoys direct access to the ski-runs. While Russian oligarchs are now inseparable from the image of Courchevel, municipal policies never fail to allocate its rightful place to a sports- oriented approach. In 2010, for example, it organized the World Cup event for downhill skiing. Méribel lies in the valley of Les Allues. Founded by Scotsman Peter Lindsay, it offers excellent facilities. A distinction should be drawn between Les Allues and its little hamlets with their marked Savoyard character, the centre, renowned for its chalets and residences built of wood, shared out between altitudes of 1450 and 1600 metres, Méribel-Village, developed in the late 1990’s at the initiative of MGM and Mottaret, a level attaining 1850 metres begun in the 1970’s. At an altitude of 2300 metres, Val-Thorens is indisputably the highest resort in Europe. It welcomed its first skiers in 1971 and has since continued to be full, thanks to its popularity amongst foreigners accounting for 70 % of its visitors. It offers high-performance ski-lifts, the new “funitel” in Thorens, the longest toboggan track in the country and a good-sized sports and leisure centre. Among projects on the drawing-board, it intends to expand upwards, especially in the case of hotel facilities. Brides-les-Bains is 6 km from Moûtiers and 13 km from Méribel. For this address wearing two caps, history began to speed up in the 1990’s. Initially, this thermal spa specialized in treating obesity. Two years later, during the Olymic Games held in Albertville, it treated itself to a ski-lift linking it to Méribel. In the year 2000, it joined the association of the Trois Vallées, soon opening a spa of 1,500 m2 extended by a further 600 m2 in 2008.

“The 2011 vintage will not see Courchevel matching the volume of transactions chalked up in 2007,” observes Maurice Marion of Saint-Bon Courchevel Immobilier. “Luxury is indeed the tree beyond which you can’t see the woods. Which means to say that ultra-luxury chalets at 1850 do continue to sell up to 35,000 €/m2. But you have to understand that 90 % of properties are pegged beneath the 20,000 €/m2 barrier, and that so-called standard accommodation has to deal with a fraught international business climate.” There have thus been fewer transactions in 2011, though prices haven’t flinched. Maurice Marion recently handled the sale of an apartment of 82 m2 in good condition, in a large residence at 1850, which had found a taker at 860,000 €. Obviously, these large residences are not as popular as so-called “intimate” developments. As for lower altitudes - 1650, appreciated for its sunshine, 1550, directly linked to 1850, or Le Praz, a village offering the summum of charm -, they offer prices from 7,000 to 10,000 €/m2. Recently, an apartment of 48 m2 with a large balcony, located at the foot of the slopes at 1650 and facing south, changed hands at 370,000 €.

Méribel also posts different prices according to neighbourhoods. Even the centre has its own addresses : Morel, Le Plateau, L’Altiport, Route des Chalets, Rond-Point des Pistes and Le Belvédère. Prices rise in the same proportions as altitudes and living space, ultimately attaining 18,000 €/m2. This exclusive market is far-removed from that of Les Allues and its hamlets, set back from the slopes. Two km from Méribel, the enclave called Méribel-Village offers recent residences more in keeping with current expectations, from 8,000 to 12,000 €/m2. Mottaret, where Steven Fagot of the Agence Saulire is based, has very few chalets. “Make way here for large developments. When the project started out, practicality won out over authenticity. Yet the buildings give precedence to wood, stone and double-sided roofs. Most transactions revolve around 7,000 €/m2 or 250,000 €, which corresponds to average living space of 33 m2. A 2-bedroom apartment of 62 m2 recently sold for 550,000 €. At the end of the day, the balance sheet for 2011 is positive, though with some very marked fluctuations.”

“Val-Thorens is popular among a relatively young and sport-oriented clientele,” says Bruno Gabet of Val-Thorens Immobilier, established here for over 20 years. “The high season lasts from November to May and snow is never a problem. All the residences are less than 150 metres from the slopes. Après-ski is lively and varied, from trendy discotheques to star-rated restaurants.” Two tourist residences are being built, the Hameau du Kashemir and Résidence Lodge & Spa, offered furnished from 6,000 to 7,000 €/m2. However, apartments offered for re-sale comprise virtually all of the stock. Prices start at around 3,800 €/m2, implying renovation work and a second-rate location, whereas a desirable property in perfect condition in an intimate residence can attain 6,500 €/m2. Transactions flirt on average with the 4,500 €/m2 mark, ranging from 135,000 to 300,000 €, exceptions aside. Two-thirds of the properties on the agency’s files offer living space of less than 28 m2. Today, however, demand focuses more on apartments of 30-60 m2. Buyers here pay cash without coming up against any financing problem. Activity is steady, underscored by a dual motivation : personal enjoyment and the guarantee of a safe long-term investment.

“In Brides, estate-agents have lots of reasons to rejoice,” says Maurice Marion. Its double vocation as a ski resort and thermal spa plays its part, not forgetting prices which are still appealing compared to those higher up, in Méribel, for example, to which Brides is linked. In this locality, lively in both winter and summer, the sq. metre is pegged at 3,000-4,000 €. Studios and 1-bedroom apartments from 80,000 to 100,000 € are apparently the star products. Out of every ten buyers, eight take advantage of their properties while taking cures, then rent them out on a seasonal basis. One can count on a gross return of 8 %. Our estate agent has just taken on a small residence with 9 apartments from 38 to 100 m2, of which two-thirds are already sold at around 4,300 €/m2, after only ten months of marketing.