Megève, Combloux and Praz-sur-Arly

These three resorts offer different facets of the mountains in Haute-Savoie. From the famous village, both authentic and international, to the more discreet Praz-sur-Arly, most of whose development was achieved at the turn of this century, not forgetting Combloux, a highly-prized alternative between the two...

Megève lies at the heart of the Alps in the “arrondissement” of Sallanches, 70 km from Geneva, with altitudes ranging from 1,113 to 2,350 metres. The tourist vocation of this village with 4,150 inhabitants was launched in 1910 when the Rothschild family chose it as a holiday destination, and especially to enter into competition with Saint-Moritz in Switzerland. Today, it benefits, together with Combloux in fact, from 445 km of ski-runs and 107 ski-lifts in the Evasion Mont-Blanc skiing domain. It has a “palais des sports”, tennis courts, a casino, discotheques and schools up to intermediary level. Throughout the year, Megève organizes colourful events : polo, golf, equestrian or musical. Over 76 % of its existing housing is dedicated to second homes, 21 % are private chalets. Five minutes away, and 10 minutes from Sallanches and Saint-Gervais, below the peak of Les Salles, Combloux is a scenic belvedere facing Mont Blanc. The site offers a harmonious balance between winter and summer activities. The ecological lake is extremely popular : covering an area of 1,500 m2, maintained with plants and aquatic life, it is accompanied by a timber sundeck and a beach area laid to grass. Free shuttles link the various districts and form a junction between the “Pearl of Mont Blanc”, with its 2,030 residents, and the other resorts. Praz-sur-Arly, home to 1,400 people, lies between Megève and Flumet. Known for its hot-air ballooning, it shares the Espace Diamant with Les Saisies, Crest-Voland, Flumet and Notre-Dame-de-Bellecombe. It proposes a total 185 km dedicated to downhill skiing and 146 km for fans of cross-country skiing.

“Megève has a very special market, characterized by its international status and governed by the logic that accompanies “holiday homes”,” says Jean-Baptiste Pierlot of Gestion & Patrimoine. While noticing the first signs of tension, the agency remains active thanks to transactions hastily signed before the up-coming change in capital gains legislation. Benefitting from their strong currency, the Swiss are still excellent clients, followed by the French, Italians, British and Belgians. New apartments with 2 or 3 bedrooms cost around 16,000-17,000 €/m2. Old ones to renovate revolve around 8,000 €/m2, 10,000-12,000 €/m2 once refurbished. The chalet is very popular, but suffers from scarce availability. Small houses in need of a revamp - 200-250 m2 with a garden of 1,300 m2 - fetch 1.2 to 2.2 million euros, depending on the setting, view and distance from the slopes. As for so-called luxury properties - 500-600 m2 decorated by an interior designer, with spa and swimming pool -, they are likely to attain or exceed 15 million euros, especially when they are in the town centre or Le Mont d’Arbois. This category is still in demand, subject to tough negotiations. Recent sales mainly concern 2- and 3-bedroom apartments from 700,000 to 1.4 million euros and chalets between 1.8 and 3.8 million euros. In general, Megève seems to be more stable than Courchevel, with its long experience of booming prices. Client profiles are not the same. Stays here are longer and more frequent. Home-owners are very fond of their resort and its life. Moreover, the local authorities encourage this kind of loyalty. The summer also brings its fair share of attractions, including golf, mountain biking, hiking, tennis, horse-riding and shopping.

“The magnificent view of Mont Blanc is one of the main advantages offered by Combloux,” say Marie-Lorraine Marchal and Laurette Burtin of AIC (Agence Immobilière de Combloux, an agency created 40 years ago, handling both sales and rentals). For 80 % of buyers, this criterion is of prime importance. Lively in winter and summer, the resort is family-oriented and discreet, certainly more private than its illustrious neighbour. Regulars come from one generation to the next, and turnover is relatively low. Potential buyers are looking for generous surface areas to cater for holidays with parents and children. Studios, on the other hand, are no longer in demand, whereas 2-bedroom apartments with high-quality appointments, from 250,000 to 400,000 €, top the popularity polls. Together with chalets, from 1 to 2 million euros, rarer commodities in agency files. An example of 200 m2 (six suites) with grounds of 1,400 m2 facing Mont Blanc would bear a price-tag of 2.1 million euros. Out of every ten clients, four dream of a detached property. Unfortunately, this type of accommodation is characterized by a lack of availabilities meeting buyer expectations. For agencies, the difficulty lies more in obtaining a mandate than in completing the transaction itself. Despite the proximity of Megève, transfers between the two resorts are non-existent. Megève is inseparable from the notion of a classy address, an argument much less pronounced among fans of Combloux.

“Five minutes from Megève and 15 minutes from Combloux, Praz-sur-Arly offers more appealing prices, thus serving naturally as an ideal fall-back market,” says Marie Magnin of Alp’Arly Immobilier, with 13 years’ experience in the resort. “By way of example, a semi-detached chalet of 110 m2, built in 1998, with a garden of 350 m2, near the slopes and facing south, priced at 495,000 € ; a 2-bedroom apartment of 78 m2 facing the slopes, on the 4th floor of a building without a lift, at 295,000 € ; and a recent ground-floor apartment of 53 m2 with 1 bedroom and a terrace, at 153,700 €.” Over 90 % of sales in Praz concern holiday homes with budgets ranging from 150,000 to 300,000 €. The vast majority of clients are French. Some are retired and do not even ski, though they don’t hesitate to make regular trips to Megève, a real hub of entertainment. Locals pay 200,000 to 250,000 € for a home, with some opting to rent. A 1-bedroom apartment of 33 m2 costs 530 € per month, charges included, an apartment of 100 m2 with a garden of 177 m2, 1,200 €. Many buyers pay cash. And while personal enjoyment is a priority, investment value also enters into the decision-making process. “Praz has undergone strong development since the year 2000. And it still offers room for improvement,” adds Marie Magnin.