The French part of Le Chablais

The pre-Alpine mountain range extends from the shore of Lake Geneva to the River Arve and from Annemasse to the Rhône, alternating towns, rural zones and winter sports resorts in eleven distinct geographical areas. A trip to the north-eastern part of Upper Savoy...

Between Lake Geneva and the valley of Le Giffre, the old province of the Duchy of Savoy stretches out around Thonon-les-Bains, its historic capital, home to 34,830 inhabitants. Evian, Bex, Publier, Sciez, Douvaine and Morzine are some of the largest communes in Le Chablais hosting, among other skiing domains, Les Portes du Soleil with 650 km of slopes and 220 ski-lifts.

“Thonon draws interest from different types of clients, from retirees looking for a comfortable apartment in the centre to people working over the border and enjoying high purchasing power, as well as the locally employed,” explains Hervé Dupraz of Neowi Chablais Transactions. Buyers working in Switzerland (known as “frontaliers”) have turned up in higher numbers since the introduction of the Thonon-Lausanne water-shuttle. The gap between new and old properties is widening as energy performance standards become more widely applicable. Since 2008, everyone has become more wary, to the point of preferring a new home to an old one, or taking a poor EPD rating into account when bargaining for old apartments or houses. The closeness of Switzerland, intent on ensuring energy savings for a very long time, accentuates this phenomenon. Developments newly risen from the ground are priced around 3,500 € per sq. metre, whereas older residences in good condition shouldn’t cost more than 2,500 € per sq. metre. The average budget for a house of 100 m2 is around 350,000 € ; a building plot of 800 m2 ranges from 130,000 to 150,000 €. Of course, niche markets post specific price schedules : so-called residential locations such as the centre and new properties offering views of the lake are likely to attain 4,000-4,500 €/m2. The history and renown of Evian explain the ancestral distinction between the town and Thonon. The first enjoys a certain classiness, particularly represented by prestigious events, and offers more scenic views of the lake, due to its amphitheatre-like layout. On the other hand, it is more of a seasonal address than Thonon, which is probably better equipped in terms of shops and amenities.

“Real-estate activity is slow in Evian,” comments Valérie Leguay of the Feelimmo agency. “Firstly because this is a traditionally quieter season, but also due to the very low amount of offerings.” In fact, agency files show a cruel lack of standard 2-bedroom apartments under 300,000 € or houses around 450,000 €, both being the type of homes sought by the locals. The change in legislation on capital gains does not encourage non-resident owners to part with their properties. Among the latest transactions handled by Feelimmo, Valérie Leguay mentions a 2-bedroom apartment of 80 m2, in good condition but without any particular attraction, acquired by a local family for 250,000 €, and another of 73 m2 on an upper floor without a lift, in need of refurbishment, acquired by a divorcee for 160,000 €. At the moment, only changing circumstances in people’s lives justify either sales or acquisitions. Decisions depend more on necessity than free choice. To get an idea of the holiday home segment, we have to wait for the month of June. Valérie Leguay is currently marketing a Very High Environmental Quality development to be delivered at the end of 2014, “Le Vendôme”, 16 high-end apartments with two to five main rooms, at the heart of Evian. A 1-bedroom example of 56 m2, benefiting from a garage, cellar and terrace, starts at 243,000 €. This operation clearly corresponds to a widely-felt need. There are no equivalent offerings in the centre. Retirees see this residence as proposing quality living standards and convenience, while “frontaliers”, a 35-minute boat-ride from Lausanne, appreciate the proximity of the landing-stage.

Sébastien Poirier of Poirier Immobilier covers a 10-km radius around the border with the Canton of Geneva, taking in the communes of Sciez, Excenevex, Yvoire, Mes­sery, Nernier, Chens-sur-Léman, Massongy, Douvaine, Veigy, Bons-en-Chablais and Loisin. The first five lie on the shores of the lake and post the highest prices. Recently, a building plot of 1,500 m2 found a taker at 680,000 € in Messery, and a house of 120 m2 built in 2011 with a garden of 405 m2 sold for 430,000 €, ie. the average budget in this sector. The vast majority of buyers work in Switzerland, or are even from the Canton of Geneva, a saturated market and much more expensive. Most of them prefer houses to apartments. In 2012, the decline in the number of transactions was around 12 %. Even so, it was not so bad as the national figure. Activity is penalized by tax considerations, the abandon of the zero per cent loan for first-time buyers, and that of the Scellier scheme in the case of investors. A context very different from the constantly rising prices in Le Chablais. A resumption in activity can only occur here if sellers are prepared to lower their expectations. The task of the estate-agent thus lies in making this clear. While banks are unmovable with regard to personal contributions, they are still offering historically low interest rates.