The shores of Lake Annecy : a double-faceted real estatemarket

Mainly comprised of houses and shared out between the east and west sides, the property market on the banks of Lake Annecy post price differences ranging from 15 to 20 % depending on a property’s location. A fruitful contrast…

The main town in Upper Savoy just a few kilometres from the Swiss border, Annecy enjoys a splendid natural setting in which the proximity of skiing resorts and the quality of the lake water - the purest in Europe - allow for the pursuit of a wide variety of sports and cultural activities in both summer and winter. The “Venice of the Alps” has in fact been awarded the coveted “Art et Histoire” label. In terms of its population figures, Annecy only ranks 8th among towns in the Rhône-Alps region after Chambéry, though it compensates for its “sandwiched” position between its lake and the Semnoz mountain by the open areas in its agglomeration between Geneva-Annemasse and Chambéry. It also plays an important commercial role, radiating outwards to the neighbouring départements of Savoy and L’Ain. Along the shores of the lake, its property market is characterized by highly specific features.

Eric Flament, manager of the Expertimmo agency based in Annecy for over 10 years, has a clientele comprised of people working locally or across the border, mainly looking for year-round homes. “Those wanting a panoramic view of the lake and mountains base their searches on the west bank, from Sevrier to Doussard. The sun shines longer on the east bank, which benefits from lovely sunsets. Furthermore, the rarity of available properties on the east side and its proximity to Annecy-le-Vieux justify prices 15 to 20 % higher.” While one can find a few apartments in small residences, the market is mostly comprised of houses. On the east side, a desirable property will cost from 800,000 to 900,000 €, while the average price ranges from 700,000 to 800,000 € on the west side of the lake for an equivalent home.

Jean-Luc Caillat, sales director for Vallat Immobilier, supervises 14 agencies including those based at the edge of the lake. He mentions similar prices and the same differences from one side to the other, also emphasizing the preponderance of medium to high end properties, and well-balanced demand between main and holiday homes from a clientele now 80 % French. “Some properties benefiting from exceptional locations, right at the water’s edge or with very beautiful panoramic views and living space of 500 m2, can attain 3 million euros. The starting price for shoreline apartments is also high : a 2- or 3-bedroomed apartment costs from 350,000, or even 400,000 €, easily rising to 600,000 €.” Jean-Luc Caillat also mentions strong demand for contemporary properties which largely outstrips supply. Long negotiations then take into account the cost of the work required to make the home conform to the buyer’s requirements. The most sought-after communes ? “With a comfortable budget, buyers set their sights on Veyrier and Annecy-le-Vieux for houses, or the “Golden Triangle” for apartments.” Much more extensive, the market on the west side of the lake is also more heterogeneous : small apartments, new developments and more affordable houses which draw, in particular, young couples from Annecy looking for their main homes. “In 2013, the sales volume chalked up by the Groupe Vallat was much higher on the west bank,” says Jean-Luc Caillat. “Buyers aiming for homes on the shore dispose of a much wider choice there, with prices declining the further one gets from Annecy. In fact, the two sides of the lake are highly complementary.”