At an altitude of 433 metres, at the junction between the valleys of northern Upper Savoy, the Arve and Giffre, Annemasse is home to 30,618 of the 148,966 people living in the region known as the “Genevois français”. Our estate-agents lead the tour…

Annemasse lies in the region near Lake Geneva, between the mountains of Le Salève and Les Voirons, culminating respectively at 1375 and 1400 metres. The commune provides first-class administrative, health, sports and cultural facilities as well as lots of shops. 12 % of the workforce are employed in Switzerland, and Swiss customers account for 30 % of total sales in the region’s shops. The town, just a few kilometres from the Canton of Geneva and the international airport, 26 km from Thonon-les-Bains and 45 km from Annecy, enjoys a strategic location. Served by the A40, ie. the main Macon-Chamonix-Mont-Blanc road, and the A41, linking the Prefecture of Haute-Savoie to the economic hub of Switzerland, it also benefits from the second biggest train station in the “département” catering for 2,000 passengers per day. The Geneva and Annecy Lakes provide vast leisure centres for fans of water-sports, while a 20-minute drive takes skiing enthusiasts to the winter resort of Les Brasses. 45 minutes separate Annemasse from Megève. Projects are not lacking, starting with the creation of a “Boulevard Urbain”, intended to facilitate traffic between east and west, south and centre, and relieve congestion on existing roads.

“Backed by the strong economy in the Geneva region, the property market is holding up well,” says Monika Cheneau of Trans-Immobilier. Price levels for new developments haven’t even flinched, though older properties have seen a logical set-back following the artificial boom which reached its peak in 2007. The average budget is around 200,000 €, which brings a 2-bedroomed apartment in Moillesulaz, Ambilly, Ville-la-Grand or Vetraz. The same type of flat on an estate ranges from 230,000 to 260,000 €, or 240,000 to 320,000 € with a third bedroom. If they were available, 1-bedroomed apartments at 150,000 € would have many takers. Terraced houses at about 300,000 € sell without great difficulty. Standard detached houses costing 450,000 €, with three bedrooms, in good condition and with gardens of 500 m2, are still in steady demand. The high end of the range, ie. houses of 250-300 m2 in excellent condition with grounds of 2,500-3,500 m2, benefitting from a pool and a view of the Alps and Jura, range from 800,000 to 1.3 million euros, with a few peaking out at 2 million euros. Self-employed people, those straddling the border, Europeans working in Geneva or Swiss nationals in search of affordable homes, are all interested in this type of property. The “attique”, ie. the local equivalent of the penthouse, has the wind in its sails. For this perfect compromise between a villa and an apartment, buyers pay 400,000 to 450,000 € depending on their surface area, 520,000 € if they have to wait two years before moving in. “Boosted by the Scellier Act, new developments are doing well,” says Monika Cheneau, who is currently selling apartments which are scheduled for delivery in 2011.

Catherine Delucinge of Euro Suisse Immo mentions an upsurge in requests for the urban area of Annemasse, the second largest in “département 74” with 56,726 residents, to the detriment of the town centre, sometimes blamed for a lack of charm. “The municipality is about to address the lack of parking facilities, though residents would like it to provide attractive pedestrian zones and more amenities such as the Claudius Montessuit park, about 2.5 acres of natural greenery at the heart of town. They are eagerly awaiting the commercial activity zone of Chablais Gare, expected to revitalize the north.” Outlying areas show slightly higher prices, though the intramural market remains active. Older apartments cost 2,300-3,200 €/m2 depending on their classiness. Townhouses built in the 1950’s or 1960’s rarely exceed 3,000 €/m2, especially if they require repairs or some refurbishment.

“Annemasse could also benefit from a tramline supposed to link it to Geneva. It would certainly facilitate population exchanges between the two countries. The Swiss, faced with a very expensive property market, would in fact be the first to benefit,” comments Andrée Jeantet of Le Clos Fleuri. The market owes its clean bill of health to a shortage of offerings. Easily absorbed, new developments are not upsetting the scales. If fans of apartment blocks prefer them to older buildings, the latter win out when it comes to individual houses. The Swiss are indeed particularly keen on charm. The few new developments find their fans among local residents and investors, attracted by a yield of 4-5 % and the quality and security of such an investment. The “Villa Fleurie”, consisting of 42 apartments in the town centre surrounded by a magnificent park, is a great success. A 1-bedroomed apartment can be rented out for 800 € per month.