With an open outlook towards the international scene in general and Switzerland in particular, Le Pays de Gex lies between the Jura and Lake Geneva, at the gateway to the Swiss economic capital. Hiking, skiing, spas, golf... It offers a wide choice of activities. But its key asset is the proximity of the cantons of Geneva and Vaud.

Le Pays de Gex, one of the four “arrondissements” comprising L’Ain, is home to nearly 70,000 people. Its main towns are Divonne-les-Bains, Ferney-Voltaire, Gex, Saint-Genis-Pouilly, Thoiry and Prévessin-Moëns. The mountain-pass of La Faucille surveys Mont Blanc in all its splendour, while picture-postcard scenery unfolds within the nature reserve of the Upper Jura. Educational facilities up to Bac+5 are very rich, as is the cultural program. Listed as a National Monument since 1999, the Château of Voltaire recalls the enlightened presence of this humanist philosopher, whose name was adopted by the town in 1878. The local economy largely depends on the region’s Swiss neighbours. French and Swiss authorities are, in fact, currently exploring the concept of a Franco-Vaud-Geneva metropolitan area.

Catherine Arrou-Vignod admits that she does 80 % of her business in Divonne, one of the most sought-after and expensive spots in the Pays de Gex. A stretch ahead, justified by the presence of the motorway serving the cantons of Vaud and Geneva, two excellent job-providers. Comparable in terms of prices to Ferney-Voltaire and Prévessin-Moëns, a centre for international schools, the spa town welcomes a good number of expatriates representing 80 different nationalities. This “Little Monaco” boasts a pleasant setting, a casino and a very popular Sunday market. Just 10 km away, prices undergo a drastic change. In the towns, there is a severe shortage of homes in the 700,000-900,000 € bracket. If a property meets the criteria of a view, high-quality construction and appointments, scope for bargaining remains very limited. A villa of 200 m2, built in 2003 in grounds of 1,400 m2 facing the Alps, thus attains 890,000 €, while a home of 140-160 m2 costs around 750,000 €. The high end of the market - that’s to say living space of 400 m2 in perfect condition with grounds of 2,000 to 5,000 m2 - ranges from 1.5 to 2.5 milion euros. “There is real demand at the moment, but finalizations are thin on the ground,” says our estate-agent who regrets the lack of available properties priced from 500,000 to 600,000 €. The apartment sector is just as dynamic as that for houses. New developments, pegged at approx. 5,000 €/m2 on average, draw a lot interest. Recent apartments in good condition cost 4,000 €/m2, old flats in impeccable condition 3,500 €/m2. In the absence of farms to renovate or building land, buyers fall back willingly on turn-key solutions. The few rare building plots reach 400 €/m2. At these prices, locals not employed in Switzerland have a real problem finding housing. Investors choose 1- or 2-bedroomed apartments, sure that they will be able to rent them promptly. A 1-bedroomed apartment of 50 m2 costs around 200,000 € and brings in monthly income of 900 to 1,000 €, charges included. Owning an asset likely to appreciate in value and the prospect of tax benefits are more important to buyers than the yield on the investment, rather low, given the starting price. As from the fourth quarter of 2008, sales went into hibernation for about six months, a lack of activity offset by the rental market. Business resumed last spring at an acceptable pace.

“In this “arrondissement”, most of the demand lies in the 450,000-600,000 € bracket, with Ferney, Divonne and Prévessin as the main magnets. Gex has an attractive historic centre, though some people criticize its less appealing outskirts and levels of snow that can be something of a constraint. Only 5 minutes from the CERN (European Nuclear Research Centre) and oriented towards activities in Geneva, Thoiry lies between the two,” say Karine Muller, Christian Pelaz and Aurélien Chenesseau of Les Orchidées. This large village has a good range of on-site amenities and three activity areas : the craft zone, Val-Thoiry with a supermarket and national chains, and the town centre, providing a large pool of jobs. The town accommodates 80% of frontier commuters and 20 % of local residents. Unlike Divonne which has “exploded” over the past three decades, it has a lot of older housing within a broad range, more reasonable prices and surface areas. Developments with a certain status nevertheless attain 3,400-3,800 €/m2, building land 300 €/m2, and peaceful, tastefully decorated homes of 160 m2 with gardens of 800-900 m2, 600,000 to 650,000 €. The strength of the site bordering the Jura resides in the authenticity of its villages. 2 km from Thoiry, Saint-Genis-Pouilly, soon to be linked to Geneva by tramway, could become the little capital of the Pays de Gex. Karine Muller agrees with Catherine Arrou-Vignod in her analysis of financial year 2009, which has been hampered more by the attitude adopted by the banks than a lack of purchasers.