If they act like magnets on hikers and skiers and all lie in one of the two Savoys, the comparison stops there. Valloire, the family resort, Samoëns, the international rendezvous, and Courchevel, the favourite destination of the elite, have different and very specific attitudes and reactions to the crisis.

Valloire, the largest resort in La Maurienne, is composed of 17 hamlets near the Franco-Italian border at an altitude of 1,430 metres. Boasting 150 km of ski-slopes and linked to Valmeinier, it has one of the best snowparks in the country. Its year-round population of 1,330 swells to 20,000 in the month of February. Criticized for its ageing amenities, it is nevertheless appreciated for its diverse scenery. Located in Upper Savoy in the valley of Le Giffre, Samoëns is linked to the Grand Massif, France’s fifth largest domain, with 265 km of slopes and 70 ski-lifts. Built around a lime-tree planted in 1438 and a 16th-century hall, the village, the traditional home of stone-cutters, attracts families thanks to its large area devoted to beginners. The capital of pot holing, a 45-minute drive from Geneva and 20 km from Cluses, on the TGV Paris-Saint-Gervais line, draws sports enthusiasts in both winter and summer. Courchevel, the jewel of La Tarentaise, needs no introduction. This village aptly described as “white gold” shares the top of the international bill with Gstaad, in Switzerland, and Aspen, in America. At the heart of the Trois Vallées, the world’s N°1 skiing domain welcomes jet-setters, stars and industrialists, 40 % British, 30 % French and 15 % Russian. The exclusiveness of a resort with only six 5-star hotels (Les Airelles, Le Cheval Blanc, L’Annapurna, Le Mélezin, Le Lana and Le Kilimandjaro) speaks for itself.

“Valloire, the fief of skiing champion Jean-Baptiste Grange, is lively year-round, sparking the interest of French clients often from within the region. Lyon is two hours by car and traffic flows smoothly,” says Elizabeth Rambaud of Rambaud Immobilier, also a property and asset manager. 70 % of tenants and buyers show unwavering loyalty to Valloire. Most are looking for apartments with 2 or 3 main rooms, priced between 150,000 and 250,000 € depending on their location, a category faced by a shortage. The agency is just finishing off the marketing of the “Chalets de la Grand Vy” at 5,000-5,500 €/m2, and the “Chalets des Fermes de l’Archaz” at 5,500-6,000 €/m2, before starting on the second phase of the “Roches Fleuries”. Depending on their location and appointments, older apartments range from 2,500 to 4,500 €/m2. Faced with buyers who are now fully informed, over-evaluation is no longer a factor : recalcitrant sellers are faced with stiff competition from new developments. Fans of houses do exist, but there is a scarcity of smaller homes of between 80 and 180 m2. Often used as main residences, properties with much more extensive living space are priced from 700,000 to 800,000 €. Currently, some properties over 5 years old but benefitting from tax advantages are appearing on the market. In the last third of their leases, they attract a lot of buyers, especially as their prices do not necessarily exceed those of conventional apartments in need of total renovation.

“The major asset of Samoëns lies in its dual labelling as a ski resort and an authentic village,” notes Thierry Laurainne of Laurainne Immobilier, an agency handling transactions, leasing, rental management, construction, services and property management. Despite growing enthusiasm for the town and efforts made by the municipality to improve facilities for visitors and expand its leisure activities, Samoëns retains its charm and does not suffer from invasive urbanization. The prospect of hurtling down the snowy slopes is not the only privilege it offers. Some of its fans prefer cross-country skiing, snow-shoes, hiking or mountain biking. It is not, in fact, rare that the summer season is successful enough to make winter turn green with envy. The 60 % of foreigners (Scandinavian, Belgian, English, Dutch and Swiss) rub shoulders with a 40 % share of French nationals (from Lyon or Paris), wearied by the glitter of Megève and Courchevel. They all dream of simplicity and a typical partment with 2 or 3 main rooms. Many prefer intimate residences built of wood and new apartments, synonymous with low charges. With an eye to the organic/environmental trend, the agency thus proposes two developments priced from 4,000 to 5,000 €/m2 and BBC units from 250,000 to 280,000 €, promised with heating costs of under one euro per day. Detached and semi-detached chalets range from 400,000 to 800,000 €, except for outstanding examples. This price bracket brings a kitchen, 5 bedrooms, sauna and whirlpool bath. Neither Valloire nor Samoëns have experienced a collapse in prices, just a simple correction and moderate fall-off in the number of sales, well above the decline observed in towns in the plains, more focused on the basic apartments used as main homes. The estate-agents maintain their optimism : going by the winter reservations, commenced in May, the occupancy rate is almost at its maximum for the school holidays and very respectable in interim periods.

“Courchevel is actually the most expensive resort in France,” says Joffray Vallat of Vallat Immobilier. A paradoxical observation when one considers that its initial mission was part of a social plan to democratize winter holidays. Approached as a whole, it remains comparable to Chamonix and Meribel, but not if you’re looking at 1850. The very wealthy have their third or fourth residences here. When the economy hits a snag, these properties are the last thing they are interested in. “The result : a 70 % drop in transactions and prices down 15-20 %,” states this estate-agent, who was lucky enough to handle three saving sales at over 15 million euros. Which goes to show that prestige - that’s to say, a renowned interior designer, high technology, a concierge-type service and delivery of the home complete with skis, cars and staff - is still alive and well. While the domain’s sports facilities leave no-one in any doubt, 30% of visitors prefer window-gazing and the spa. A Saint-Tropez spirit prevails in top institutions, a far cry from Le Praz. The rare homes available in this charming village change hands at 6,000 €/m2, 7,000-8,000 €/m2 in the case of brand new developments. Characterized by concrete and somewhat numbed by the crisis, 1550 and 1650 post a wide price range, from 3,500 to 7,500 €/m2. Sales are going through at 6,000-7,000 €/m2 for apartments in ageing buildings in 1850, whereas a luxury residence featuring a pool and premises assigned to well-being posts prices of 30,000 €/m2. Reasoning in terms of potential surface areas, fans of houses will pay 8,000 to 10,000 €/m2 for a property they can demolish. The generation of chalets from 5 to 15 years old costs 30,000 €/m2 ; very recent ones far exceed that level. Courchevel cultivates contradictions : somewhat feverish in the face of serious financial setbacks, it is, and will remain, a safe bet. Files are already filled with projects, and investors still set their sights on La Tarentaise.