Aix-les-Bains, a town looking to the future

An essential address on France’s list of thermal spas, this pretty town in Savoy accommodates 27,530 inhabitants and the largest fresh water boating harbour. Its natural setting and go-ahead approach to its economy brings a constantly growing population to this little town, a favourite haunt of crowned heads and wealthy patrons in the 1920’s and 1930’s.

The Massif des Bauges lies to the east, while Le Bourget, the largest natural lake in France covering 560 km2, is to the west. Illustrating its dynamism, the urban area of Aix-les-Bains is gradually meeting up with that of Chambéry. A distinction should be drawn between the lower part of the town, on the shores of the lake, from the upper part, where one finds the town centre. Situated between Chambéry and Annecy, Aix is reached via the A41 motorway and is also on the TGV railway line taking passengers to Paris in just 3 hours.

”Its location between three pools of jobs, the capitals of Savoy and Upper Savoy, as well as Technolac, is a consid­erable asset,” notes Odette Buchet of Orpi Valorisation Immobilier. “Especially as Aix has nothing to envy of the economies of neighbouring communes. Solid companies have moved in here, while thermal spa activities fuel the service sector.” On a human scale, the town offers a pleasant life-style. New or recent blocks of apartments stand on the shores of the lake, priced from 4,000 to 4,500 € per sq. metre, except for those on the front row or the top floor. Occasional residents opt for small surface areas, buyers of large apartments live here year-round. Tresserve and Brison-Saint-Innocent, also facing Le Bourget, propose houses and a few plots of building land. The common denominator among all requirements is a panoramic view of the lake. Recently, a chalet of 80 m2 with a garden of 1,200 m2 was acquired for 400,000 € by a couple intending to demolish the existing accommodation and build a home of 180 m2, for an overall bud­get of 800,000 €. Many clients like the flat area between the town and lake, ideal for long walks. Here one finds houses built in the 1930’s from 300,000 to 550,000 €. The lack of building land is resulting in smaller plots and steady prices. A 1970’s house of 80 m2 to restore, with a garden of 400 m2, sold for 260,000 €, while one seller is asking 480,000 € for a renovated home of 170 m2 in grounds of 1,000 m2, and another 315,000 € for the ground floor of a restructured house, giving living space of 95 m2 with a private garden of 400 m2. The centre then draws high demand on the part of retirees for apartments of about 70 m2 with lifts, garages and terraces, close to amenities and costing from 4,000 to 4,500 €/m2. Unable to offer these advantages, older apartments are also doubtlessly more affected by the crisis and the difficulty experienced by first-time buyers in obtaining mortgages. In this category, a 2-bedroom apartment of 65 m2 ranges from 165,000 to 185,000 €. The hills - Clinique Herbert area, Chantemerle and Boncelin - give precedence to houses priced from 350,000 to 1 million euros depending on their appointments, and desirable apartments resulting from the division of palatial hotels such as Le Mirabeau, Le Splendide or Le Beauregard, from 300,000 to 450,000 €. By way of example, one would need to pay 680,000 € for a home of 200 m2 facing the lake in grounds of 1,000 m2, in a quiet spot yet close to the centre. In today’s context, Aix is managing to keep its head above water, though bargaining frequently means offers at least 8-10 % below the prices posted. Stocks are being rebuilt, and only a competitive price guarantees the owner rapid completion of his project to sell. Furthermore, the top end of the market is often compared to equivalent properties in Annecy. There is clearly a need to rethink prices on the downside, though without any fear of a collapse in the market.

“The last five sales orchestrated by La Cible Immobilière were between 160,000 € - for a 1-bedroom apartment of 50 m2 in the centre, with a lift - and 770,000 € - the sum paid for a house of 300 m2 in good condition, with a garden of 860 m2 near the lake,” says José Malla. Retirees from Upper Savoy paid 350,000 €, for example, for a very comfortable apartment of 117 m2, including a lounge of 60 m2. Four transactions involved year-round residences, one, a semi-main residence. Put to increasingly better use, Le Bourget makes the address more attractive. Then one can hardly talk about Aix’s urban agglomeration without em­phasizing the expansion of Grésy-sur-Aix. An intermediate school and supermarket are being built, together with boutiques, office premises and residential accommodation, only a 20-minute drive from Annecy. In this neighbouring town, prices are slightly lower for equivalent properties. Aix offers a good choice of new developments in all its various neighbourhoods. Low-energy BBC residences in the centre are close on, or exceed, 4,000 €/m2. It’s now a case of buying at market price, without losing sight of future prospects. Currently, sellers of properties acquired between 2005 and 2008 even run the risk of parting with their homes at a loss. As for buyers, a technical diagnosis now seems to have become a bargaining point.

Aix’s property market no longer focuses exclusively on people taking cures, as it did in the past,” comments Karine Thomasset of Atlas Immobilier. “The desire of the municipal authorities to open up the town more widely to tourism and enhance the image of Aix-les-Bains at national level is in no doubt.” The influx of active retirees from Paris and its surrounding region has been one of the first consequences of this approach. Able to pay cash, these clients are looking for 1-storey houses or central apartments benefiting from garages, lifts and outdoor areas. Criteria which are sometimes hard to meet. Very often, these sprightly seniors visit other appealing towns in the Rhône-Alpes before making their choice. First-time buyers and investors are more hesitant. A few buyers looking for a bargain base their searches more on calcul­ations than their own personal pleasure. In such cases, it often proves difficult to find grounds for agreement between buyers and sellers, the attitude adopted by the first not helping to smooth negotiations. The real difficulty, however, lies in the owners’ lack of awareness of market realities and their excessive expectations. Over the past quarter, our estate-agent says that 10 % of transactions concern second residences, 10 % rental investments and 80 % permanent homes, with 30 % involving local buyers versus 70 % consisting of clients from other regions of France. And new properties are seeing ever-increasing demand.

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