Annecy, “Venice of the Alps”…

The prefecture of Haute-Savoie owes its nickname to the three canals running through its Old Town. Sandwiched between the lake and mountains, the town benefits from a very efficient road network, taking drivers to Geneva in about 30 minutes.

Annecy witnessed the passage of the Romans, Gauls and medieval lords… A colourful past which can be read in the historic buildings in the ancient centre. A popular tourist spot, Annecy offers both cultural and natural riches attracting 2.5 million visitors each year. Its diverse property market is composed of well-preserved old houses and more recent offerings. A choice which satisfies an equally varied clientele, now benefitting from a market with stable prices, or still on a downward trend in certain areas.

“Encompassing the main roads of the hyper-centre around Galeries Lafayette, Avenue d’Albigny, Rue du Président Favre and the Palais de Justice neighbourhood, the “golden triangle” is the most highly-prized area among a clientele consisting of a good number of executives and engineers employed in Geneva,” explains Hugo Chanut of the Cabinet Citya. Desirable properties are rarely available, whence their steady prices. A 2-bedroomed apartment here in a soundly built residence benefitting from a terrace costs from 350,000 to 400,000 €. Closer to the lake, apartments likely to offer lovely scenic views and a privileged life-style are priced around 4,500 € per sq. metre, though they can attain 6,000 € per sqm. in new developments. “The market for houses is virtually non-existant,” adds our specialist. “When one does come up for sale, usually in the Annecy-le-Vieux area, prized for its quietness and closeness to the lake, it is rarely priced under 700,000 €.” On the town’s periphery, first-time buyers and a few investors looking for more favourable tax or financial terms (PTZ) fall back on the communes of Novel, Seynod or Cran-Gevrier. Here, the new “eco-neighbourhood” of Les Passerelles is comprised of five residences whose urban planning conforms to environmental standards. The apartments are pegged at around 4,000 € per sqm. Only a few minutes from the centre on foot or by bus, other new neighbourhoods are also making their appearance : Courier, Galbert and the lower part of Seynod with the Malaz area and ZAC Périaz.

“Overall, prices are pretty stable for recent properties benefitting from good locations. On the other hand, prices of older properties may see sharper downward adjustments depending on their neighbourhood and condition,” says Olivier Grynko of the Peak Immo agency, covering the area around Annecy since the year 2000. “Many retirees would like to move closer to the town centre ; they give priority to comfort, convenience shops close by or even next to their residence. They aim for the best locations and naturally opt for recent or easily accessible developments. People working locally think more in terms of “neighbourhoods” depending on the composition of their family, their workplaces or habits and, of course, their budget.” The most widely sought-after property ? “In a recent residence, with a good-sized lounge, balcony or terrace, and a garage. For a 2-bedroomed apartment meeting these criteria, one can expect to pay from 250,000 to 280,000 €, or well over 300,000 € for a really good location,” adds Olivier Grynko, giving the example of a young couple who recently acquired a 2-bedroomed apartment of 68 m2 in a low-energy “BBC” residence in the Les Romains area, priced at

289,000 €, garage included.