Annemasse, a barometer for the market on the French-Swiss border

French-Swiss border This town with almost 31,300 residents stands on the French-Swiss border in Upper Savoy, south-west of Lake Geneva. Only 2 km from the canton of Geneva, at the entrance to the valley of the Arve, it belongs to the “agglomeration community” of Annemasse-Les Voirons.

Over the past year, the agglomeration of Annemasse has seen an all-round decline in its property prices. This trend is explained as a late inheritance from the economic crisis in France ; its effect on this flourishing region had thus far been postponed due to the area’s proximity to Switzerland. Another reason is that many “frontaliers” are repatriating to make sure that they benefit from all-round health insurance and to subscribe to additional private insurance policies, which is a drain on their purchasing power. Finally, the anti-immigration referendum on February 9th voted to introduce a quota system affecting all non-Swiss nationalities : henceforth, absolute priority is awarded to Swiss nationals on the work market, thus creating a feeling of uncertainty among buyers in the Annemasse region, 80% of whom are “frontaliers” (people working in Switzerland but living in France).

“Most of our clients are in search of their second acquisition ; despite the slowdown, there is still a lot of movement, and the region is still lively. A lot of young employees are also looking for their first home,” says Marine Milleret of Home L’Agence, which opened its doors in May, 2012, at the heart of Ville-la-Grand. Its catchment area extends from the lower part of Chablais to Le Genevois, with the Annemasse agglomeration as its main market. The most frequent budgets ? “From 200,000 to 220,000 € for a 2-bedroomed apartment, 400,000 to 450,000 € for a house. In the case of the latter, buyers have lowered their expectations in terms of living space. More people are now looking for small homes of 85 to 90 m2.” Apartments are, however, the most widely sought. Proposed at around 3,500 € per sq. metre, they are more affordable than villas, mostly pegged at about 4,200 € per sqm. “Some properties of character stand out from the crowd, like an exceptional contemporary loft of 140 m2 on the commune of Etrembières, up for sale at 499,000 €.”

This general observation is shared by Jean-Charles Renaut, sales consultant with Bouvet Cartier Immobilier based in Annemasse, covering the entire agglomeration including Gaillard, Ambilly, Ville-la-Grand… Here, most demand is also for apartments. Small surface areas : studios or apartments with one main room appeal to investors looking for rental income, 2-bedroomed apartments of interest to local workers, mostly “frontaliers” drawn by neighbourhoods such as Gaillard Ambilly for their closeness to public transport services taking them quickly to Geneva. “Many potential buyers are indeed adjusting their budgets downwards and taking more time before taking the plunge.” Properties in excellent condition are, however, keeping their heads above water. They sell easily, as illustrated by a new 2-bedroom apartment which, on offer at 259,000 €, sold for 250,000 € in a “love at first sight” transaction ; and a studio priced at 94,000 € in Ville-la-Grand, that the new owner visited only twice before signing on the dotted line. “In perfect condition, in a high-quality residence, it exemplifies the kind of property which is snapped up without any real bargaining,” says Jean-Charles Renaut. A studio like this could easily be rented out to a student at the Conservatoire of Geneva or another college for about 500 € per month plus charges, even 550 € if it is tastefully decorated.

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