Chambéry, a growing population

Capital of Savoy from the 11th century until it became part of France in 1860, this town of art and history boasts an interesting conservation area. Not far from the largest French skiing domains, the lakes of Le Bourget and Aiguebelette, the parks of La Chartreuse, Les Bauges and La Vanoise, the Prefecture of “département” 73 is home to 56,835 inhabitants intra-muros, 139,745 in its urban area.

The pre-Alpine scenery first cast its spell on Rousseau and Lamartine. Dominated by the Château of the Dukes of Savoy, Chambéry now plays host to the Charles Dullin Theatre, six museums, a mediatheque, congress center and the multi-purpose hall of La Phare. It also accommodates a court of appeal, an archbishopric and a large hospital centre. For many long years, the town, situated in a gorge between Le Mont du Chat and the Massif des Bauges, derived its income from local government services and the army. The creation of the University of Savoy in 1979 gave it a new dimension. The Ecole Nationale Supérieure d’Arts et Métiers, Ecole Supérieure d’Ingénieurs and Ecole Supérieure de Commerce have also opened their doors. Occupying the old air force base in Le Bourget-du-Lac, Savoie Technolac, a park focusing on solar energy, eco-industry, the service sector, education and research, is an important job provider. Each year, the town sees the arrival of 1,300 newcomers.

“Overall, demand outweighs supply,” announces Petrus de Moel of Elyse Avenue Chambéry. “The shortage of available properties is the main obstacle to our activity. The second problem relates to initial estimates : the EPD (Energy Performance Diagnosis) must now, for instance, be included in our evaluations.” Today, a property in a desirable location, offering impeccable appointments, will find a buyer without any real bargaining. As demonstrated by a 2-bedroom apartment of 85 m2 with particularly tasteful interior decor, between Verney and the station, priced at 318,000 €. This type of home is of special interest to seniors who have sold their houses on the outskirts of the town and want to adopt a more urban life-style. A terrace is a recurring criterion. Purchasers of 2- and 3-bedroom apartments usually pay from 150,000 to 220,000 € while houses intra-muros range from 350,000 to 450,000 €. Some enclaves, like Jacob-Bellecombette, post higher prices, justified by their high-quality construction and proximity to the centre and university faculties. Here, an apartment of 85 m2 is worth 335,000 €, and houses may well reach or exceed 600,000 €. “The municipality is working on improving the urban environment,” adds our estate-agent. “Which involves rehabilitation of Les Halles and the hospital centre. This new attractiveness is clearly having an effect on population figures. By 2030, the Chambéry area is expected to host 483,000 people, as compared with 373,000 in 1999.”

“Young buyers with modest budgets certainly pay more attention to charges and the EPD factor. Elderly clients are less sensitive to these criteria, giving priority to elevators, terraces and a garage. Which explains why they tend to focus on Bellevue or Le Verney rather than the historic heart of town” says Sylvie Coquiard of A3 Immobilier. Private and professional investors, who routinely set a ceiling of 120,000 € on their acquisitions, are looking for apartments with 1 or 2 main rooms giving a rental return of at least 4 %. It is even possible to obtain 5 %. Houses are also of interest : the current stock of available of properties guarantees steady or even slightly lower prices. Three categories stand out clearly : the most popular price-bracket ranges from 240,000 to 300,000 €. A few senior executives and self-employed professionals can afford to pay over 500,000 €. Ultimately, estate-agents find that the range between 300,000 and 500,000 € is the most difficult to work on. Well-informed about the regulations and rates curently in force, clients are very demanding. On the other hand, well-targetted visits can save a lot of time. Hit by the shortage, an apartment which has been correctly estimated sells almost immediately. In Chambéry itself, apartments cost on average around 2,400 €/m2, and in the old town centre prices currently enjoy real stability. Houses are close on 2,900 €, though this indication is hardly significant given the very wide price differences observed in this particular category.

“Chambery follows a neighbourhood logic, which is, of course, less marked than in large French cities,” says Olivier Bruchon of Générale Immobilière. Well-known for its alleyways, the historic centre is characterized by dense housing built between the 14th and 17th centuries, three or four stories high and often lacking in parking facilities. Purchasers here - relatively young and ready to pay 2,000-2,200 €/m2, exceptions aside - sacrifice convenience in exchange for charm and character. So-called reconstruction areas in the immediate vicinity of Les Halles, built from 1945 onwards, are not particularly attractive. However, their central location and amenities justify prices between 2,400 and 2,600 €/m2. The train station and major avenues such as Comte Vert, Turin, Jean-Jaurès and Nicolas-Parent, sometimes noisy, offer a mixed array of housing, from basic accomodation to noble residences, where prices can double. Les Monts and Jacob-Bellecombette are the most highly-prized addresses. 90 % of the first consists of houses. There are so few on offer that they often escape the agencies. The second is divided evenly between villas and luxury apartment buildings, selling from 3,000 to 3,500 €/m2. Some properties enjoy views of the valley of Chambéry and as far as Lake Bourget.