Chamonix, an international address

Fifty minutes from Geneva, Chamonix, the oldest resort in the Alps, is enthroned at the heart of a valley comprised of four villages : Servoz, Les Houches, Vallorcine and the largest, Chamonix-Mont-Blanc, home to 9,400 year-round residents.

With its three skiing domains offering 108 km of slopes, Chamonix is a resort highly-prized by international skiers and alpinists. Arriving from the UK, Russia, Sweden, Switzerland, Belgium, Germany, the Netherlands..., they come in their thousands each season to swish down the slopes of this high-profile resort. With 9,400 year-round inhabitants and many occas­ional residents, Chamonix is also, however, a town providing a full array of infrastructures necessary for an active life in all four seasons. Consisting of 16 hamlets sandwiched between the mountain ranges of Les Aiguilles Rouges and Mont-Blanc, Chamonix offers about 14,000 homes, of which 30 % are main residences. With on average 75% apartments versus 25% chalets, the local market - which is not expandable - focuses on properties up for re-sale.

“2014 was a busy year, and 2015 has gotten off to a lively start, especially thanks to a good number of Swiss and “frontaliers” (people working across the border) who found themselves with a very strong currency in January, and want to invest in Chamonix,” says Juliette Vasseur who opened the Juliette & Co. agency in 2012. Budgets the most frequently observed for chalets range from 600,000 to 700,000 €, bringing a small traditional example in the neighbourhoods of Les Pélerins or Les Houches, where prices are a notch lower than in the centre or the Argentière area. “In the town centre, chalets are usually pegged from 1 to 1.5 M€, or around 800,000 € if renovation is required,” adds our specialist. As most properties date back to the 1980’s and1990’s – a few rare residences were built in 2004 and 2006 -, many of them need modernizing. Which doesn’t seem to be a setback here, as a property’s location takes precedence over its condition. “As for apartments, those with one or two bedrooms are the most widely sought-after. Those that come up for sale usually find takers pretty quickly,” says Juliette Vasseur, mentioning a 1-bedroom apartment of 32 m2 right in the centre. Priced at 230,000 €, it sold within a matter of weeks. “Le Clos du Savoy” is the most highly-prized address. At the foot of the slopes, it enjoys a truly prime location. Apartments here are worth 9,000 to 9,500 € per sqm.

A pick-up in activity is also being felt in the Chevallier Century 21 agency. “The second half of 2014 proved to be much livelier than the first, and the trend is continuing in 2015. The market is once again open,” declares Philippe Chevallier who, in the month of February, had several preliminary sales agreements on the cards which were signed within about 10 days. These sales include small properties such as a split-level apartment in Les Houches priced at 115,000 €, but also chalets at around 850,000 €. “Properties of real quality can be found on the market, some representing genuine opportunities,” comments our estate-agent, giving an impeccable traditional chalet at the heart of the village of Les Houches as an example. With a total surface area of 250 m2 on three floors, it was built of noble materials by local craftsmen with a reputation for expertise. Extremely well-maintained by a couple of shopkeepers who made it their main home, it offers lots of charm and exceptional features such as a wonderful ceramic-tile stove made in Alsace. Benefiting from a garage, terraces, and a garden of 700 m2, it is up for sale at 750,000 €. Excellent value for money, according to Philippe Chevalier. And what about the top end of the market ? “Properties are there, but clients are thin on the ground.” Which explains why one top-notch property - a chalet enjoying a superb panoramic view of the Mont-Blanc mountain chain and an ideal location near the Chamonix golf-course and cable-car of La Flégère - has not yet found a new owner. Its price ? 2.5 million euros. An investment which is apparently too expensive, even in this stronghold where each asset acquired can be described as a “safe haven”.