From Saint-Jean-de-Maurienne to Valmeinier

They have a mountain environment in common. The first has been the capital of La Maurienne since the 6th century. The second only saw the light of day in the 12th century, and had to wait until 1973 and 1986 before its winter resorts came into being. To some extent, the economic health of towns in the valley is closely linked to the prosperity of tourist destinations. Overview...

Saint-Jean-de-Maurienne, with some 8,700 inhabitants, stands at the confluence of the Arc and Arvan rivers, on the route of the future Lyon-Turin railway line, at the foot of the Domaine des Sybelles and the Parc de la Vanoise. Benefitting from a bus service since June 2008, the town has three main neighbourhoods : La Bastille, Les Chaudannes and Les Clapeys. 80 % of the accommodation consists of apartments, 88 % of main residences, 5.5 % of holiday homes and 6.5 % of unoccupied housing. The site appeals to nature-lovers, fans of cycling, skiing and hiking. Each year, it hosts a leg of the “Tour de France” and “Critérium du Dauphiné Libéré”. With nearly half the population actively employed, the fate of this sub-prefecture in Savoy depends on local firms and their resilience to today’s tense economic climate. Valmeinier, with 500 residents, is made up of several hamlets, some characterized by the famous roofs tiled with “lauze” stone. At an altitude of 1500 metres, the area made its livelihood for many decades from mining and agriculture. Directly linked to the ski resort of Valloire, La Giraudière and L’Arméra were built in 1973, rivaled by the construction of Le Gros Crey at an altitude of 1800 metres, 13 years later. The resort offers a skating-rink, a trail for snow-shoe enthusiasts, a hang-gliding and ULM centre, a snow-park and, above all, 150 km of ski-runs, 70 % of them above 2000 metres.

“Currently, the eyes of people from Saint-Jean are all focussed on the Alcan aluminum plant, the main job provider in the valley. Some are waiting for its next move, others are eagerly awaiting the inauguration of the Lyon-Turin line ; some are postponing their real-estate project,” explain Stéphanie di Donfrancesco and Charlène Viallet of the Elyse Avenue agency. The most recent contracts signed have been for main residences. Our estate-agents mention a terraced house in good condition priced at 1,870 €/m2, a detached house with refurbishment required at 1,145 €/m2, and building plots ranging from 60 to 80 €/m2, with first-time buyers, ie. the main purchasers in the region, ready to pay 230,000 € at most for a finished product. Apartments generally cost from 1,500 to 2,300 €/m2. But there is still a gap between buyers’ capabilities and sellers’ expectations, a gap explaining the longer periods of time needed to complete transactions. Since December 2009, the number of contacts, visits and completions - below 200,000 €, and at 150,000 € on average - has been rising steadily. Demand for houses of higher quality at around 300,000 € is, however, slow.

“A 30-minute drive from Saint-Jean-de-Maurienne, Valmeinier will be offering 8,605 beds as from the 2010-2011 season,” notes Michèle Noisillier, commercial manageress for the ski-lifts. “Capacity in fact needs to meet the needs of occasional workers and residents, and the profitability requirements of the ski-lifts. This level corresponds to a satisfactory cruising speed. It now remains to consolidate our position, improve on existing accommodation and ensure customer loyalty rather than pursue any further development.” In 1988, the resort introduced a central reservation system so that early investors would get into the habit of renting out their properties. This measure limits the “closed shutter” effect, prejudicial over time to the investment’s on-going success. Since then, tourist residences (a market that still eludes agencies) have taken over, providing two-thirds of all accommodation. They notably account for the boom in spa offerings. “A few locals acquire building land at 1500 metres. Provided they can find it, they pay 180-200 €/m2. People from Lyon, Chambéry and Grenoble are interested in buying holiday homes,” adds Jorge de Campos of Chalet Investissements. In recent years, they have paid, on average, 150,000-220,000 €. For new developments, the price per sq. metre ranges from 4,000 to 4,200 €, while older accommodation costs from 3,500 to 3,800 €. Despite the crisis, prices are holding, in contrast to those in other resorts in La Maurienne, except for Valloire, which is managing to hold its head above water. Probably because its post-1988 buildings, spared from the proliferation of cabin-studios, correspond to current tastes. Jorge de Campos does not deny the decline in demand in late 2008 and in 2009. “Fortunately, a balance has been preserved between demand and the number of properties on offer, so that the damage has been limited.”

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