Savoy : focus on the chalet market

Radia Amar - 25 February 2020

According to the INSEE, France can lay claim to 3.2 million second residences, a quarter of which are in the mountains, with the Alps still the preferred destination of French holidaymakers. Traditional, luxurious or rustic, ready to move in or in need of refurbishment, the Savoy chalet tops the wish-list for mountain homes.

At the heart of Bozel, a mid-mountain village on the road to Courchevel and Les 3 Vallées, the RMP agency run by Sarah Denney handles sales with a clientele comprised of the locally employed and tourists looking for both permanent and holiday homes, but also rental investments. “Thanks to a wide diversity of activities that can be pursued in all four seasons, the mountains are just as appealing in winter as in summer, giving a property market that is lively year-round,” says this specialist, pointing to supply outstripped by demand. “Unlike luxury chalets proposed in Courchevel at prices that can attain several million euros, those we offer for sale are mainly located in Bozel, Champagny-en-Vanoise and Pralognan-la-Vanoise. In these family village-resorts, a chalet of about 230 m2 costs around 600,000 €. Even though sellers readily post prices above market level (giving rise to bargaining), at the end of the day prices remain stable. In any event, they are certainly not falling ! If the price makes sense, chalets sell in under three months. Buyers are frequently the locally employed, such as ski instructors, wanting to live in a home typical of the region, and tourists drawn by the warm, authentic character of wood, and wanting to benefit year-round from a pied-à-terre in a pleasant mountain village.”

Mikael Karakas runs the Agence 3V Immo which devotes itself to the sale of old and new properties, and seasonal rentals in the Massif des Aravis. “Building land is rare in our region, so very few new chalets appear on the market. In our sector, where building permits are delivered in dribs and drabs, demand sharply exceeds supply.” Areas covered by the Agence 3V Immo are La Clusaz, Saint-Jean-de-Sixt, Le Grand-Bornand, Thônes and its surrounding area. These territories post marked differences in prices depending on the property’s condition, appointments and amenities : “For a chalet in La Clusaz, prices range from 8,000 to 15,000 € per sq.m. In Le Grand-Bornand, an equivalent property can be found from 6,500 to 9,000 € per sq.m, from 5,000 to 7,000 € per sq.m in Saint-Jean-de-Sixt. By descending as far as Thônes, you can acquire a chalet for 3,000 to 4,500 € per sq.m”. Mikael Karakas has also noticed that properties available for sale are becoming rarer while demand continues to grow : “I encourage sellers to offer their properties at the right price, which shortens completion times”. Most of the chalets are used as holiday residences, though the region is economically active all year round which benefits the market for permanent homes, especially on the communes of Thônes and Saint-Jean-de-Sixt which is welcoming a growing number of natives from La Clusaz and local workers wanting to take advantage of more affordable prices.