The attractive town of Chambéry

Situated in the northern pre-Alps between the massifs of Les Bauges and La Chartreuse, the prefecture of Savoy is home to 56,476 people, 210,130 in its greater urban area. Each year, the site attracts 1,300 new residents. High-quality living conditions and value for money explain its popularity.

“The natural crossroads of Europe” : a logo chosen in reference to the town’s location - 85 km from Geneva, 100 km from Lyon and 215 km from Turin - exercising lots of appeal. Industrialization took a long time coming to the historical capital of the States of Savoy. For a very long time, its income came from its administrative services and the army. This predominance of the public sector still prevails, despite the presence of company headquarters such as those of Transalpine, Folliet, Placoplatre and Opinel. The University of Savoy moved in in 1979, bringing a student population that complements those attending the Ecole Nationale des Arts et Métiers and the Polytech. The town is only a few dozen kilometres from the most prestigious skiing resorts. While the commune provides all the shops and services required for everyday living, it has retained its very appreciable human dimension. The historic centre and its little alleyways are certainly not lacking in charm, despite the 10 acres destroyed during the Allied bombardment of May, 1944. Since the war, the town’s population has continued to grow. Comprised 14.5 % of houses, its living accommodation doubled between 1968 and 1999. “And the trend is still upward,” notes Sylvain Carle of Ailleurs Immobilier. “New developments have followed fast on each other’s heels since the turn of this century, with an acceleration from 2006, indicating Chambéry’s on-going success.” Urban projects reflect this go-ahead approach, as exemplified by Les Halles, already delivered, the restructuring of La Leysse, still undergoing completion, and the new TGV station.

“Let’s not be mistaken, everyone is waiting for developments in real-estate taxation and paying close attention to the national economic context,” says Petrus de Moel of Arthur Immo 100 % Expert - Elyse Avenue. “Though Chambéry manages to keep its head above water. The quality of its living conditions leaves no-one in any doubt, drawing the interest of clients from the Parisian region and retirees from all over the country, plus buyers from Aix and Annecy, tempted by prices that are more attractive than in their home towns.” By way of example, a central town house of 140 m2 in perfect condition with a small garden of 400 m2 recently found a taker at 360,000 €, after being reduced by 20,000 €. Buyers are just as demanding with regard to location as to the value-for-money factor. Agencies are currently seeing more 40 and 50 year-olds who can afford to make substantial down-payments than first-time buyers. But also local investors, wanting to take advantage of the last opportunities under the Scellier scheme. Petrus de Moel says he is satisfied with the progress being made with the sales of a development of 39 apartments in Barby, priced around 3,300 €/m2 plus parking places. With regard to rental demand from students and young couples, older buildings are also popular as long as they are proposed at reasonable prices. Behind the notion of profitability, one also finds that of a long-term investment. Recently, a 3-bedroom apartment of 84 m2 to renovate, near the station, changed hands relatively quickly at 175,000 €. Since the surge of interest in shared rentals, investors are also looking for larger surface areas.

“There are certainly slightly fewer buyers around,” says Olivier Bruchon of Générale Immobilière. “However, projects are ripening and potential purchasers are fast to respond, provided they are presented with fairly estim-ated properties.” The challenge for the profession lies in this search for a balance between supply and demand, a goal that necessarily requires sellers to accept market realities. In August, a first-time buyer paid 230,000 € for an apartment of 70 m2 in a recent residence with garage in Jacob-Bellecombette. Another client decided to pay 440,000 € for a house in need of a revamp, with a garden of 1,700 m2 on an estate - which he intended to rent out -, rather than hang on to his savings in the bank. Finally, an investor paid 115,000 € for a leased 1-bedroom apartment, bringing a gross return of 5 to 6 %. These three references, illustrating prices hot off the press, did not stay for long on the agency’s files.