Update on the borderline market

Radia Amar - 25 June 2018

Whether in Le Pays de Gex or Upper Savoy, the real-estate market on the border with Switzerland is still in good shape. For both new and old properties, buyers have a wide choice. Possibly a little too wide ?…

Opened over ten years ago, the recently embellished Immobilac agency, whose team has also grown, covers real estate all over Le Pays de Gex. “Still very buoyant, our market has clearly stabilized,” says manager Patrice Figuet. With a substantial portfolio of properties, he meets the needs of a clientele comprised of ex-pats, “frontaliers”, members of international institutions and Swiss buyers. The enterprising Pays de Gex has lots of new developments, especially residences with high-end apartments. “We are currently marketing numerous lots in Ferney-Voltaire, Prévessin, Ornex, Segny, Divonne-les-Bains, Challex... Apartments here range from 4,500 to 5,000 € per sq.m. Old properties, both apartments and villas, are now priced from 4,500 € per sq.m on average.” Homes offering rare appointments easily exceed these rates, like a penthouse of 130 m2 in perfect condition, in Ferney-Voltaire. Comprised of a light and airy lounge and four bedrooms with parquet floors and built-in closets, it is on offer at 749,000 €, ie. over 5,700 € per sq.m.

Launched in 1996 and based since 2009 in Collonges-sous-Salève, Affair Immobilier boasts perfect marstery of the borderline market. Also benefiting from a solid portfolio of properties including many houses priced from 450,000 to 1 million euros, this agency witnessed a very lively first quarter 2018 before noting in April and May a “wait-and-see” attitude with a return to observation on the part of borderline buyers. “One has to take into account that variations in the €/Swiss franc exchange rate influence the market,” explains manager Christian Petament, assisted by his daughter Tamara. Even so, transactions are still being completed in this area synonymous with sound property investments. As demonstrated by the recent acquisition of a renovated house of 200 m2 in grounds of 1,100 m2 in Vetraz-Monthoux. “It sold quickly for 775,000 € after modest bargaining,” says Christian Petmant, whose team has also just sold a 1980’s villa in Neydens. Offering living space of 180 m2 in grounds of about 1,000 m2, this house in need of modernization in a quiet residential neighbourhood sold for 730,000 €. What about new properties ? “We are currently marketing numerous apartments ranging from 4,200 to4,600 €/m2 in Vetraz-Monthoux,” says Christian Petament. “Though we are noticing that they now raise less enthusiasm. Faced by so many new developments, a slowdown can clearly be felt.”