Upper Savoy, a prized high-quality lifestyle

Radia Amar - 08 June 2020

Posting average prices among the highest in France, the property market in Upper Savoy benefits from the lure of its numerous ski resorts and neighbouring localities offering a lifestyle of much-appreciated quality.

Specializing in holiday rentals on the estate of Les Aravis, home to its first agency, Aravis Holidays has also handled sales for the past six years in an area stretching as far as the Annecy basin, via its second branch in the valley of Faverges. Managed by Samuel Gidet, Aravis Holidays has just opened a third branch in Le Grand Massif, at Samoëns. “In the area we cover, demand is shared out equally between houses and apartments. In ski resorts in Le Grand Massif and Les Aravis, starting prices range from 4,000 to 6,000 € per sq.m.” On the other hand, Samuel Gidet often notices a psychological ceiling at 1 million euros : “Beneath this level, sales go through rapidly. But beyond that price, they are rare and the process is much slower”. The most sought-after locations in resorts are those close to the slopes with, however, high demand for properties with lovely views. “For a sweeping view, buyers are prepared to drive to get to the ski-runs.” Following a steady rise in prices, sales volume naturally declined during the confinement. “We can expect a drop of about 5% maximum, though demand is holding up for the Annecy basin, as well as for properties in resorts. Furthermore, several new developments arrive on the market each year, with constantly rising prices per sq.m. I therefore anticipate a temporary decline at the end of the crisis, followed by a rapid uptick in activity in all sectors.”

A family-run agency founded in 1967 and now managed by Brigitte Comte, AIM (Agence Immobilière Moderne) offers a wide array of properties for sale in the valley of Chamonix. “Despite high prices, the centre is highly sought-after. The re-sale market ranges from 4,500 to 7,500 € per sq.m. Les Praz, Les Bois and Les Tines are also highly prized. In new developments, 3 to 4-bedroomed chalets are presented from 1.3 million euros.” The Covid-19 crisis has led to a delay in the entire chain of transactions, though Brigitte Comte says that sales committed to before the confinement are nevertheless being completed. “As for what will follow, the question remains regarding the return or not of foreign buyers who account for a considerable share of our clientele : it’s hard to imagine selling a chalet for 2 million euros without it being visited. I remain optimistic : for both Chamonix and neighbouring areas at more affordable prices, such as Passy, Servoz, etc., where demand remains steady and suggests a satisfactory revival in sales in the near future.”