Chamonix property reaches new heights
Report by Ascendant Property, first published 01/07/2008

It’s impossible to think of Chamonix without thinking of mountaineering; after all, it’s hard to miss the towering peaks of Mont Blanc which form a magnificent backdrop to this popular resort. For property hunters with a passion for the great outdoors Chamonix is the Mecca of the mountains; a bustling year-round destination where like-minded enthusiasts gather to indulge in their favourite pastimes during the day and chill out in the many bars, restaurants and clubs at night.

This part of the French Alps is known as the Haute-Savoie and has been attracting British interest since the mid-1700s, when intrepid mountaineers first struck out to explore the challenging peaks and glaciers of the Chamonix Valley and recorded their impressions of the breathtaking terrain in poetry and literature. Once a favourite haunt of the English aristocracy, Chamonix is still drawing the crowds winter and summer alike and from an investment perspective, Chamonix is still hot property.

A brief history ...

Chamonix, or Chamouni as it was originally known, was first “discovered” by two Englishmen, who in 1741 came across a tiny mountain village surrounded by fearsome glaciers and indomitable mountain peaks. William Windham and Richard Pococke had little idea that their discovery of the famous Mer de Glace (Sea of Ice) glacier would have such a monumental impact on European tourism, winter sports and the French Alps. As word of their discovery spread increasing numbers of visitors came to see the spectacle of the agitated, frozen river above Chamonix and the peaceful village began to expand.

After many failed attempts the very first mountaineers reached the summit of Mont Blanc in 1786 and the curse of the unassailable mountain was broken. However many lives continued to be lost in endeavours to conquer the snow-clad peaks and in 1821 the famous Compagnie des Guides was created to guide mountaineers to the summit. During the late 1700s and early 1800s more and more hotels were built for the predominantly English visitors who were drawn to the area by the romantic writings and poetry of their fellow countrymen. An increasing number of scientists, mountaineers and climbers arrived and after the reunification of Savoie with France, Napoleon III ordered the creation of road and rail access from Geneva. In 1866 the road was complete and the railway opened in 1901. These significant milestones marked the start of a boom time for Chamonix and the peaceful market town swiftly developed into a busy and prosperous town with an established population and popular summer season. In 1908 the famous Montenvers Mer de Glace cog railway opened to carry visitors up to the glacier and in 2008 the now-famous “Little Red Train” celebrates its 100th birthday.

The next landmark achievement for the resort was to be one of the most significant events for the world of winter-sports and the French Alps. In 1924 Chamonix hosted the first ever Winter Olympics and opened up both the Chamonix Valley and the wider French Alps as the destination of choice for European winter-sports enthusiasts. Very quickly cable cars and ski lifts were installed, starting with the Planpraz, then the Brevent, the Aiguille du Midi and the Flégère. Chamonix quickly expanded into the large and popular resort that we see today and her reputation as the capital of the ski and mountaineering world was sealed.

In 2008 Chamonix is a major tourist destination, with visitors arriving from all over the globe throughout the entire year. The resort has developed into a cosmopolitan mountain town, with designer boutiques, chic bars and Michelin-starred restaurants happily sitting alongside juice bars, sports shops and alpine chalets serving hearty Savoyard fare. The name Chamonix is synonymous with skiing and mountaineering and the resort continues to innovate in the sporting world with the creation of new and challenging extreme sports. Never forgetting her roots, Chamonix offers the perfect blend of old-meets-new in both architectural style and culture and is justifiably one of the world’s most popular holiday destinations.

The Chamonix property market

Property in Chamonix has experienced the same meteoric success as the resort and the British love affair with the region shows little sign of abating since the first Englishmen arrived 267 years ago. The recent economic uncertainty in the UK and the strong euro have certainly impacted on the property market in the Alps and Chamonix is no exception, however property in Chamonix is continuing to show steady capital growth and property in central and key locations within the Chamonix area is still immensely popular with buyers. In 2007 resale apartment prices in Chamonix increased by an average of 5% and the resort is showing signs of a more stable and mature property market. This is underlined when the past 12 months are compared to the tremendous growth of the 6 years between 2001 and 2007 when resale apartment property prices in Chamonix increased by a staggering 160% average, meaning that if you were one of the lucky ones you certainly made an outstanding property investment. In 2007 resale chalet and house prices in Chamonix leapt up by 20%, another strong indication that in a marketplace where there is very little supply buyers are prepared to pay a premium for their dream home.

Apartments in Chamonix are now sold for an average of 5,600 euros per square metre (up from 5,400 euros per square metre in 2006), however this figure can vary wildly according to which part of the resort you choose to buy in and the type of property you choose to buy. In the resort centre quality apartments can sell for as much as 12,000 euros per square metre and anywhere with views of the Mont Blanc range and private parking is always going to be a popular choice. The most sought-after spots to buy property in Chamonix outside of the resort centre are the areas of Les Moussoux, Les Praz de Chamonix, Les Boisand La Frasse. These residential locations are noted for the amount of sunshine they get in the winter (a key factor when buying in a valley surrounded by mountains), their traditional Savoyard architecture and quaint village ambience, their location close to cable cars and their proximity and ease of access to the main resort centre.

Les Moussoux is a peaceful and small village elevated above the main resort centre which benefits from superb views of Mont Blanc and the glaciers, a south-facing aspect and all important proximity to the Brevent cable car. Chamonix Les Praz is an attractive and charming Savoyard village on the edge of the resort, well connected by bus and rail services. As well as plenty of sunshine in this part of the valley, there is easy access directly to the mountains via the large Flegère cable car which operates in both the winter and summer months. Les Praz is also home to the world-class 18-hole Chamonix golf coursewhich was designed by Robert Trent Jones. Chamonix La Frasse and Les Bois adjoin Les Praz and benefit from the same plus points.

Larger apartments tend to attract the premium price per square metre – these days buyers want low maintenance and spacious property, with multiple bathrooms and private parking. 3 and 4 bed apartments for sale in Chamonix are hard to find and so they sell for an average of 6,500 euros per square metre – 900 euros more per square metre than the average.

Chamonix apartment sale prices

Finding a chalet for sale in Chamonix has always been notoriously difficult and with such a limited supply of land to build on demand has driven prices upwards year after year. Everyone dreams of their private mountain hideaway, a crackling log fire, candles winking in the windows and panoramic views over snowy mountain peaks - in Chamonix you will certainly need a deep pocket. The average price of a chalet in 2007 was 900,000 euros for a property of 110m² (typically a 3-bed property), an average of 8,181 euros per square metre. As with apartments the value of a chalet can vary wildly according to its location and condition and most buyers should expect to budget upwards of 1 million euros for a detached chalet close to the resort centre or in one of the hotspots mentioned above. The success of Chamonix has benefited the whole of the Chamonix Valley, with nearby resorts such as Les Houches, Argentiere, Vallorcine and Le Tour expanding and developing alongside their larger neighbour. Each resort has something different to offer, whether it’s the level or altitude of skiing available or the character and size of the resort.

Property prices in the Chamonix Valley are anticipated to stabilise in 2008, a side effect of the economic uncertainty felt by many British buyers who influence the local market. However luxury property sales in Chamonix are much less affected and continue to do a brisk trade. The lull in the market is not expected to last long - Italians from affluent northern Italy are also attracted to the Chamonix Valley because the property prices here are lower than the other side of the Mont Blanc tunnel and the resort is also drawing in the Russian and Eastern European mega-wealthy, who think nothing of splashing millions of euros on luxury mountain retreats. The cyclical nature of any property market means that this is a good time to buy; whilst the euro is strong British vendors can afford to negotiate on property prices thus negating the currency exchange effects of the weaker pound and there are certainly savvy investments to be made before the next big upturn in prices.

>>See also...
Alpine Property Review
Good news for both buyers and vendors
What's in store for the next 12 months?

Sources: FNAIM, Dauphiné-Savoie, Notaires de France / Perval

Ascendant
Ascendant is a British-managed estate agent offering ski and lakeside property for sale in the French Alps. We specialise in providing a highly personalised service for our clients, whether you are seeking to buy or sell an alpine property. We are members of the French estate agency trade association of FNAIM and we adhere to the FNAIM code of best practice applicable to the sale of French property.
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