Annecy, a buoyant market
Radia Amar - 05 October 2016
Between the lake and mountains, the “Venice of the Alps” plays host to almost 51,000 residents intramuros and 210,000 within its agglomeration. Since the opening of the A41 linking it to Geneva, people working across the border, more than ready to benefit from a pleasant setting only 30 minutes from their workplaces, have joined the ranks of home-hunters in Annecy. “
"Results for the first half of 2016 confirm a marked rise in our sales volume,” says Olivier Grynko of the Peak Immobilier agency, operating from new premises in the town centre since 2014. “The market for old properties is still posting steady prices overall, while the market for new builds is drawing lots of attention thanks to the PTZ+ loan and a growing number of investors.” Annecy is an active property market with a wide variety of homes. The hyper-centre, old town (historic quarter) and the neighbourhood around Galeries Lafayette are high-ly prized by a clientele in the upper socio-professional bracket, mainly comprised of “frontaliers” (people employed in Switzerland) and retirees who have gradually built up their assets. “The highest prices per sq. metre are to be found here. Among our recent sales, a 2-bedroomed apartment of 63 m2 with a garage in a modern residence sold for 368,000 €, while a 1-bedroomed apartment of 50 m2 on Avenue de la Mavéria, on the edge of Annecy-le-Vieux, has just been acquired for 209,000 €. Investors are actively looking here for small surface areas, motivated by a satisfactory rental return - of about 5% gross -, but also by the desire to acquire assets of quality and long-term value. We just sold a studio of 32 m2 on Rue Carnot for 159,000 €. This type of property can easily find a taker within just a few days.”
Usually restricted to more slender budgets, families of residents working locally want to live close to the centre of Annecy to benefit from urban amenities : schools, public transport and other facilities. They fall back on neighbourhoods on the outskirts of the the town, such as Novel to the north or Les Balmettes to the south. “Residences built in the 1970’s/1980’s consist of apartments on offer at prices that are more affordable for standard budgets,” explains Olivier Grynko. “Sellers are obliged to bring their prices in line if they want to make a quick sale. Prices in this first outer ring now range from 2,700 to 3,700 per sqm., depending on the area.” In need of a lick of paint, a 4-bedroomed apartment of 95 m2 on the 3rd/top floor of a residence without a lift on Rue Jules Barut recently sold for 235,000 €. Communes around Annecy such as Cran-Gevrier and Seynod are gradually being transformed by the appearance of substantial new developments, attracting both locals and “frontaliers” who appreciate their closeness to the motorways. On average, apartments here are priced from 3,700 to 4,000 € per sqm.
With a team of 130 covering the entire area of Savoy, Upper Savoy and Le Pays de l’Ain, the Citya group of estate agencies, launched in the early 90’s, adds its sales activities focusing on proximity and customer service to its expertise in property management. “Annecy is no exception to the liveliness we are currently seeing all over Upper Savoy,” says Benoit Tremblay, local manager of this network of 13 agencies which efficiently covers this strategic catchment area. “The challenge to our profession as salesmen now lies in sticking to real market values, thanks to an array of successful transactions enabling us to make objective, well-founded estimates. It is preferable to present each property at just the right price, as soon as it is placed on the market. Buyer profiles are very varied : first-time buyers, the locally employed, retirees, rental investors, “frontaliers”… We are fortunate in being able to present an array of offerings that correspond to the large majority of their demands. We could still do with a few more new properties, but that will be resolved in 2017.” What about houses ? “Timber-framed, traditional, secluded or on estates, occasionally offering views of the lake… The area offers a wide variety of homes and a broad range of prices. For classic houses on the outskirts of Annecy, prices start from 400,000 €, though, depending on their location, spaciousness and appointments, they can attain much
higher levels.”