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Over-heating of the property market in Chamonix Mont-Blanc: what is causing it?

Mr. Paul ROBBERSE - S.A.R.L. Vanipaul Immobilier, builder, Chamonix-Mont-Blanc, France

 

The majority of "overheating" problems are linked solely to questions of supply and demand!

  • Chamonix is a dream for millions of people living in large towns
  • Stress, pollution, transport...
  • People living in secondary residences find happiness in Chamonix...
  • The main factor is the sporting activities

1- The majestic sight of the Massif du Mont-Blanc panorama.

  • Mont-Blanc
  • The Aiguilles de Chamonix
  • The Glaciers (Les Bossons, la Mer de Glace, Argentière)
  • The Drus

2- Winter / summer holiday resort open all year long

  • Businesses open all year long (restaurants, news-stand, supermarkets, Cinema, deco, clothes shops …)
  • Several activities throughout the year (ski, golf, cycling, paragliding, rambling, Tour of the Mont-blanc, swimming pool, ice-rink, tennis……)
  • High Altitude ski slopes (the Grands Montets, the famous Vallée Blanche……)
  • Schools up to secondary school (children can stay in Chamonix until they are 15)
  • Population of more than 10,000 inhabitants throughout the year

3- Its geographical location and its ease of access

  • Geneva Airport is 1hr away (Low cost Easyjet)
  • TGV (high-speed train) to Fayet (winter)
  • Borders with Italy and Switzerland
  • Motorway right up to the entrance to Chamonix

4- Known throughout the world

  • The roof of Europe (Mont-Blanc 4810 m)
  • The Capital of mountaineering
  • Aiguille du Midi

Background of the evolution of the property market in the Chamonix valley

Primary residences

  • No sale or very few primary residences until 1985/1990
  • From 1995/1996 a constant increase in the property market for primary residences
  • As from 2000/2005 the explosion of the property market for primary residences
  • Stagnation of the property market of primary residences due to TOO MANY offers in 2006/2007
  • Prices are stable or even slightly declining in 2007/2008

Secondary residences

  • Start of the development of the market for secondary residences especially a French and Italianfamily clientele in the years 1980 / 1995
  • As from the year 1995, a high increase in acquisitions of secondary residences
  • The first secondary residences are tempted by the property explosion of the new secondary residences (The British arrive on the scene……) 1995/1996
  • The year 2000: the Euro comes along...
  • Explosion of the market!! The prices in French francs of 1998 became Euros in 2005/2006
  • After the explosion, a slow return to calm 2006/2007/2008!

Tourist Residences

  • As from the year 1995/1996, start of the development of this sector (MGM Creation : Le Cristal d’Argentière with swimming-pool, sauna, sports hall, etc)
  • Joint ownership and recovery of VAT is beginning to interest secondary residents
  • Several tourist residences are coming to life as from 1998/2000 (Les Houches, les Hauts de Chavants)
  • The work of the Cristal Blanc, new MGM tourist residence, will begin in Spring 2008
  • This trend will remain as it is for the next few years...

Hotels

  • The small hotels (between 6 and 20 rooms) are no longer profitable and can be transformed into real estate. Zone H
  • Some large hotels (+ than 20 rooms) require such significant renovation work that they can no longer be used! (former generation of Chamonix hoteliers)
The town of Chamonix has a real need for new 3 and 4 **** luxury hotels for an international clientele.