french alps property report

FRENCH ALPS
PROPERTY REPORT
CONTENTS
The Market for Alpine Property Gathers Strength
3
The French Alps: A Time of Change and Renewal
4
Alpine Sports: A New Spirit of Adventure
6
Ski the Best for Less
8
Leasebacks are Getting Looser
10
Euro Mortgages Are Cheaper Than Ever
11
Property Hotspots in the French Alps
12
“So, Where Should I Buy?”
14
Erna Low: 80 Years’ Experience in the Alps
15
THE MARKET
FOR ALPINE
PROPERTY
GATHERS
STRENGTH
We’ve had a couple of great years
at Erna Low Property. Sales volumes
are up, revenues are up, and so
too is the average price of each
property sold. We’re not the only
ones doing well. After the long years
of recession, the British market for
second homes in the French Alps
is recovering, especially when it comes to the type of
property in which we specialise: new-build apartments
at mid-market prices.
It’s not hard to see why. 2013-15 saw continuous growth in
the UK economy, accompanied by outlandish increases in
the price of London property, and a strengthening pound
against the euro. At the same time, French fixed-rate
mortgages have become more attractive than ever, and
leaseback schemes - which allow buyers to reclaim the
VAT on their property purchase - more flexible.
It’s worth noting that two aspects of British interest in the
Alps seem different this time round. The first is that there’s
greater realism about what buying a second home in the
mountains means. These days, our clients see their property
purchase as bricks and mortar with benefits - a long-term
investment, whose primary purpose is to improve their
quality of life.
Secondly, we’re noticing more and more buyers asking
about the summer. Suddenly, July and August in the Alps are
fashionable again, and it’s beginning to change the balance
of power between the high-altitude ski areas, and their
lower, lusher neighbours. I’m delighted. Both trends bode
well for the long-term health of our business.
FRANCOIS MARCHAND, DIRECTOR
www.ernalowproperty.com
3
THE
FRENCH ALPS:
A TIME OF
CHANGE AND
RENEWAL
Ski resorts are improving their
infrastructure, and the number of new
property developments is on the rise.
T
here’s a new sense of energy
and purpose in the French Alps.
Resorts have been spending
millions of Euros on lifts, pistes and
leisure complexes - just as demand
for mid-market ski properties has
picked up.
The most eye-catching investment
programme kicked off late in 2013,
when La Compagnie du Mont Blanc
announced it would spend €477
million over 40 years on new lifts and
pistes in Chamonix. But it’s not been
the only one. In December 2015,
Courchevel completed its state-of-theart waterpark and spa, Aquamotion, at
a cost of €63 million, while Val d’Isère
has just spent €16 million renewing
lifts, pistes and restaurants on La Tête
de Solaise, immediately above town.
4
Luge, Mille8, Les Arcs. Photo: © Propaganda Agency
Property, we’ve enjoyed several years
of sales growth - both in terms of value
and volume. The average price of each
property we’re selling is up too, from
€288,505 in 2011-12 to €402,804 in
2015-16.
Photo: IM_photo/Shutterstock.com
A FAVOURABLE PROPERTY MARKET
Rise in average price of an apartment
in Savoie
4.0%
4.0%
3.5%
3.5%
3.0%
These new projects
have generated plenty of
excitement in the Alps and added extra buzz
to a rapidly-reviving
property market
Meanwhile, in February 2016, Les Arcs
opened the €36 million Mille8. One of
the most ground-breaking projects in
the Alps, it has created a family-friendly
resort-within-a-resort, complete with
new nursery slopes, tobogganing
runs, a swimming pool, spa, gym
and restaurant.
Record-breaking Euro mortgage rates
are one of the key factors behind the
revival. They’ve been attractive for
some time: but this year, they’ve hit
new lows, after the European Central
Bank cut its base rate to 0% in March.
It’s now possible to get a fixed-rate,
20-year repayment mortgage for just
1.85% - a drop of 47% in two years.
These new projects have generated
plenty of excitement in the Alps - and
added extra buzz to a rapidly-reviving
property market. Developers such as
Terresens have been busy launching
new residences, while at Erna Low
The weakness of the Euro has helped
too. Some local markets, notably
Chamonix, have seen a growth in the
number of American buyers, spurred
on by a strong dollar. But it was the
Erna Low Property | French Alps Property Report
Penthouse, Four Seasons, Chatel
That said, not all parts of the Alpine
property market are in good health.
For some time now, demand for luxury
and super-luxury chalets has been
muted. But elsewhere, the current
mood is upbeat. It’s a sentiment
reflected across the whole of the
French property market. Last year,
according to the Federation Nationale
de l’Immobilier, the total number of
transactions in France jumped 15.6%
to 800,000 - a figure close to the
historic highs set in the early 2000s.
2.8%
2.5%
2.0%
2.0%
1.5%
1.5%
1.0%
1.0%
0.5%
0.3%
2015-16
0.0%
Source: barometre.immobilier.notaires.fr
BIG RESORT SPENDS
Recent (and ongoing) infrastructure investment
€477m
€63m
€36m
€30m
€16m
€12m
€402,804
€400,000
CHAMONIX
40-year upgrade of lifts and pistes
COURCHEVEL
Aquamotion waterpark and spa
LES ARCS
Mille8 mini-resort, lifts and pistes
CHÂTEL
New lifts and Forme d’O aquatic centre
VAL D’ISÈRE
Redevelopment of La Solaise area
€358,674
2.55%
€300,000
€326,811
€288,505
1.85%
€200,000
€100,000
0.5%
2011-16
Average price of Alpine properties sold
by Erna Low Property
€500,000
3.50%
3.0%
2.5%
0.0%
period between Febuary 13, 2015 and
January 6, 2016 - when £1 was worth
€1.35 or more - that really helped
stimulate sales. British interest in ski
property hasn’t been so buoyant since
the collapse of Lehman Brothers in
2008: and it’s remained strong even
in the build-up to the EU referendum.
Interest on a fixed-rate 20-year repayment
Euro mortgage
€0
May 2014
Jan 2015
Apr 2016
Source: cafpi-frenchmortgages.com
2012-13
2013-14
2014-15
2015-16 (to date)
Source: Erna Low Property
EDENARC 1800
Looking for a base that
will keep your kids happy?
Then consider the final phase
of Edenarc 1800 in Les Arcs.
This new-build development of
130 five-star apartments is ski-in,
ski-out and close to Mille8
- the €36 million pool, piste and
leisure complex aimed squarely
at families with young children.
1-4 bedroom apartments will
range in price from €224,000
to €915,000, and are available
on a leaseback scheme with a
guaranteed rental income of up
to 4.1%. ernalowproperty.com
LA ROSIÈRE
New lifts and pistes
www.ernalowproperty.com
5
MOUNTAIN BIKERS’ DELIGHT
ALPINE SPORTS:
A NEW SPIRIT
OF ADVENTURE
Photo: © P.Royer/la-plagne.com
There’s a new spirit of adventure abroad in the
mountains, and it’s changing the way we use Alpine resorts.
T
he way we use the mountains
is changing. When the snow
comes, more and more of us
are ski-touring: fixing skins to bottom
of our skis, and walking up, as well as
skiing down, our slopes. It’s a branch
of the sport that’s perfectly in tune
with the ultra-fit aspirations of our age
- and its popularity is mushrooming.
Recently, it’s been estimated there
are 150,000 active ski tourers in
France alone.
6
For those who love their mountain biking as much as their
skiing, Châtel is a key resort. Part of the giant Portes du
Soleil ski area, it links with Avoriaz, which has the highest
snowfall average of any French resort. Meanwhile, in
summer, its bike park offers 20 downhill trails, ranging all
the way from the tranquil to the terrifying. There are many
more to try nearby in Les Gets and Morzine - as well as lots
of hiking and running trails.
To get the best of both worlds, target the Four Seasons
- a brand-new development of 38 1-4 bedroom apartments,
available off-plan for €201,695 to €611,870. Each has a
large balcony from which to admire the views, as well as
storage areas big enough for bikes. ernalowproperty.com
Châtel’s highly-rated bike park. Photo: © Sylvain Cochard
Photo: Thomas Viano/Shutterstock.com
Froome in the Tour de France. Talk to
any specialist in road-cycling holidays
and they’ll tell you of the sudden
determination amongst British road
bikers to travel to France and tackle
the most famous climbs of the Tour.
But it’s the explosive growth of cycling
and trail-running in the summer which
is really driving this sense of change
and renewal - and in some resorts
July and August are now almost as
important for business as the
winter months.
It’s a similar story with trail running.
Clearly, running up mountains is a
niche activity - but one that’s surged
in popularity in recent years. The Ultra
Trail du Mont Blanc (UTMB) is the
pin-up event - a 170km race through
10,000 vertical metres, which in 2003
attracted 700 runners. Last year, there
were over 15,000 applicants for places
on the five races which now make up
UTMB week. It’s now the busiest time
of the year - summer or winter - in the
host resort of Chamonix.
Mountain-biking led the charge, and
has created an infrastructure of bike
parks, biking schools and international
MTB events right across the Alps.
More recently, power-assisted e-biking
has broadened the appeal, as has the
success of Bradley Wiggins and Chris
Add in more traditional pursuits
such as hiking, climbing, rafting and
parapenting, and you can begin to see
why increasing numbers of clients are
asking us, “What’s the summer scene
like?” when they consider buying
property in a ski resort.
Erna Low Property | French Alps Property Report
They’re not just thinking of themselves
and their families. There’s the question
of rental returns to consider, too.
Our sister company Erna Low Travel
reports that the right apartments in the
right resorts - close to Geneva airport
and popular with cyclists and MTBers are now just as sought-after in July and
August as the winter. French property
developer MGM agrees. In the Alps, its
average summer occupancy rates are
80%, compared with 70% in winter.
Admittedly, the price of a peak-season
summer rental is lower than in the
busiest weeks of the winter, but all
the same, it’s a big change from 20
years ago, when many ski resorts
seemed to sleep their way through
the off-season. It was always the case
that resort workers who settled in the
mountains would tell you that “I came
for the winters, but stayed because of
the summers”. Now it looks as though
increasing numbers of second-home
owners will become converts, too.
CLIMB EVERY MOUNTAIN
It’s the explosive growth of cycling and
trail-running in the summer which is really
driving a sense of change and renewal - and in
some resorts July and August are now almost as
important for business as the winter months
One resort that’s responded quickly to the sudden
growth in ski-touring is La Plagne. Last winter it opened
a network of touring itineraries that deliver skiers to
the top of groomed pistes, rather than powder fields or
couloirs. So you can experience the peace and quiet of
the climb, without having to ski like an expert on the way
back down. Meanwhile, for those who’d rather die than
hike, there are 121 lifts serving 435km of groomed and
waymarked pistes in the Paradiski area.
One of the most exciting new developments here is
Le Diamant des Neiges, in the village of Plagne 1800.
A boutique development of twelve 2-5 bedroom
apartments, it’s furnished to the highest standards and
sits next to both the ski school and the local nursery
slope. The building even has its own dedicated bike room
for the summer. Prices, off-plan, range from €319,500 to
€938,400. ernalowproperty.com
www.ernalowproperty.com
7
SKI THE BEST
FOR LESS
A new wave of back-door
developments has made
big-name ski areas more
affordable.
C
anny skiers have known for years that you
don’t have to buy into an A-list ski resort to
enjoy its world-class skiing. In France, almost
all of them are part of larger ski areas, which are
home to other towns and villages. These alternative
bed-bases serve up exactly the same pistes: but
property prices in them are significantly lower
(see chart).
These are not the no-frills rabbit hutches
of old. They’re bigger, prettier, and much
more comfortable
Les Menuires, for example, is the classic back-door
resort into the Three Valleys - home to the stellar ski
communities of Méribel and Courchevel. Meanwhile,
the village of Combloux provides a more affordable
entrée into the polished, old-money world of
Megève. Buying into Tignes gets you Val d’Isère.
HOW PRICES COMPARE
Tignes ski area
Price per square metre in new-build two bedroom apartments.
LES MENUIRES vs MÉRIBEL
Les Menuires: €5,772/m2
What’s new, however, is the standard of property on
offer in these next-door resorts. These are not the
no-frills rabbit hutches of old. They’re bigger, prettier,
and much more comfortable - and their interiors
have come a long way since the yellow-pine-witheverything designs of the 1970s and 80s.
Méribel: €9,098/m2
COMBLOUX vs MEGÈVE
Combloux: €6,179/m2
For example, Les Fermes du Mont Blanc, currently
on offer from Erna Low Property, is a development
of 52 apartments and 12 half-chalets in Combloux
with prices starting from only €142,000 for a studio
flat. Interiors will mix parquet floors, weathered-wood
panelling, and cool, white paintwork. Downstairs
you’ll find an indoor pool, hammam, and a big
communal lounge, warmed by an open fire.
Megève: €10,423/m2
TIGNES vs VAL D’ISÈRE
Tignes-les-Brevières: €6,353/m2
Val d’Isère: €14,627/m2
There are other benefits. In the Three Valleys,
Les Menuires may be less fashionable than Méribel
and Courchevel, but that also means its slopes are
quieter. In particular, the Pointe de la Masse, to
the west of town, is the go-to refuge for many
well-informed skiers - especially in busy weeks
such as February half term.
Source: Erna Low Property
Santa Terra swimming pool, Tignes
Better still, it’s only a short hop up the Belleville
valley to Val Thorens, which is the highest ski village
in the Alps, and home to some of the most reliable
snow in France. To get there from some parts of the
Three Valleys is a bit of a schlep. But if you buy into
Les Menuires, it’ll be your next-door neighbour.
Les Menuires. Photo: © P.Lebeau/Office de Tourisme des Menuires
8
Erna Low Property | French Alps Property Report
It’s a similar story with Tignes. It has none of
Val d’Isère’s social cachet, but it does offer quicker
access onto the snowsure Grande Motte glacier, as
well as the best intermediate skiing in the Tignes-Val
d’Isère ski area. In particular, the long, broad descent
from the top lift station on the Grande Motte, back
down to Val Claret, is a beauty, and drops through
more than 1,000 vertical metres. As you’ll see from
our chart, new-build ski apartments here can be less
than half the price of those in Val d’Isère. A saving
like that will make your skiing seem even sweeter.
SANTA TERRA, TIGNES
A newly-built development in Tignes-les- Brevières, Santa Terra
offers classic back-door access to some of the best skiing in the
Alps. The 32 apartments are a short walk from lifts that’ll whisk
you into the heart of Tignes’ high, snowsure valley, and thence to
Val d’Isère. You won’t be slumming it, either. Interiors mix textured
wood and stone with crisp white walls, and there’s a spectacular
indoor pool and spa on site. Prices for 1-4 bedroom apartments
range from €205,167 to €385,417. ernalowproperty.com
LE COEUR DES LOGES,
LES MENUIRES
Phase Two of this successful, ski-in, ski-out development offers
upmarket accommodation and almost limitless skiing in the Three
Valleys. The résidence has its own pool, and there are two public ones
nearby, as well as a big indoor play area for kids. They’re part of the
resort’s many child-friendly facilities, which have earned it the “Famille
Plus” label. Off-plan, prices for 1-4 bedroom apartments range from
€198,000 to €615,000. ernalowproperty.com
www.ernalowproperty.com
9
LEASEBACKS
ARE GETTING
LOOSER
EURO
MORTGAGES
ARE CHEAPER
THAN EVER,
BUT…
Leaseback schemes are an easy
way to save 20% on the price of
your property - and the deals are
ever-more accommodating.
Looking for rental income from your Alpine property
- and 20% off the purchase price? Then consider a
leaseback scheme.
This government-sponsored
programme is designed
to maintain the supply of
holiday lettings in tourist
destinations, and it offers
a full refund of the VAT on
new-build apartments and
their furniture. To qualify, you
must put your purchase into
a rental pool for 20 years:
although you can usually opt
out after nine years.
mortgage rates for leaseback properties (see opposite), they
offer the chance to cover most, if not all of your costs, beyond
the deposit and first round of fees associated with the purchase.
The freehold is still yours. But the
management company takes on the
marketing, letting and maintenance
costs, in return for an annual fee,
as well as a share in the income
The freehold is still yours. But the management company
takes on the marketing, letting and maintenance costs, in
return for an annual fee, as well as a share in the income.
Some projects guarantee annual returns of 5% of the
purchase price, tax free. So, even allowing for higher
Leaseback or not? Two
very different schemes...
ST-GERVAIS-LES-BAINS
10
Not everyone can expect t0 get a rock-bottom rate
Fortunately, much looser leaseback
schemes are now coming on stream.
For example, the recently-launched Les
Fermes du Mont Blanc in Combloux comes with a very different
leaseback contract. Owners still get the VAT refund, but can use
their new apartment for up to 26 weeks a year. More and more
UK buyers are looking for this kind of deal: offering lots of time
to enjoy their property, with none of the hassles of ownership.
Thanks to the buoyancy of the UK market, management
companies have been quick to oblige.
Looking for launchpad into
the high Alps, that’ll work
both summer and winter?
Then consider Le Clos de
Savoy - a new development
of 38 apartments just 50m
from the lifts in St-Gervais,
and a short drive from
Chamonix. With prices
starting from €99,000, and
no leaseback scheme, this
could be the perfect Alpine
pied-a-terre for anyone
wanting to maximize their
time in the mountains.
ernalowproperty.com
Erna Low Property | French Alps Property Report
The downside is obvious. You can’t
escape to your Alpine hideaway
whenever you feel like it. What’s more,
some schemes offer owners only three
weeks’ annual use. For some buyers,
it defeats the whole purpose of having
a bolthole.
LA ROSIÈRE
The Hameau de
Barthélémy is a classic
example of the new,
looser leaseback
development, with
up to 26 weeks a
year on offer for its
owners’ personal use.
They might want to make full use of them. La Rosière’s ski area
straddles the Petit Saint Bernard pass, and links with La Thuile in
Italy. It comes brimming with variety, and lots of ski touring terrain.
Meanwhile, in summer its sunny slopes are a gorgeous place
to go hiking and biking. Prices start from €322,500.
ernalowproperty.com
Lately, one of the most attractive
aspects of the Alpine property
market has been the extraordinarily
low interest due on fixed-rate Euro
mortgages. Now, thanks to the latest
base-rate cut by the European Central
Bank - down to 0% in March 2016 they’re at their lowest-ever values.
According to Stéphane Brière of
French mortgage brokers CAFPI
International, it’s now possible to
this is a great way to do it.” Typically,
clients would expect to pay €5,000 into
savings and current accounts with the
bank, upon approval of the mortgage.
However, not everyone can access
the very cheapest deals. Salaried
employees who are buying freehold,
with no leaseback contract (see
opposite), are the most sought-after
clients. Next come self-employed
buyers who are buying the same kind
of property;
followed by
salaried and
then selfemployed buyers
of leaseback
schemes.
According to Stéphane Brière of French
mortgage brokers CAFPI International,
it’s now possible to get a 15-year fixed-rate
deal with the interest set at just 1.40%
get a 15-year fixed-rate deal with the
interest set at just 1.40%. This is with
a deposit of 25% of the purchase
price, plus closing costs (notary fee,
guarantee fee and brokerage fee).
The reason why is simple. “French
banks are now using mortgages as
a way of recruiting new customers,”
he says. Profits on mortgage deals
are not as important as signing up
borrowers for new bank accounts,
credit cards, home insurance and - in
some cases - shares in the bank, too.
“In the current climate, banks want
to boost cashflow,” says Brière. “And
Leaseback
properties are
treated with
more caution by lenders because of a
string of bankruptcies amongst weak or
over-ambitious schemes in the financial
crisis of 2008. (These days, developers
are careful not to over-promise on rental
returns, and the market is dominated
by stronger management companies.)
But even so, the interest rates for these
loans are still refreshingly low.
Brière reckons a self-employed buyer,
with a well-documented financial
history, could get a 20-year fixed-rate
repayment mortgage for a leaseback
ski apartment for just 2.35%. The
deposit would be 30% of the purchase
Image: Michelangelus/Shutterstock.com
price, excluding VAT and closing
costs. Lenders look most favourably
on leasebacks run by one of the Big
Three management companies:
Pierre & Vacances, MMV or Odalys.
There is one final caveat. In the current
financial climate it’s much easier to
get a medium-sized mortgage than
a big one. Because the priority is
to recruit customers and mutualise
the risk, the banks want to make
straightforward loans to as many
buyers as possible. “They’d rather
approve ten €100,000 mortgages than
a single €1 million one,” says Brière.
“Some have even said they would not
consider a mortgage application above
€350,000.” He stresses that not all
banks take this view, but says it could
take up to a year to put together a
€2.5 million mortgage.
That’s bad news for anyone hunting
the kind of uber-chalet that made the
headlines 10 years ago: but great
news if you’ve set your heart on a
mid-market ski apartment.
Stéphane Brière
of CAFPI
International
is Erna Low
Property’s preferred
mortgage broker
(www.cafpi-frenchmortgages.com).
www.ernalowproperty.com
11
CHÂTEL
LA ROSIÈRE
PROPERTY
HOTSPOTS
IN THE
FRENCH
ALPS
Character, convenience and
quality: they’re all on offer.
There aren’t many places that can match the
French Alps for skiing - or summer mountain
sports for that matter.
In the Three Valleys, they offer the largest,
properly-integrated ski area in the world.
Meanwhile, resorts such as Chamonix
and La Plagne serve up some of the most
hair-raising lift-serviced off-piste in the Alps.
And in summer, bike parks from Châtel to
Tignes are magnets for the MTB brigade.
Resort towns and villages come in all shapes
and sizes, too - from purpose-built and
convenient, to cute and characterful. In
mid-February and over New Year, several
have become must-ski destinations for the
super-rich: but all are also equipped with more
affordable accommodation. In France, skiing
takes its cue from the country’s egalitarian
traditions, and is a mass-participation sport.
Here are some of the region’s current property
hotspots. Well-served by airports, fast roads
and - in places - TGV and Eurostar stations,
they constitute the most accessible of all the
Alpine regions for UK-based buyers.
12
Erna Low Property | French Alps Property Report
1850m
160km
2615m
2.75hrs
3250m
2.5hrs
1020m
450km
2353m
70mins
In Combloux, quick access from Geneva airport
combines with affordable, back-door entry to
sumptuous slopes and restaurants in Megève. Fly
in for the weekend, and on Saturday lunchtime you
could be toasting the good life in the Flocons de Sel,
which has three Michelin stars.
Lake Geneva
LES ARCS
435km
600km
2466m
100mins
COMBLOUX
In 2018, new lifts above La Rosière will raise the
altitude of its ski area by 200m, and extend its
pistes by 40km, deepening the appeal of this
unfussy resort, which links with La Thuile in Italy.
New, upmarket apartments are raising the quality
of the accommodation on offer, too.
16002000m
1200m
GENEVA
A big investment in lifts, pistes and a leisure centre has
sparked a building boom in this little Portes du Soleil
resort. There’s a huge range of mid-altitude skiing on
offer here - as well as the highest snowfall average in
the French Alps, in neighbouring Avoriaz. Bikers, hikers
and trail-runners will love the summer scene, too.
ST-GERVAIS-LES-BAINS
850m
450km
2353m
1hr
St-Gervais is a spa town which is just as popular in
summer as the winter. But there’s good piste-skiing
on the doorstep in the Evasion Mont Blanc ski area,
with plenty of tough stuff just up the road in Chamonix.
The summer hiking above town is beautiful, too.
For years, Les Arcs has been an innovator, and took
another step forward in 2016 with Mille8, a resortwithin-a-resort aimed squarely at families with young
children. New apartments are being opened alongside
it, which also offer quick access to the best of Les
Arcs’ intermediate-friendly skiing.
CHAMONIX
LA PLAGNE
12502100m
435km
3250m
2.5hrs
La Plagne specialises in two types of terrain: broad,
ego-boosting pistes (brilliant for families) and some
stomach-churning backcountry steeps. There’s lots
to do besides lift-serviced skiing, too; including skitouring for beginners and an Olympic bobsleigh run.
14001750m
600km
3230m
2.5hrs
CHAMBÉRY
Much-needed luxury apartments are springing up in
the centre of this ever-popular resort, close to the key
hub of lifts and pistes at La Chaudanne. From here,
the whole of the vast Three Valleys ski area is easily
accessible. It’s no wonder prices are on the rise.
GRENOBLE
LES MENUIRES
155km
3842m
70mins
The mother of all mountain towns, Chamonix
sits in the shadow of Mont Blanc, and offers a
mouthwatering array of hard-core mountain sports.
Some, such as trail-running and ski-touring, are
newly-fashionable, and property prices are on the
rise; helped no doubt by news of the lift company’s
€477m investment programme.
MÉRIBEL
BOURG-SAINT-MAURICE
LYON
1035m
TIGNES
15502100m
300km
3456m
3hrs
New development in the main valley at Tignes has
been limited of late. But there are opportunities lower
down at Tignes-les-Brevières. From here, the whole of
the spectacular and well-rounded Tignes-Val d’Isère
ski area is accessible, on top of several scintillating
runs immediately above the village.
VAL D’ISÈRE
1850m
600km
1850m
300km
3230m
2.25hrs
3456m
3hrs
Eternally underrated, and equipped with exceptional
family-friendly facilities, Les Menuires is the perfect
place to buy into the Three Valleys, without paying
Méribel or Courchevel prices. Some of the best pistes
in the whole ski area are on the doorstep, too.
Resort altitude
Top lift
Pistes
Drive time from Geneva
It’s the resort where social cachet and hard-core
skiing collide: and immediately above town the
Solaise has just had a makeover. A new lift station,
day lodge and beginner area were added in 2015.
A new gondola will be unveiled in November 2016.
www.ernalowproperty.com
13
Q&A
“SO, WHERE
SHOULD I BUY?”
The choice of resorts can seem
bewildering. But our detailed
knowledge will bring clarity
and focus to your search.
Focus instead on resorts with an
international profile, and properties
that are close to the lifts and pistes.
In this context, leaseback developments
make a lot of sense. Not only will you get a 20%
VAT refund on the purchase, but the property automatically
goes into a rental pool - so you don’t have to manage the
marketing, maintenance or the lettings yourself.
Do you want to pop over at weekends?
Then pick a resort close to Geneva airport. Its unrivalled
choice of flight connections from the UK makes flying out
on a Friday night and back first thing on Monday a doddle
- especially if you’re based in the London area. Ideally, you
want a final destination that’s only an hour from the airport,
too - somewhere like Chamonix or Megève - although most
people can manage a two-hour drive if necessary.
Do you have children, or do you intend to?
It’s a dream shared by many buyers: finding a second home
where their kids can grow up healthy, strong and self-reliant.
If that’s the case, look for good nursery slopes, a friendly,
English-speaking ski school, and plenty of intermediate
skiing on which to build their confidence. Swimming pools
are a good idea for bad-weather days, too. And don’t forget
the summer. Being able to whisk the family to the Alps for a
week or two during July or August will do wonders for your
collective sanity during the school holidays.
Photo: Lukas Gojda/Shutterstock.com
Here’s a sample of the questions we ask
our clients to help guide their steps.
Is it all about the skiing? Or is summer important too?
If all you want is to ski, and you plan several trips each winter,
then you need a resort with reliable snow and a long season
- so you can ski in early December and late April as well as
mid-season. High-altitude resorts such as Tignes, Val d’Isère
and Val Thorens fit the bill. Chamonix has plenty of
high-altitude skiing too: but the terrain suits off-pisters
and ski tourers better than intermediates.
If you’re a keen cyclist, runner, or golfer - or you just like
the idea of a vivid green Alpine summer - then broaden
your search. Pretty, mid-level resorts such as Les Arcs
have excellent year-round appeal. So too does Chamonix.
Meanwhile, anyone who loves mountain biking needs to
consider the resorts of the Portes du Soleil such as Châtel.
Is rental income important?
Yes? Then this is not the moment to pick a little village
no-one’s heard of - even if the ski touring is epic, and it’s only
14
Erna Low Property | French Alps Property Report
ERNA LOW
80 YEARS’
EXPERIENCE
IN THE ALPS
half an hour’s drive to Courchevel.
With each rental you’ll have to
sell the destination as well as the
property, and you may find it hard
to fill even in peak weeks.
Are you looking for capital growth?
Buying a ski property should always be, first and foremost,
an investment in your quality of life. But if you are looking for
capital growth, there are three kinds of ski resort to consider.
None guarantees rising prices, of course: but they will
improve the chances.
The first is the sleeping giant, which is coming back to life
after years of quiet. Recently Méribel has been a good
example of this, with a string of new property developments
planned in the middle of the resort.
Second are those resorts which are planning to expand their
ski areas - such as La Rosière, which is raising its lift-serviced
skiing to 2,805m, and adding 40km of new pistes.
And thirdly, there are the resorts that best serve the most
fashionable mountain sports - such as ski-touring and trail
running. Chamonix is the classic example. Here, some
sectors of the market saw a 3% jump in prices last year.
But there’s plenty more to consider, too...
For example, how much interior space do you need?
How much storage? And is a fireplace important? Whatever
your requirements, our expertise and experience can help
guide you to the perfect property.
Erna Low
When it comes to buying
ski property in France, few
companies can match our expertise.
E
rna Low, the founder of our company, led her
first ski tour to the Alps in 1932, and - with a
brief interruption during WWII - we’ve been
running ski holidays ever since. Over the years, the
French Alps have become our speciality. So it was an
obvious move to expand into the French ski property
market in 2003.
Erna Low Property is the result. We’re a French
estate agency, licensed in France, with offices in
both London and Arc 1950 in Les Arcs (see panel,
right). As a result, we’re able to offer our clients a
level of security and expertise few other companies
can match.
This starts with our French public liability insurance.
This is only available to licensed estate agencies
in France which have a Carte Professionelle de
Transaction. It covers problems that might arise from
the sale or purchase of French property, such as
mis-selling or badly-drafted contracts.
Meanwhile, our network of legal and financial
partners means we’re on top of all the latest changes
in Euro mortgages and French property law. And we
can connect buyers with the best English-speaking
notaries in the French Alps, who’ll advise and liaise
with them throughout the purchasing process.
Photo: © Agence Merci/petewebb.com
THE GAME-CHANGER:
ARC 1950
Built between
2003-8 in the
French ski
resort of Les
Arcs, Arc 1950
was a gamechanger when
it opened;
showing us all just how good a well-planned
mini-resort of self-catering apartments could be.
The village wraps around a car-free plaza,
and offers residents everything from bars and
bakeries to a Brit-friendly ski school. Each of
its eight residences is ski-in, ski-out, and there
are 435km of pistes to explore, including the
magnificent 7km descent from the summit of the
Aiguille Rouge, all the way down to Villaroger.
On average, one-bedroom apartments are priced
at €4,700m2, and four-bedroom apartments at
€6,820m2. They all come fully-furnished, and
are either sold with a leaseback contract with
Pierre & Vacances Premium, or as classic freehold
properties. For details, call +33 (0)479 41 53 02,
or visit lesarcs-immobilier.com.
Photo: © Agence Urope
Having offices in both London and Arc 1950 gives
us a unique perspective, too. On the one hand, we
understand our customers and their needs. On the
other, we know the local market for ski property
inside out. Arc 1950 is a self-contained mini-resort
of 800 apartments, set within Les Arcs, and people
are always buying and selling there. With up to 70
apartments on our books at any one time, we get
invaluable day-to-day insights into changing tastes
and market trends.
www.ernalowproperty.com
15
ERNA LOW PROPERTY
FRANCOIS MARCHAND
Director
francois.marchand@ernalowproperty.com
LONDON Sales team
+44 (0)20 7590 1624 | www.ernalowproperty.com
JAMES ROSS
Property Sales Manager
james.ross@ernalowproperty.com
LARS BROWN
Property Sales Executive
lars.brown@ernalowproperty.com
LAUREN GRINDLE
Administration & Sales Assistant
lauren.grindle@ernalowproperty.com
ARC 1950 Sales team
+33 (0)4 79 41 53 02 | www.lesarcs-immobilier.com
CAROLINE XAMBEU
Senior Sales Consultant
caroline@lesarcsimmobilier.com
Erna Low Property Ltd
9 Reece Mews, London SW7 3HE
Les Arcs Immobilier
Jardins de la Cascade, Arc 1950 le Village, 73700 Bourg St Maurice
To discuss your requirements,
call us on +44 (0)20 7590 1624 or
email enquiries@ernalowproperty.com
Company Registration No: 5221660 VAT No. 947 9018 85
Numéro d’identification unique (SIREN): 502 641 830 R.C.S Chambéry
Numéro intracommunautaire d’identification à la TVA: FR71 502 641 830 00026
Numéro Carte Professionnelle de Transaction : 658 – Préfecture de Savoie
Cover photo: © istock.com/bluejayphoto
This report is for general information only. Although every effort has been made to ensure its accuracy,
Erna Low Property Ltd accepts no liability for any direct or consequential loss or damage arising from its
use. Reproduction of this report, in whole or in part, is prohibited without written permission from Erna Low
Property Ltd. All prices, mortgage rates and other quoted figures were correct at time of going to press.