Megève & Courchevel, Prestige properties
Focus on two ski resorts, Courchevel and Megève, different in style but comparable in terms of excellence.
People envy us for our beaches, but also for our snow-capped peaks. Focus on two ski resorts, Courchevel and Megève, different in style but comparable in terms of excellence.
One is “showbiz”, trendy and party-loving, the other is elegant, up-market and discreet. While Courchevel is probably France’s most expensive ski resort, Megève has a wealth of arguments in its favour. Serge Bouscayrol of C.I.S. Immobilier mentions Courchevel’s special location. This resort in La Tarentaise is spread over five levels of altitude : 1850, 1650 (Moriond), 1550, 1300 (Le Praz) and Saint-Bon, all with access to the slopes. Courchevel 1850 reflects the fashionable image purveyed by the media, with hotels, boutiques, a colourful nightlife and trendy after-ski amenities. Distinctions can be made between the neighbourhoods of La Croisette (the centre), Les Chenus, Le Nogentil, Le Jardin Alpin and L’Altiport. Prices range from 5,500 to 6,000 € per sq. metre at the entrance to the resort, from 8,000 to 9,000 € on La Croisette and 8,000 to 12,000 €, except for outstanding properties, on the heights. Courchevel 1650 sees itself as warm and young. Moriond benefits from permanent sunshine, offers modern architecture and is more oriented towards rented accommodation. Extensive renovation work has been undertaken, giving priority to traditional wood. Expect to pay from 5,500 to 6,500 € per sq. metre or 6,000 to 9,000 € in its residential area of Le Belvédère. Families looking for simplicity, peace and quiet appreciate Courchevel 1550, a village at the heart of the forest crossed by a shopping street. The more well-heeled opt for Les Brigues, where prices range from 5,500 to 6,000 €, and 7,000 to 10,000 per sq. metre for exclusive chalets. Courchevel 1300 posts prices from 6,000 to 7,500 € and proposes serene and authentic Savoyard charm. All those concerned will know that the Olympic ski-jump is to be found at Le Praz, while Saint-Bon is a friendly, traditional village. Open year round, it offers returns for skiing depending on the quantity of snow. Locals live at Le Praz or Saint-Bon, but due to rising prices some of them are moving further down the slopes, as far as Bozel, just above Le Moutier.
Very different in its configuration, Megève has a more logical neighbourhood layout. Frédéric Jeunet of Marcory Megève, which builds and promotes top-quality chalets and apartments, puts Le Mont d’Arbois at the top of the list. It owes its prestige to the golf-course, open in summer, the departure-point for the slopes and sweeping views. The only fly in the ointment is difficult traffic conditions in winter (one has to drive to the village from Le Mont d’Arbois). New developments cost from 13,000 to 15,000 € per sq. metre, older accommodation from 10,000 to 11,000 €. Then comes the centre, with prices for new accommodation at about 12,000 € or 9,000-10,000 € for older buildings. Everything is accessible on foot, including access to the slopes. The lack of a view is, however, regrettable, and is due to the sector’s being in an enclave. Higher up, the neighbourhood of Les Chozeaux has kept its authenticity and a less built-up appearance. Prices here are about 11,000 € per sq. metre : residents have to drive to the village and ski slopes. Vauvrey boasts some lovely chalets and a few farmhouses, plus a beautiful view of Mont-Blanc, but here again a car is essential. 11,000 to 12,000 € per sq. metre for new properties, 10,000 € for old. The lower part of Le Jaillet is less popular than the upper part and posts an average price of 10,000 € for new properties, 7,000-8,000 € for old. The higher level is right next to the slopes, offers a view of Mont-Blanc and the same prices as for Les Chozeaux. Finally, there’s Ormaret with its airier atmosphere, accessible by car. New properties here cost 10,000 €, older ones 8,000 € per sq. metre.
Megève is split equally between individual residences and apartments, the latter meaning chalets divided into several units. There are no massive buildings in this resort close to Switzerland. Courchevel has a more varied palette of offerings. Co-owned properties built in the ’70s and ’80s, composed of small units with one or two bedrooms, remind us that the resort’s original vocation was accommodation for local inhabitants. There are also larger units, better finished, as well as chalets. Apartments are not, in fact, the best that this little gem of La Tarentaise has on offer.
An analysis of prices and their evolution shows that Courchevel started out expensively, saw a steep drop in 1995-96, recovered in 1997-98 and posted a rise of 77 % between 2001 and 2004 for chalets. Some people maintain that prices have tripled in just ten years. Today, the trend is towards stabilization. Also worth noting, a leaning towards over-pricing on the part of sellers. At Megève, owners have a clearer idea of the market, which hasn’t prevented a 20 % rise in prices since the year 2000. Growth is expected to be maintained over the next two years. Here in Megève, sales can be completed in just two months, while it takes three months in Courchevel for apartments with 2 or 3 main rooms and six months for chalets. The same paradox applies to both of these ski resorts : unlike other markets for holiday homes, fluidity is rather low. At Courchevel, owners keep their properties for about five years, resulting in scant availability. A few plots of land are still available at Megève, though naturally at significant prices. A plot of 1,000 m2 at Le Mont d’Arbois bears a price-tag of 1.2 M €.
As for the clientele, the only point they have in common is their high level of buying power. Megève plays host to as many French as foreigners, with an average age of 40. Mainly from Paris and Lyon for the first, Swiss, Italians and north Europeans with a majority of Brits for the second. They appreciate the easy access ; Geneva’s international airport is less than an hour from Megève which is also on a main road network. They also like the concept of a winter-summer resort. At Courchevel, one out of every three buyers is of foreign nationality, often English or Russian. Both purchasers and tenants fall into the 30-55 age group. Personal enjoyment and long-term appreciation are more important than income from renting.
In view of the success encountered by both resorts, one can understand the efforts being made to offer new developments. In Megève, Marcory is looking forward to the construction of about 15 apartments in seven chalets near the centre. Les Hameaux du Village propose flats from 30 to 200 m2, from 10,000 to 12,000 € per sq. metre. Le Clos des Chozeaux : five or six apartments at 11,000 €. Le Golf Parc : four private chalets at 13,000 €. Les Parcs du Mont d’Arbois : four apartments from 12,000 to 15,000 €, plus Les Fermes du Planey : two private farmhouses on the heights of Mont d’Arbois currently offered for sale at 12,000 € per sq. metre.
At Courchevel, new developments cost from 3,000 to 15,000 € per sq. metre. The Town Hall is planning to build an activity zone at Moriond with year-round accommodation, and Les Chalets de Seze, four apartments overlooking the slopes at Courchevel 1650. A firm called Caliope handles refurbishments which engage the owner of rented properties over several years. MGM is even more ambitious. Sales Manager Gabriel Mingeon mentions 47 apartments of between 60 and 130 m2 in the 4-star category, and a 3-star hotel with 50 rooms and spa at the entrance to Courchevel 1850. Commercialisation has already begun and construction will commence in April 2006 on the site of the former police station, a garage, an hotel, the “Club Alpin Français” and a plot of land acquired from the Municipality. This development will, however, consist of an hotel residence. The buyer recovers VAT on acquisition, but enters into a commitment to rent out his property for 22 years. CGH, a subsidiary of MGM, will handle management. Prices start at 15,000 € per sq. metre. Resorts are fond of this principle : it guarantees a high rate of frequentation during the 17 busiest weeks of the year. An “open-shutter policy”, obviously offering a positive effect on economic repercussions.
The prices quoted in this article do not take exceptions into account : they escape all market logic. At Courchevel, some square metres cost close to 20,000 €. A chalet offered at 15 M € will have 12 bedrooms and as many bathrooms, plus swimming pool, hammam and sauna. For the same price at Mont d’Arbois, you can treat yourself to a chalet with 11 bedrooms, a spa and two indoor pools.
Par Laetitia Rossi - photos : press
