Property in the region is roughly split into two camps, just like its name – Rhône and Alpes. Property in any of the Alpine resorts can be astronomically expensive, while further inland from France’s eastern borders, prices become considerably more reasonable.
Up in the mountains, particularly in the larger ski resorts, the architecture is split between traditional chalets and modern 1950s-70s apartment blocks. That’s not to say the traditional chalets aren’t new – the majority of them are – but developers have learnt from the mistakes of their forefathers and have realised that 60s tower blocks are neither clever nor pretty.
Indeed, in the three Alpine departments, Isère, Savoie and Haute-Savoie, it is these newbuilds that command the highest prices. Developments are no longer of the so-called rabbit hutch ilk (pile ’em in and pile ’em high). Nowadays, four-star résidences de tourisme feature 24-hour concierge services, spas, indoor pools, thalassotherapy centres and luxury furnishings as a bare minimum. In short, the developers have realised that skiing alone is no longer enough of a pull and if they are to grow, and to expand their businesses to attract year-round interest in their property, then they will need to lay on additional activities.
So it is that new-build prices average out at €3,005 per square metre in Savoie, €3,074 in Haute-Savoie and €2,226 in Isère – though this figure doesn’t even begin to describe the €8,515 per square metre price tag generated by the more popular ski resorts, such as Val d’Isère.
Investors are spoilt for choice thanks to the numerous leaseback developments on offer. Investors might want to look for new developments that are being built with the environment in mind, as green tourism is a growing industry – particularly with global warming threatening the long-term future of lower-altitude ski resorts.
Higher-altitude resorts generally command higher prices, particularly those that can offer a longer ski season such as Tignes and Val d’Isère with their glaciers. Family buyers would do well to look to the quieter, more traditional resorts, such as Ste-Foy, while towns close to key transport links, such as Chambéry, Annecy and Bourg-St-Maurice offer the best of both worlds: easy access to the ski resorts and a taste of real France to boot.
To the north-west of Haute-Savoie, Ain is wellsituated to benefit from the close proximity of Geneva airport and the ski resorts, as well as the Beaujolais vineyards on its western border with Rhône. Property here is cheaper, at €1,815 per square metre on average. The economy is strong, among the fastest growing in France, and consequently the department is increasingly attracting new residents. Prefecture Bourg-en- Bresse is a particular highlight, with its local produce including Bresse chicken and bleu en Bresse cheese.
Neighbouring Rhône is dominated by capital Lyon, the second-largest metropolitan area in France after Paris and the thirdlargest city. The city houses Interpol’s headquarters and is known as the silk capital of the world, thanks to the many workshops that were once based in the northern Croix- Rousse. Split by its two rivers, the Rhône and Saône, the city is divided into several distinct areas: Presqu’île to the south (a semi-peninsula where the rivers converge), a large river plain to the east and two hills in the north and west. The city’s historic centre is listed as a UNESCO World Heritage site. Like Paris, the city is divided into arrondissements – nine in Lyon’s case. The third houses Lyon’s retail district, while the sixth is among the most pricey.
Property prices in and around Lyon average out at €3,157 per square metre, compared with the departmental average of €2,316. The city boasts excellent transport links, thanks to its large international airport and bustling train station. For those looking for a country hideaway, the Beaujolais wine region around Villefranche-sur-Saône is a rural haven, with picturesque villages and stunning scenery in abundance.
The westernmost departments of Loire, Ardèche and Drôme are the region’s least well-known areas. The Loire was originally part of former department Rhône-et- Loire, but was split in 1793. Prefecture St-Étienne has a charming pedestrianised old town, cathedral, tramway and an impressive modern art museum, whose collection is only bettered by museums in Paris and New York. Property prices here are relatively low for the region, at just €1,698 per square metre on average, which is only slightly higher than the departmental average of €1,536.
The department of Ardèche is marginally less expensive, with prices averaging out at €1,689 per square metre. For such a narrow department, it manages to pack in a wide variety of landscapes. Bordering onto the Auvergne region to the north-west and the Languedoc to the south-west is a series of granite peaks that experience extreme temperatures, with snow in the winter and heavy rain during the autumn months.
The Rhône valley, meanwhile, cuts through the centre of the department (lengthways). Its fertile banks are planted with orchards and vineyards, which continue into the limestone valleys of the Bas-Vivarais and onto the farmlands in the Coirons plateau. Largentière is a particularly pretty town whose name derives from the silver mines that were operational until the 15th century. The town boasts a 12th-century château and 13th-century church among its monuments.
To the south-east, Drôme is the closest department to Provence-Alpes Côte d’Azur and even houses a small area of the region’s Vaucluse department within its borders. Prices here range from €1,104 per square metre in St-Vallier to €2,290 in Nyons. Property in the department’s prefecture, Valence sits in the higher end of prices, averaging out at €1,946 per square metre.
Source: French Property Buying Guide 2010 / 2011
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