HEAD FOR THE HILLS
Britons who love to hit the slopes are flocking to a French resort in Chamonix, where a ski flat can be bought for just £187,000. Cathy Hawker pays a visit
With high-altitude slopes and well-run resorts, France is the favourite destination for British skiers, capturing 40 per cent of the winter sports market each year.
“The French Alps are close with frequent flights and include many of the largest ski areas in the world, all well connected with excellent infrastructure,” says Richard Dean of French developer MGM. “There are party resorts, quieter, chic and sporty ones. Then of course there is the charm of France itself, the food and lifestyle.”
Chamonix is a particular favourite, a hardcore, all-action resort filled with skiers and snowboarders in winter and hikers, bikers and mountain climbers in summer. The location an hour from Geneva airport, varied terrain including good off-piste slopes and the buzzy centre are all part of the appeal.
The resort gets two million visitors a year, evenly spread through summer and winter. The shops offer serious sports labels – Moncler and North Face – rather than high-fashion brands.
“Chamonix is a year-round working town,” says Dean. “It’s world famous, dominated by Mont Blanc, a real skiers’ resort but also a thriving town with plenty for non-skiers.” British home buyers make up 30 per cent of the total in Chamonix, which remains good value compared with other French resorts, says Charlie McKee of Hindle & Baldock property search agents. “Good chalets start from £1.7m, a third or more cheaper than Val d’Isère or Megève,” he adds.
MGM chose Chamonix for its first five-star residence. Le Cristal de Jade opened this winter with 51 fully furnished flats, operating as a hotel with spa, gym, and pool and sauna complex. The 12 remaining one- to three-bedroom freehold flats start from £333,800 excluding VAT. Owners can buy without paying VAT, saving 20 per cent, but must place the property into the rental pool, choosing between three, four or six weeks of personal use.
MGM will manage, maintain and rent the flats, guaranteeing annual returns of £4,260 to £6,800. Annual service charges start at £1,380. Despite Brexit worries, MGM sold as many flats in the second half of last year as in 2015, says the developer’s Richard Dean, crediting the quality of the product and guaranteed returns.
“Our buyers like the entire product of spa, pools and services and are buying more than just an apartment. This is a hassle-free, turnkey purchase where buyers are assured of the weeks they want. A similar product in the prime resort of Courchevel 1850 would be almost double the price.”
Les Houches
Less than two miles from the centre of Chamonix, tree-lined Les Houches offers family-friendly skiing. It’s less windy than other areas of Chamonix and is home to snow parks and the iconic Kandahar World Cup
ski run.
On a south-facing plot MGM is about to start building Les Chalets d’Éléna, 50 flats of 485sq ft-1,076sq ft. All homes are sold through leaseback so must be available to rent for part of the year, with prices from £187,500 for one bedroom, £264,000 for two bedrooms and £358,000 for three bedrooms, all exclusive of VAT. There will be a large spa, gym and pool. Fifteen flats have sold to European buyers since the recent launch and completion is planned for December next year.
Win-win holidays, tax relief and rental return
“Mad keen” winter sports fans David and Carol Chaplin from Twickenham and their children Kirsten, 21, and 17-year-old Lewis saw it as a logical step to invest in an Alpine holiday home. The family bought an offplan, two-bedroom flat at MGM’s Le Cristal de Jade in Chamonix in 2014 and have already holidayed there twice this year.
“Chamonix is a fantastic resort for good skiers with many tough runs and lots of off-piste,” says David, 57. “The town itself is a bustling resort with plenty of bars and restaurants and only just over one hour from Geneva airport. Chamonix is one of the few Alpine resorts that delivers on the promise of being yearround, with hiking, biking and outdoor adventures in the summer.” Under MGM’s leaseback scheme the family can visit for four weeks, evenly split between summer and winter.
“The leaseback scheme gives us tax relief from the French government plus a rental return from MGM,” says David. “We bought mainly because it is a five-star flat in a five-star location in a five-star resort.”