The Daily Telegraph - Saturday - Money
Where to buy in the French Alps for £300k
You can still find bargains with access to the best skiing if you are prepared to look outside the most popular villages, finds Liz Rowlinson
Despite the spectre of shrinking glaciers and unpredictable snowfall, a ski property in the French Alps remains a popular investment. Prices in these areas have climbed sharply in recent years – in the Haute-Savoie, they have increased by an average of 26pc over the past five years, according to Meilleurs Agents.
But there are bargains to be found and it’s still possible to find a “lock up and leave” ski pad with a budget of £300,000. Of course, there’s a tradeoff between location and size. In the highest snow- sure resorts, at this budget, you will find a second-hand studio or one- bedroom apartment. But beware of those bijou 200sq ft “shoebox” studios, says Giles Gale, of Alpine Property Finders. “It might be tempting that you could afford one in a super-prime resort like Val d’Isere, but how comfortable will they be?
“Look for a larger apartment with a ‘Coin Montagne’ – an alcove with bunk beds in the hallway – which will increase the rentability of your apartment. Your one-bedroom could even sleep five or six people.”
Where can you find a skiing property on a budget that will be a good investment and continue to have access to great snow?
HIGH ALTITUDE, LOW PRICE
The best way to future- proof your Alpine investment in the face of climate change is to buy high: a resort at 5,900ft ( 1,800m) or above, or with easy access to high-altitude skiing.
Don’t assume you can’t afford the mighty Three Valleys ( 3Vs): its less glitzy resorts link into a ski area that is 85pc above 5,900ft.
Celebrating its 60th birthday this year, the unpretentious, family friendly Les Menuires is a good place to look, says Steve Pangli, of agent Leggett Immobilier. “Some of the architecture is outdated and not easy on the eye, but it offers great access into Val Thorens and sunny afternoon pistes, plus the pretty vast ski area of La Masse.”
He says with prices at €6,000-€10,000 (£5,000-£9,000) per square metre , you can find a two-bedroom apartment for sale for around €270,000.
Meanwhile, Charlie McKee, of Alpine Property Intelligence, a buying agent, suggests La Tania, another somewhat utilitarian resort. “Everything is close to the slopes and it’s very popular with families,” he says of the pedestrianised centre built for the 1992 Winter Olympics. The small mountain village of Orelle, with its stone and wood houses, has more charm and a fast route into the Val Thorens sector of the 3Vs thanks to a new gondola.
Don’t rule out Val Thorens – Europe’s highest resort – either. There’s a modern 26sq m studio with a balcony for sale at €283,500, through Cimalpes.
For other livelier resorts, Gale suggests the southern Alps resorts of Alpe d’Huez (at 1,860m) or its neighbour Les Deux Alpes (at 1,650m, but with access to a glacier) are good options for a two-bedroom apartment. Apartments in Alpe d’Huez average €6,799 per sq m, according to Meilleurs Agents. Newbuilds are nearer € 8,500 per sq m; there’s a one- bedroom flat for sale €256,900 through David Lloyd Estates.
WHERE AND WHY TO LOOK FOR NEW-BUILDS
New-builds are generally hassle free, energy- efficient homes, but come at a premium. To pay less than €10,000 per sq m, you will need to look at less wellknown resorts.
One is La Toussuire, a resort at 1,750m in the Les Sybelles ski domain. “It’s well-adapted for families with easy to access nursery slopes and fun zones and an easy 90-minute transfer from Chambery,” says Lloyd Hughes, at Athena Advisers. The agent is selling new one- bedroom apartments there for €253,099.
Consider the 10 small villages of La Plagne. These include Champagny- en-Vanoise, which may be at lower altitude (1,250m) with Savoyard style chalets in a pretty wooded valley yet it links directly into the large Paradiski ski area, says David Bahgat, of Alpine Property Intelligence. “You can find two- bedroom renovated apartments for around € 320,000 to € 330,000, or smaller apartments for under € 200,000.” In La Valloise, a new-build, one-bedroom apartment costs from € 287,000 (through Logic Immo Neuf).
You can reclaim the 20pc VAT back on a new-build property that you rent out via the para- hotelier scheme, offering hotel-style services (of cleaning, linen change, meet and greet, breakfast delivery).
“It’s a huge saving, but beware that you will need to prove to that you are receiving rental income,” advises Emma Horsfall, of Leggett. “Get a good bilingual accountant to help you.”
New-builds have lower purchase costs too: 2.5pc notary fees against around 7pc to 8pc on a resale property.
BEWARE A FIXER-UPPER
You might be tempted by a well-priced apartment in a 1970s block to fix it up and add value? Beware: French tradesmen are more expensive and renovation costs have nearly doubled since Covid. “Local labour is hard to find, even for dedicated developers,” says Laurent Hallez, of Erna Low Property. “In France rental properties with poor energy efficiency are being gradually banned.”
Poor insulation in an ageing building can mean high running costs, says Gale. “Check the planned building work for the building. If it needs a new roof, then each individual owner could be on the hook for thousands of euros.”
Also, beware of “leaseback” properties, which are apartments that come with the obligation to rent them out for a fixed number of years after they were built. Following Brexit, French banks will not offer British people finance on this type of property, warns Hallez.
But these rental obligations can save you money if it suits your lifestyle. Keen skier Tim Pragnell and his family bought a one-bedroom apartment that sleeps five in La Tania last summer. He paid € 35,000 less than the asking price of €185,000 as he took it on with a commercial lease that means it is rented out (by the tour operator Pierre & Vacances) for three years.
“We love the Three Valleys and wanted a property we could rent out via Airbnb and then use for longer periods ourselves,” says Pragnell, a quantity surveyor who is based in South Africa. “At the moment we get to use it three weeks a year. La Tania is home to a British community and is a great ski in, ski out location that we love.”
PART-OWNERSHIP
The 90-day rule limits how much time Britons can spend in France, so some buyers are considering the co-ownership model offered by at least four operators in the Alps. These schemes are different from timeshares because you buy an equity share or fraction that can be re-sold or passed on.
Bordering chic Megève, in the hamlet of Demi- Quartier, you can get an eighth share (equal to 45 nights per year) of a four-bedroom, four-bath ski chalet for €323,000 through Lazazu.
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