With Elegance and Cachet, Cologny is Geneva’s Most Attractive Suburb

On the left bank of Lake Geneva, between the Jura and Mont Blanc, sits the exclusive, luxurious enclave of Cologny.  

An elegant community of just over 5,000 residents, Cologny offers privacy and a country-like atmosphere, despite being just a few kilometers from central Geneva.  

The area’s prized lake views, tree-lined streets and villa-style homes have made it a coveted, glamorous home for bankers, diplomats, heirs and heiresses, and celebrities alike.

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Boundaries

Technically a municipality of Geneva, Cologny is subdivided into the village of Cologny, Saint-Paul, Stade-de-Frontenex, Rampe-de-Cologny, Ruth-Nant d’Argent and Prés-de-la-Gradelle.

Lake Geneva forms Cologny’s natural border to the west, while the Chemin des Princes forms its northern boundary. The eastern boundary runs along the Route de la Capite, the Chemin de Planta, and the Chemin des Buclines. The southern boundary is more irregular, but the municipality stops just short of the Parc de la Grange.

Price Range

The average price for homes in Cologny is around 10 million swiss francs (US$10.14 million), according to Marc Denereaz of Engel & Völkers Wohnen Schweiz, while apartments average between CHF 3 million and CHF 3.2 million (US$3.04 million and US$3.24 million). New, top-floor apartments can fetch as much as CHF 15,000 to CHF16,000 (US$15,209 to US$16,223) per square meter. Mr. Denereaz noted that grander homes can be listed between CHF 20 million and CHF 25 million (US$20.3 million and US$25.3 million), in large part due to high land values.

At that higher price range, buyers can expect larger lots, privacy, abundant amenities, high-level finishes, and lake views, according to Dino Moschovis of Cardis Sotheby’s International Realty.  

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Housing Stock

The well-heeled have been building elegant chalets on the shores of Lake Geneva in Cologny for centuries. Lord Byron rented the Villa Diodati in Cologny, where he hosted Percy and Mary Shelley. There, she was first inspired to write the beginnings of  her novel "Frankenstein."

Although Cologny isn’t particularly known for its architectural diversity, there is more variety among homes built since the 1980s, and especially in the last 15 years, Mr. Moschovis said. Villa-style properties are most common. Local restrictions, however, are specifically implemented to help maintain the residential character of Cologny and to preserve the lake views that help make the neighborhood so desirable.

There are some apartments and townhouses, located mainly in the old village and along Cologny’s periphery.

Many homes include high-end amenities such as outdoor and indoor pools, as well as homes spas, fitness centers, and theaters. Wine cellars and even private discotheques are not uncommon, said Kostas Daubassimas of SGP Finest Properties, an affiliate of Christie’s International Real Estate.

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What Makes It Unique

Proximity to both Lake Geneva and the city center are at the root of Cologny’s appeal.  

Historically, prior to the 20th century, "Cologny was where people from Geneva went to go hunting," Mr. Daubassimas explained. "It’s extremely close to the center of Geneva, which makes you feel that you live in the country, although you have easy access to the city."

This eight-bedroom, 3,013-square-feet lakefront home is currently asking for about $8.2 million. CARDIS IMMOBILIER SOTHEBY'S INTERNATIONAL REALTY

Luxury Amenities

Cologny has its own downtown area, which retains a village-like feel with bakeries, florists and boutique shopping. The Michelin-starred Auberge du Lion d’Or in Cologny serves imaginative cuisine, overlooking Lake Geneva, and Restaurant La Closerie offers season Italian and Mediterranean fare.

And Geneva’s glamorous rue du Rhône is less than four kilometers away and is home to Fendi, Hermès, Christian Louboutin, Piaget and Montblanc.

The Tennis Club de Genève Eaux-Vives is located at the southern limit of Cologny and the Golf Club de Genève is just across the Route de la Capite. The Yacht Club de Genève and the Société Nautique de Genève are both located in Cologny, and the latter organizes the yearly Bol d’Or Mirabaud regatta on Lake Geneva.

In addition to its public schools, Cologny also benefits from the Institut International Notre-Dame du Lac, a private nursery and elementary school. The Léman International Academy, serving students between 3 and 11, is nearby, as is the International School of Geneva, which offers an International Baccalaureate curriculum and serves students from age 3 through 18.

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Who Lives There

With the European headquarters of the United Nations, the Red Cross, and the World Trade Organization all located in Geneva, many diplomats and bankers choose to live in Cologny because of the convenience and privacy it offers. Cologny is also home to the headquarters of the World Economic Forum.

Notable Residents

The enclave has long attracted the rich and famous, including the heirs to fortunes such as Chanel, Bouygues, and Peugeot.

The singer Charles Aznavour, tennis player Henri Leconte, and banker and businessman Benjamin de Rothschild all reportedly own homes in Cologny.

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Outlook

Overall, Mr. Moschovis reports that the market is returning to a more stable state. "There was a peak in prices from 2011 through 2013 or ’14, then after that there was a real correction," he said. "Prices came down anywhere from 15% to 25%, depending on the property."  

Although Geneva, and Cologny specifically, attracts a clientele from all over the world, there are restrictions on foreign buyers, including that they make their Swiss property their primary residence.  

Mr. Denereaz noted that French and Italian buyers are less interested in relocating to Switzerland, while Brexit has cooled interest from British buyers, as people wait to see how the move will affect things.

The much-debated forfait fiscal placed on wealthy buyers caused the market to go up rapidly, Mr. Daubassimas explained, followed by a significant correction. The forfait fiscal allows non-citizens residing in Switzerland to pay taxes based on their annual expenses rather than on their worldwide income and wealth, which can result in advantageous savings for those not involved in lucrative business within the country. An initiative to eliminate the forfait fiscal was rejected in 2014, although restrictions were tightened in 2016.

For the time being, the brokers concurred that it is currently a buyer’s market, and they anticipate prices to remain stable for the foreseeable future.

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