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Properties for sale in Samoëns & Vallée

For Sale Exclusive

Appartement Gentiane

For Sale 190,000 €
1 Samoens 33 m²

Ideally positioned on the edge of Samoëns village, this 32.59 m² apartment for sale in Les Fermes de Samoëns (built 2005) offers a bright, practical alpine pied-à-terre. South-west facing, the wrap-around balcony captures panoramic views of the Cascade de Nants and the Giffre Valley. The layout includes an entrance hall, a bedroom with built-in storage, an independent WC, a shower room, and an open living room with fitted kitchen. Lift access, an exterior parking space, private ski locker and recently upgraded electric hot water tank add convenience. Residents enjoy La Ferme de Samoëns’ amenities: games room, indoor heated pool and summer outdoor pool. Village centre under 10 minutes’ walk; ski bus stop 100 m away. Price: 190,000 EUR. Contact us to arrange a viewing.

Shane Cunningham

Shane Cunningham

For Sale

Chalet Vers La Ville

For Sale 795,000 €
4 Samoëns 140 m²

Situated within easy walking distance of the centre of Samoëns, this newly constructed four-bedroom chalet has been built by local artisans to the very highest standards. Combining traditional alpine character with exceptional modern engineering and ecological design, it achieves an outstanding A energy rating — an exceptionally rare result for a mountain property at 700m altitude. This remarkable efficiency reflects the superior build quality, insulation, and choice of premium materials, ensuring year-round comfort and minimal energy consumption. The property is also equipped with an energy-efficient mechanical ventilation system with heat recovery, further enhancing its thermal performance and indoor air quality. Offering spacious accommodation over three levels, the chalet is ideal for family living or high-end holiday rentals. The property enjoys excellent year-round accessibility, being just over an hour from Geneva International Airport, and is perfectly positioned for access to the Grand Massif ski area as well as a wide range of hiking and biking trails. The ground floor opens with a welcoming entrance hall leading to a generous open-plan living area with fireplace, dining space, and provision for the kitchen. The kitchen is being sold separately, offering buyers the flexibility to choose their preferred design and level of finish. The owners are working closely with a local kitchen specialist who can provide several tailored options, ensuring a simple and hassle-free process for future buyers. Also on this level are a storage room, technical room, independent WC, and additional cupboard. Upstairs, the first floor comprises a double bedroom with ensuite shower room, WC, and balcony, a triple bedroom with balcony, a further double bedroom with ensuite shower room, WC, and balcony, along with an additional bathroom with WC. The top floor is dedicated to a spacious master suite with bath, sink, WC, and useful under-eaves storage. Outside, the chalet offers a large wooden terrace, a small flat garden to the east and north, and three parking spaces. For the sale, the owners will also complete a west-facing carport, providing covered parking and a secure lockable shed — ideal for skis, bikes, and other mountain equipment. With its rare A energy rating, exceptional construction quality, underfloor heating powered by an air-to-water heat pump, and state-of-the-art heat recovery ventilation system, this chalet combines comfort, ecological efficiency, and convenience. Located just 50 metres from the free ski bus stop, it represents a truly unique opportunity — whether as a private alpine retreat or a high-performing, sustainable rental investment — in one of the most sought-after villages in the French Alps.

Shane Cunningham

Shane Cunningham

For Sale

L'Eterl, Lot 2

For Sale 495,000 €
2 Samoëns 79 m²

Set in the idyllic hamlet of Vallon d’en Haut, L’ETERL is an exclusive new development designed to immerse you in the stunning beauty of the surrounding mountain scenery. This charming property comprises of four thoughtfully crafted apartments divided over two buildings, offering two- and three-bedroom options. Each home features spacious, carefully designed interiors, with all of the properties enjoying dual orientations and private outdoor spaces such as balconies or gardens—perfect for savouring the fresh alpine air. Built to RE2020 environmental standards, the development ensures energy efficiency, with individual heat pumps providing underfloor hydraulic heating and hot water. Located just a five-minute drive from the Samoëns gondola and four minutes from the heart of Samoëns village, L’ETERL offers a prime location for both winter and summer activities. A short ten-minute walk will take you to peaceful riverside paths, and a ski shuttle stop is conveniently located just 100 meters from the property. Furthermore, Samoëns is only an hour’s drive from Geneva International Airport, ensuring easy access for year-round getaways or international travel. Apartment 2 is a spacious 79m² first-floor residence designed for both comfort and practicality. The layout includes an entrance hall with built-in storage, a separate WC, a bathroom, an ensuite master bedroom with a walk-in wardrobe, an additional bedroom, and an open-plan kitchen and living area. From the living space, you’ll step onto a south-facing 6.5m² balcony, and a 6.3m² west facing balcony. While the kitchen is not included, we are pleased to recommend skilled local artisans who can provide tailored quotes for its installation. Spacious underground garages are also available to purchase with his property. Please find a list of garage sizes and prices below. Lot 5 ---- 67.70m2 ---- 34,500€ Lot 6 ---- 30.40m2 ---- 23,500€ Lot 7 ---- 22.00m2 ---- 20,000€ Lot 8 ---- 33.30m2 ---- 25,500€ Lot 9 ---- 45.70m2 ---- 29,500€ For an idea of the excellent standard of interior finishing to be expected in the L'Eterl project, please click on this link to view another project completed by the same developer:- Similar Project The delivery of this project is planned for the first trimester of 2027. L'Eterl, Lot 1 L'Eterl, Lot 3 L'Eterl, Lot 4

Shane Cunningham

Shane Cunningham

For Sale

Appt. Cascade

For Sale 295,000 €
2 Samoëns 45 m²

Appartement Cascade is a superb two-bedroom duplex apartment, ideally located on the edge of Samoëns village. Situated on the second and third floors of a well-designed residence, the property offers 44.62m² of habitable living space (46.21m² total floor area). Constructed in 2005, the apartment has recently undergone a complete, high-standard renovation, including a new bathroom, kitchen, hot water tank, and electric radiators, with all furniture, flooring and light fittings also being upgraded. The south and west-facing, 7.57m² wrap-around balcony provides beautiful views of the Cascade de Nants and the surrounding Giffre Valley. The lower floor comprises an entrance area with storage for coats and shoes, a bunk bedroom with a built-in wardrobe, a separate WC, a shower room, and an open-plan kitchen/living room with access to the balcony. Upstairs, the top floor features a spacious double bedroom with a built-in wardrobe and a dedicated office area. The apartment benefits from lift access, an exterior parking space, a private ski locker and an underground parking space with built-in storage. Owners also enjoy access to the excellent onsite amenities at La Ferme de Samoëns, which include a games room, an indoor heated pool, and an exterior pool (open during the summer months only). The village centre is conveniently less than a 10-minute walk away, and a ski bus stop is just 100 metres from the door.

Shane Cunningham

Shane Cunningham

For Sale

Appt. Grenairon

For Sale 220,000 €
1 Samoëns 37 m²

Apartment Grenairon is a recently renovated one bedroom apartment situated in Les Beules area of Samoens within Le Grand Tétras Residence. A ten minute flat walk to the centre, there is a ski bus within easy reach and forested riverside walking for instant peaceful tranquility. Built in the year 2000, the residence offers a spacious communal area for relaxing or playing table tennis opening onto a south facing terrace with outdoor swimming pool (operational during summer months). There is also a modest indoor pool, sports room, sauna and onsite launderette accessible all year around for residents. Apartment Grenairon is located on the first floor of chalet C and measures 37.31 sqm of habitable space. Recently renovated to a high standard, it is composed of an entrance area with integrated storage, a bathroom, a cupboard containing an electric hot water tank, a double bedroom with an east facing aspect, a brand new fitted kitchen opening onto a dual aspect living space with a breathtaking east facing view also enjoyed from the balcony. The overlooking pastures are located in a non-constructible, agricultural zone. The apartment is heated by electric convectors. Water (hot and cold) and heating are included the quarterly charges. The apartment comes with a ski locker and a generous underground parking space.

Lexie Starling

For Sale

Chalet Belvédère

For Sale 1,750,000 €
7 Verchaix 260 m²

Chalet Belvédère is a striking contemporary chalet designed entirely around its exceptional outlook, enjoying spectacular and uninterrupted views over the Giffre Valley, the surrounding mountain ranges, and as far as Mont Blanc. Built in 2008, the property sits in a peaceful position in Verchaix on a generous total land area of 1781 m² and combines bold architecture with modern, energy-efficient systems. Every level has been carefully designed to maximise natural light, space, and the remarkable panoramic scenery, creating a home that feels both expansive and closely connected to its alpine environment. The chalet offers 260 m² of habitable space and is arranged as three fully independent residential units, providing exceptional flexibility for family use, guest accommodation, or established rental income. Although the chalet is laid out as separate units, solutions exist to allow a future buyer to create internal stairwells and transform the property into one stunning three-storey property. The upper level is dedicated to a spacious duplex apartment. It comprises an entrance hall leading to an open-plan kitchen, dining area, and living room centred around a suspended fireplace, with direct access to a large terrace and balcony that fully embrace the views. This level also includes a double bedroom, a bathroom with both shower and bath, a separate WC, and a dedicated office space. A former garage has been converted into a practical storage and laundry area. Also on this level are a double garage with a storage mezzanine and two covered exterior parking spaces. The intermediate level houses a second independent apartment. This apartment features an entrance, an open-plan living and dining area with a wood-burning stove and access to a large terrace, an open kitchen, a double bedroom, a second double bedroom with a bunk-bed area, a further double bedroom with an internal window, a shower room, a separate WC, and a pantry or utility room. On the same level, with its own private entrance, is an independent studio. The studio comprises a shower room with separate WC, a living space with a double bed and bunk beds, a kitchenette, a lounge area with a wood-burning stove, a dining area, and access to a private terrace. The lower level of the chalet is dedicated to technical and practical spaces, including a technical room, a cellar, and a laundry area. From an ecological and energy-efficiency perspective, the property is particularly well equipped. Heating is provided by a high-performance combined system incorporating solar panels, a heat-exchange pump, and a Canadian well geothermal system, ensuring excellent thermal comfort while limiting energy consumption. The chalet also benefits from electric shutters throughout, further enhancing insulation, comfort, and security. The exterior of the property has been comprehensively upgraded, with all exterior woodwork recently sandblasted and retreated, the masonry façades fully repainted in 2025, and the driveway and pathways resurfaced. As a result, the chalet is presented in excellent condition throughout and is entirely turnkey, ready to be occupied immediately without the need for further works. With its multiple independent living spaces, generous terraces, strong ecological credentials, ample parking including a motorhome-sized garage, and commanding panoramic views, Chalet Belvédère is a rare and versatile property that successfully combines comfort, functionality, and sustainability in one of the Giffre Valley’s most desirable settings.

Shane Cunningham

Shane Cunningham

For Sale

Appt. Pertuet

For Sale 240,000 €
1 Samoëns 44 m²

Apartment Pertuet is a warm, fully furnished one-bedroom home in the tourist residence “La Ferme de Samoëns,” just an easy 8–10 minute walk from the village centre. Easily accessible on the valley floor, Samoëns lies approximately 70 km from Geneva airport, making this an ideal all-season base in the Alps and a great way to get on the property ladder here. Set within private gardens in a quiet, family-friendly development built in 2005, the residence offers a peaceful setting close to everything. Located on the first floor of Building C, and served by a lift, this end apartment enjoys a dual aspect and a south-east facing balcony, perfect for relaxing and taking in the mountain views. The 43.49 m² layout includes an entrance area with storage, a spacious double bedroom, an independent WC, a bathroom, and an open-plan kitchen and living area leading onto the balcony. Residents benefit from excellent on-site facilities: hammam, sauna, indoor plunge pool, outdoor swimming pool, laundry facilities and fibre internet within the building. The ski bus stops right outside, and riverside trails are close by, so you can enjoy Samoëns in every season. The apartment also comes with an exterior parking space and a private ski locker. Heating is electric, and the co-ownership charges conveniently include both water and electricity, with sub-counters installed. With an energy rating of category D, there are no constraints for rental, making this a straightforward opportunity for either personal use, rental investment, or a mix of both. Sold fully furnished, Apartment Pertuet is ready to enjoy or rent out immediately.

Lexie Starling

For Sale

Appt. Lhottis

For Sale 260,000 €
1 Verchaix 43 m²

Situated on the first floor of Chalet B in Le Varshe Residence on the valley floor of Verchaix, this immaculate one-bedroom T2 apartment (42.62 m² loi Carrez) offers contemporary mountain living with immediate convenience. Built in 2021, this well cared-for pad offers a 23.5 m² open-plan kitchen and living area that opens onto a superb south-facing terrace of about 14 m², ideal for sunny afternoons, valley views and storing sports gear. Building B sits set back from the road, offering easy access and proximity to local amenities including the bakery. Lac Bleu is within a short walk, with riverside paths for walking and cycling that link to Taninges and Samoëns, and a nearby ski bus provides direct access to the Morillon gondola and Samoens’ ski lift. Geneva is just over an hour away. The layout is practical and comfortable, with a separate hallway, independent WC, a bathroom, and a bedroom with built-in storage. Heating is provided by an individual gas boiler serving radiators in the bedroom, living area and bathroom; the property benefits from a DPE rating of C. Ideal as a lock-up-and-leave pied-à-terre or a cosy home for a local couple, this apartment combines modern build specs, low-maintenance living and a superb south-facing terrace to enjoy the mountains year-round.

Lexie Starling

For Sale Exclusive

Appt. Ruan

For Sale 259,000 €
2 Samoëns 46 m²

Appartement Ruan, a two-bedroom duplex apartment, is perfectly positioned on the edge of Samoëns village, occupying the second and third floors of a well-designed residence. The property offers 45.72m² of habitable living space (47.44m² total floor area). Constructed in 2005, the apartment remains in good condition, although, due to its age, it would benefit from some modernising, particularly in the bathroom and kitchen areas, and the electric radiators will shortly require replacement. The South East and North East facing 8m² wrap-around balcony presents beautiful views of the Criou and the surrounding Giffre Valley. The lower floor is arranged with an entrance area, a separate WC, a shower room, a bunk bedroom featuring a built-in wardrobe, and an open-plan kitchen/living room with balcony access. The top floor is home to a spacious double bedroom, also equipped with a built-in wardrobe. For convenience, the village centre is less than a 10-minute walk away, and a ski bus stop is situated just 100 metres from the door. The apartment benefits from lift access, a private ski locker, an exterior parking space, and an underground parking space. Owners also gain access to the excellent onsite amenities at Les Fermes de Samoëns, which include a games room, an indoor heated pool, and an exterior pool that is open during the summer months only.

Shane Cunningham

Shane Cunningham

For Sale

Appt. Mélèze

For Sale 208,000 €
1 Samoëns 41 m²

Apartment Mélèze is a delightful ground-floor, one-bedroom (T2) apartment ideally located on the edge of Samoëns. It is within easy walking distance of the village centre and is only 20 metres from the nearest ski bus stop. Set within a small, co-owned residence (copropriété) dating from the late 1970s, the apartment is presented in good condition and is ready for immediate use. While comfortable as is, a future owner may wish to undertake some modernisation and cosmetic upgrades. The spacious 41m² layout includes an entrance area, a separate WC, and a bathroom with a washing machine. The double bedroom features a built-in wardrobe and provides access to the sunny, south-facing terrace. The main living space is a bright living/dining room that opens into the kitchen, and this room also has direct access to the exterior terrace. The apartment benefits from the building's collective oil-fired central heating system. It is being sold with a lockable private cellar on the lower ground floor, and residents share a large, private car park.

Shane Cunningham

Shane Cunningham

For Sale

Chalet Chêne

For Sale 820,000 €
4 Samoëns 125 m²

Discover this magnificent, detached, luxury chalet, built in 2021 to truly exceptional standards of quality and finishes throughout, including high-end kitchen and bathrooms. Ideally located on the edge of Samoens village for easy year-round access, including in winter, the chalet boasts a large flat garden of approx 830m² and abundant outdoor terrace space. Its privileged location is within easy reach of the charming Samoëns village and benefits from a nearby ski bus stop for the Grand Massif ski area, while Geneva International Airport is less than one hour away, making it a major asset for short stays. This chalet is composed as follows: On the ground floor, you will find a beautiful terrace, an entrance with a cupboard and storage, a vast, bright living/dining room, an open and equipped kitchen, a hallway, and a separate WC. The ground floor also includes a garage, a cellar, and an essential ski room. Upstairs, the sleeping area features a complete master suite comprising a bedroom, a dressing room, and a private shower room with WC. You will also find three additional bedrooms, two of them opening onto the same south facing balcony. A separate bathroom with WC and a hallway with inbuilt storage complete this level. For ultimate comfort, the property features gas underfloor central heating and is connected to mains drains. Thanks to its impeccable condition, high-quality features, and sought-after location, this chalet represents an excellent potential for seasonal rental income or an ideal second home to enjoy the Alps in any season. A rare property on the market, to be viewed without delay.

Shane Cunningham

Shane Cunningham

For Sale

Chalet Buche

For Sale 725,000 €
4 Taninges 177 m²

This light-filled family chalet, officially in the commune of Taninges, is situated on a sunny south-facing slope near Verchaix and just minutes from Samoëns and Morillon. It offers easy access to the Grand Massif ski domain, ideal for biking, riverside strolls and relaxed alpine living. Geneva is approximately 65 km away, making this an accessible second home or full-time family base. Built in 2010 by local artisans and set on a manageable 759 m² plot, the house benefits from generous sun exposure and uninterrupted easterly and westerly views. Set over three levels, it has a floor area of 177.40 m², of which 149.61 m² is officially deemed habitable. On the garden level you’ll find the entrance with storage and a central vacuum, a shower room with WC, an open-plan kitchen and living area with terrace access, a cabin bedroom (currently used for storage), a modest garage and a cellar/laundry room with a water softener. The first floor features an open-plan living area (with wood burner), kitchen and dining area that opens onto a generous east- and south-facing terrace, ideal for entertaining. It also includes a principal bedroom with a basin and shower and a separate guest WC. The upper floor contains three further bedrooms, a landing and a family bathroom. Recent practical upgrades make the chalet ready for modern living: an electrical upgrade with two EV chargers installed and recently fitted reversible air source heat pumps that provide heating in winter and cooling in summer. There is also electric underfloor heating, the hot water is electric, and solar panels were installed under previous ownership. The property is connected to a septic tank.

Lexie Starling

Property for sale in Samoëns is split between apartments and chalets, from studio entry points to rare farmhouse chalets at the top of the market.

Getting to Samoëns

Samoëns sits in the Giffre valley in Haute-Savoie, roughly 80km from Geneva. The main road access is via the A40 motorway, exiting at Cluses, then the D907 through the valley. Geneva International Airport is the natural arrival point for most international buyers; transfers take around an hour depending on traffic and season, making this one of the more accessible resorts in the French Alps for buyers from the UK and northern Europe.

Morzine is around 25km away, accessible over the Col de Joux Plane in summer and via the valley in winter. Cluses is the nearest town for everyday services. The drive into the valley takes time. Buyers who treat door-to-door convenience as a priority should factor this in.

Samoëns and the Grand Massif ski area

The Grand Massif ski area covers 265km of marked runs across five resorts: Samoëns, Flaine, Morillon, Les Carroz, and Sixt Fer à Cheval. It is one of the more extensive connected areas in the Alps, and Samoëns sits at its western edge.

The main access from the village is via the Samoëns 1600 gondola, which rises from the valley floor to the mid-mountain station. A nearby ski bus stop connects the village centre to the gondola base for those not within walking distance.

The ski area reaches above 2,480m. Samoëns village itself sits at around 720m, so the runs back to the village can vary in a thin-snow year. The upper mountain holds snow well; the lower slopes less reliably. Buyers who treat guaranteed village-level snow as non-negotiable should weigh this against the altitude of alternatives like Flaine, whose base sits at 1,600m.

Hiking and mountain biking routes run through the Grand Massif network from spring through autumn, and the Sixt Fer à Cheval nature reserve (a glacial cirque at the head of the valley, framed by surrounding mountains) draws walkers and day visitors through the warmer months. Water sports at Lake Giffre, canyoning, and paragliding extend the season further.

Samoëns beyond the ski season

Samoëns is not a purpose-built resort. It is one of the oldest market towns in the Giffre valley, with a permanent year-round community, a working village centre, and an architectural character (stone buildings, a fortified church) that predates the ski industry by several centuries.

The Jaÿsinia botanical garden, established in 1906 and donated to the Natural History Museum of Paris, occupies 3.5 hectares above the village with over 5,000 plant species. It is open for most of the year. Shops, restaurants, and a weekly market operate through the interseason. Most properties are within walking distance of everyday amenities, and the peaceful setting away from the larger valley towns suits buyers looking for a base rather than a resort.

Types of property for sale in Samoëns

The market divides into apartments and chalets, with both new-build and resale available in each category. Apartments make up the larger share of what comes to market. Chalets (particularly the older farmhouse properties the village is known for) are rarer and tend to attract buyers quickly when they do appear. Habitable space and living space vary considerably between the two types, and between individual properties within each.

Apartments

Apartments range from one bedroom apartment studios to large multi-bedroom units within residence-style buildings. New-build schemes are built to current thermal standards and typically carry a rare A energy rating or B DPE rating. Resale stock varies considerably in condition; carefully renovated apartments command a premium over unrenovated properties of similar size and location.

Most apartments include a ski locker or ski room, parking spaces with ample parking at building level, and a south facing balcony or terrace. Properties with generous outdoor space (multiple terraces or a large private terrace suited to al fresco dining) carry a premium of 25–40% over comparable units without it. South-facing aspects are among the most sought after for both personal use and letting: they extend the usable season on the outdoor space and perform better in the rental market. Generous living space and a well-configured open plan layout matter more here than floor area alone.

Proximity and immediate access to the slopes, or to the gondola base just a few minutes from the village centre, is the primary locational factor. A sought after location in this respect commands a clear premium in the letting market; the nearby ski bus stop connection to the Samoëns 1600 gondola affects demand for apartments not immediately adjacent to the lifts.

Chalets

Traditional farmhouse chalets are the most distinctive property type in Samoëns and represent a rare property type in the context of the wider French Alps market. Many date from the 18th and 19th centuries. Some come to market as luxury chalet properties, carefully renovated to the highest standards: high quality features throughout, a wood burning stove, large bedroom accommodation across multiple floors, and multiple terraces offering breathtaking panoramic views of the surrounding mountains. Some are sold furnished; others offer the opportunity to renovate to a buyer's own specification, at a lower entry price. A well-located chalet will often have direct access to the village centre or the gondola route on foot.

New-build chalets at the upper end are designed to reflect the village's architectural character and are built to current energy standards. These attract both primary-residence buyers and those looking for a rental investment in a privileged location.

Samoëns is spread out along the valley floor, and the walking distance from some properties to the gondola or to the village shops varies considerably.

Property prices in Samoëns

Property for sale in Samoëns ranges from around €295,000 for a studio apartment to over €1.5 million for a renovated farmhouse chalet. One-bedroom units typically fall between €350,000 and €375,000. At the top of the market, larger chalets and the most sought after properties have sold above €3.9 million. Average prices per square metre run from approximately €6,000 to €9,000, depending on property type and position within the village.

The primary price driver is proximity to the lifts and the village centre. Ideally located properties (within easy reach of the gondola base or the village centre shops) command a clear premium over those on the periphery. Properties configured for rental use, with sufficient sleeping accommodation, ski storage, and adequate living space, tend to hold their value more consistently through market cycles.

Notaire fees (the notaire is the state-appointed legal officer who handles conveyancing and title registration) run to approximately 7–10% of the purchase price on resale properties. On new-build properties, or those sold within five years of completion, the figure drops to 2–3%. On a €500,000 purchase the difference can exceed €25,000.

Rental potential and capital value in Samoëns

Demand is consistently strong for turn-key properties that can generate seasonal rental income immediately, particularly those sold furnished and in rental-ready condition. The Grand Massif ski area supports a genuine dual-season rental market: the winter ski season from December to April, followed by summer visitors drawn to the hiking, mountain biking, and outdoor activity offer. This makes Samoëns a more reliable rental investment than resorts dependent on winter alone.

Buyers of new-build properties can purchase through a leaseback arrangement (known in French as a résidence de tourisme) and reclaim the 20% French TVA (value-added tax) on the purchase price. The property enters a managed rental programme for a minimum term, typically nine years, with restrictions on personal use during that period. The reduced notaire fees on new builds compound the acquisition cost advantage.

Energy-efficient properties are increasingly relevant to the investment calculation. Properties with a rare A energy rating or high DPE score are seeing price increases of 15–25% as letting regulations tighten on a fixed schedule. New-build and carefully renovated stock typically carries A or B ratings. Older, unrenovated properties may face letting restrictions as regulation progresses.

Samoëns is an established charming village with limited new-build land. Planning constraints restrict development, and the supply of property for sale in Samoëns at any given time reflects this. That structural constraint has supported values over time relative to less restricted markets, though past performance does not guarantee future prices.

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