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The Notaries of France confirmed it last month, the rhythm of growth of the prices of real estate decelerated in 2007:

The growth rates with 2 digits do no longer exist, the prices of flats raised only by 5.7 % the last year, when they had increased by 12.2 % in 2006 and 16.2 % in 2005.

If the official report is worth on a national scale, the resistance in some areas remains. It is the case in some Parisian arrondissements, in certain cities of the French Riviera, but also in the Savoyard Ski stations.

In a study published at the beginning of the week, the Chamber of the Notaries of Savoy and Haute Savoy determines that growth rate in the property market in the mountains of the region is higher than the average growth nationwide. Rates are still above 10 % in certain cases.

Stronger growth rates in Haute Savoy than in Savoy

On average, on October 1st, 2007, a square meter in both departments for an old flat cost 4 446 euro; today it is 11 % more. For a new flat, it is necessary to count 5 337 euro per m ², that is an increase of 9 % over a year.

It is in Courchevel 1850, one of fifth stations of Courchevel (Savoy) that prices in old flat are the most expensive, 14 963 euro per square meter! Val d’ Isere (Savoy) and Megève (Haute Savoy), take respectively the second and third places, with 7 683 and 7 206 euro per m ². For the new properties, it is Arcs and Plagne (both in Savoy), that hold the top of the price, with 10 561 and 9 770 euro per m ².

Growth rates raised by the notaries are more important in Haute Savoy than in Savoy,

Market	Haute Savoy	Savoy	Haute Savoy	Savoy
	Growth	Growth	Price per m²	Price per m²
Old properties	+13.2%	+9.2%	4373€	4515€
New Properties	+16.4%	+4.7%	5151€	5544€

The study of the Chamber of the Notaries shows moreover that the price per square meter seems to grow with the surface of the flat.

Beyond this difference, properties remain more expensive in the ski stations than everywhere else in the region. In valleys an old flat is cost 2 224 euro m ² in Savoy (+6 %) and 2 832 euro (+3 %) in Haute Savoy.

New flats cost respectively 2 978 and 3 464 euro, so an increase of 9 and 8% more than in 2006.

A market which should remain lively

The market of the mountains’ real estate does not obey the same rules as the national market As for up market real estate, the request for the flats of the Savoyard stations is supported by worldwide customers. For this reason, this market should resist to the slowing down of the growth, and should remain very lively.

Veronique Kouznetsov | Date Published : 2008-02-18 18:34:03 | Last modification time : 2008-02-18 18:35:04