Between a drop in supply and a rise in prices, the real estate market is seizing up in Savoie Mont Blanc.
An area popular with buyers of real estate, often called for employment, Savoie Mont-Blanc is overwhelmed by demands for housing while supply is becoming scarce. If the destination remains a little more preserved than the rest of France by the slowdown in the real estate market, it is not immune. Between 2022 and 2023, real estate transactions fell by 14% in the two departments (-18% in France) according to the Interdepartmental Chamber of Notaries of Savoie.
Inflation, the postponement of increases in material charges on construction costs, the increase in bank borrowing rates and the upcoming obligation to consume less land (Zan law for zero net artificialization).
As a result, transaction volumes are down 8.7% for all properties (-7.8% in Haute-Savoie, -10% in Savoie) over one year. The sales volume of old apartments fell by 5.5%, that of new apartments by 8% and old houses by 11%.
+5.9%: this is the increase in old apartments in Annecy in 2023, with a median of €5,200/m².
Interdepartmental Chamber of Notaries of Savoie
Less land
The building land market saw sales decline by 24%, particularly as a result of the slowdown in the construction market. And the trend does not seem to be slowing. “The production of new housing is not up to par and without production, there will be no renewal in the available supply,” indicates Nicolas Bouvier, notary in Aime-la-Plagne.
As a corollary, the scarcity of goods makes them more expensive. Over one year, the value of old apartments increased by 6.8%, new apartments by 4.9% while that of houses increased by 5.3%.
Between October 2022 and September 2023, the Interdepartmental Chamber of Notaries of Savoie recorded 2,479 sales of old houses in Savoie, with a median price of 2,860 €/m² and 4,084 in Haute-Savoie for a median index of 4,170 €/m²; 104 new sales (median €3,500/m²) in Savoie and 302 (€4,690/m²) in Haute-Savoie.
In the old apartment segment, 5,620 units were sold (€3,800/m² in median price) in Savoie and 9,576 in Haute-Savoie (€4,170/m²). For new apartments delivered, Savoie counted 1,191 over this period (€4,950/m²), Haute-Savoie 3,616 (€5,070/m²). Finally, 570 plots of land were sold in Savoie (median price of €130/m²) and 885 in Haute-Savoie (€250/m²).
Overall, volumes fell in all segments by 12.9% in Savoie and 14.8% in Haute-Savoie according to Fnaim Savoie Mont Blanc; in particular -5.5% for old apartments, -8% for new apartments, -11% for old houses.
If the notaries of Savoie are counting on an appeasement of prices within a year, the inability to invest risks, on the other hand, lasting longer among individuals and professionals.
In the register of record values for apartment sales per m², Val d’Isère (€14,185), Courchevel (€12,009) and Méribel (€10,374) are ahead of Megève (€10,323) and La Clusaz (€9,906). ) according to the FNAIM Savoie Mont Blanc.
Raphaël Sandraz
This article comes from our magazine “Savoie Mont Blanc in figures 2024”, available in online e-reader format or in paper format.
