We are extremely lucky to have high altitude ski
resorts, such as Val Thorens (which is the highest
ski resort in Europe) which, during a normal
season, would be open for skiing from the end of
November to the beginning of May.
New build properties remain popular, they
offer reduced legal fees and also the option of
recuperating the 20% VAT, with a rental contract
in place. These savings are tempting to investors."
Her colleague, David Cowx, lives at the foot of
the road to La Plagne, which, along with Les Arcs,
forms the popular Paradiski area. He says that,
while demand is strong, there is no discernible
pattern to sales:
"Enquiries are across the board - no difference
between new/resale properties, nor for in/out
of resort. If there is a trend it is that buyers are
looking for value for money, which doesn't
necessarily mean cheap. We currently have two
sales in the pipeline at over 1m euros and expect
more to follow. Of course, we have less activity
from UK buyers, because they cannot travel, but
this is more than offset by an increase in demand
from the domestic market. Although the notaire's
figures are accurate, "in resort prices" here are
generally between 3,000 and 6,000 euros per m2
for resale properties and 6,000 euros + per m2 for
new build properties."
Emma summarises the optimism currently felt
across the Savoie team:
"We are working closely with developers to find
new opportunities for this Spring/Summer 2021.
We also hope that we will be able to host a few
summer events in the Three Valleys, such as
cycling and mountain biking which always attract
big crowds. Last summer proved to be the busiest
summer on record for the Three Valleys, and
possibly for the French Alps, with a huge flow of
tourists coming to the mountains to get a mixture
of fresh air, sunshine and unrivalled scenery."
Current sales trends
Val d'Isère 10 550 euros per m²
Tignes 5,780 euros per m²
Bourg St Maurice 3,490 euros per m²
La Plagne Tarentaise 3,380 euros per m²
Courchevel 7,900 euros per m²
Belleville 5,740 euros per m²
Chambéry 2,210 euros per m²
*source Notaires de France, median price of all
apartment sales between Jan-Sept 2020.
It is estimated that of the 340,000 properties in
Savoie (73), around 37% are holiday homes. The
median price of apartments sold in the first nine
months of last year was 2,800 euros per m2. In
some resorts, such as Val d'Isère and Méribel,
lack of development land and strict planning
restrictions means that a lack of supply is driving
up prices.
Emma Horsfall is one of our agents in the
Belleville Valley:
"Demand is very high across the Three Valleys - of
course, current viewings are restricted to mainly
French nationals but we are having continued
success with giving virtual tours to overseas
clients. As an example, I have a 4m+ euros sale
ongoing, of a new build chalet in St Martin de
Belleville. This is to a South African family and
was bought on a virtual visit alone. We are also
seeing a flurry of British enquiries, with clients
looking for one of two reasons. Either as a pure
investment, or for "lifestyle" reasons and to fulfil
a long-held dream. We are also selling to many
French investors (both residents and French expats)
which shows a great confidence in the mid/
long term rental returns available in the Three
Valleys. SAVOIE