Real Estate: Notaries Confirm Decline
- real estate in pays de Savoie shows signs of recovery at the beginning of 2025. Though, notaries report that the 2024 market was marked by price balancing and...
- In Savoy, sales decreased by 9.2%, wiht 10,790 properties sold.Haute-Savoie saw a 12% decrease, with 17,570 sales.
- We know a crisis of rare violence and we go straight in the wall, and at high speed, with a counterproductive policy.
Savoy Notaries Draw Up 2024 Assessment: Transactions Fall, Values Stabilize
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real estate in pays de Savoie shows signs of recovery at the beginning of 2025. Though, notaries report that the 2024 market was marked by price balancing and a significant decline in transactions.
In Savoy, sales decreased by 9.2%, wiht 10,790 properties sold.Haute-Savoie saw a 12% decrease, with 17,570 sales. These figures combine all property types, including apartments, houses, and land.
New Construction hit Hardest
The decline was most pronounced in new construction. Savoy experienced a 22% drop, with 1,200 sales. Haute-Savoie saw a 14% decrease, with 2,930 sales.
ItS a real nightmare. We know a crisis of rare violence and we go straight in the wall, and at high speed, with a counterproductive policy.A notary in Thonon and departmental delegate
One expert pointed out a 64% fall in new construction sales, while housing requests increased by 11% in 2024. This illustrates a strained situation where it now takes 21 months to sell a new apartment. The expert attributes this to household financial insecurity amid high interest rates and property values.
While property values remain high, they show signs of stabilization.
Promoters are forced to review their claims down to sell.A notary in Chambéry
Rising construction costs and land prices have driven prices to record levels.One notary lamented that increasingly expensive land slows down production. They suggested increasing property tax on building land to encourage owners to sell, while acknowledging the potential for such measures to be perceived as confiscatory.
According to notaries, prices have declined 4.5%, to 5,060 euros per square meter (median), in Haute-Savoie, and 3.2%, to 5,030 euros, in Savoy. However, significant disparities exist across different areas. For example, the median square meter price in Annecy has reached 6,760 euros, a 5.5% increase. In Chambéry, prices have stagnated at 4,780 euros after a significant rise in 2022. Aix-les-Bains saw a 4.1% increase, reaching 5,530 euros per square meter.
Existing Properties Show Resilience
Amidst a limited supply, existing properties are holding their value, benefiting from a “postponement effect.” Sales have decreased by only 8.7% while prices have increased by 1.3%. In Annecy, apartments cost an average of 5,080 euros per square meter, while in Haute-Savoie, the average is 4,290 euros per square meter.
One notary noted that what is rare is expensive,
adding that buyers have limited budgets.
An expert stated, Though, we have reason to hope with the drop in guiding rates announced by the European Central Bank.
The reform of the zero rate loan (PTZ) is a good thing, but what about the status of the private lessor – which will not change until next year – and the new furnished taxation, which weigh the real estate market?
Savoy Real Estate in 2024: A Comprehensive Q&A
Overall Market Trends in Pays de savoie
1. How did the real estate market perform in Pays de Savoie in 2024?
The real estate market in Pays de Savoie showed signs of stabilization in 2024, though marked by a notable decline in transactions. Notaries reported a balancing of prices, which indicates the market is adjusting after a period of rapid change. Despite these adjustments, there are indications of recovery at the beginning of 2025.
2. What was the overall decrease in sales in Savoy in 2024?
Sales in Savoy decreased by 9.2% in 2024, with 10,790 properties sold. Haute-Savoie saw a slightly higher decline, with sales decreasing by 12%, totaling 17,570 properties sold. These figures combine all property types, offering a broad view of the market.
3. How did the decline in sales vary for different property types?
The decline in sales was most pronounced in new construction. Savoy experienced a 22% drop in new construction sales, with 1,200 sales.Haute-Savoie saw a 14% decrease in new construction sales, with 2,930 sales.
Price Fluctuations and Market Analysis
4. what happened to property values in pays de Savoie during 2024?
While property values remain high, they show signs of stabilization. Rising construction costs and land prices have driven prices to record levels, but the rate of increase has slowed. The market is undergoing a balancing phase.
5. What were the average price changes per square meter in 2024?
Haute-Savoie: Prices declined by 4.5% to a median of 5,060 euros per square meter.
Savoy: Prices decreased by 3.2% to a median of 5,030 euros per square meter.
6. Are there any significant price disparities in the Pays de savoie region?
Yes, there are significant price differences depending on the area:
Annecy: The median square meter price reached 6,760 euros, a 5.5% increase.
Chambéry: Prices have stagnated at 4,780 euros after a significant rise in 2022.
Aix-les-Bains: Prices increased by 4.1%, reaching 5,530 euros per square meter.
Existing vs. New Construction Properties
7. How did existing properties perform in 2024 compared to new construction?
Existing properties demonstrated greater resilience. Sales decreased by only 8.7%, and prices increased by 1.3%. This resilience is attributed to limited supply and what’s referred to as a “postponement effect.”
8. What were the average prices for apartments in Annecy and Haute-Savoie?
Annecy: Apartments cost an average of 5,080 euros per square meter.
Haute-Savoie: The average was 4,290 euros per square meter.
9. What factors are affecting new construction sales?
The decline in new construction sales is linked to several factors, including:
Household financial insecurity: High interest rates and property values contribute to uncertainty.
Increased Time to Sell: The time to sell a new apartment is now around 21 months.
High Production Costs: Land prices and construction costs are slowing down new construction.
Expert Insights and Market Outlook
10. What factors are influencing the real estate market’s challenges and opportunities?
Expert opinions suggest a complex interplay of factors:
A Crisis of Rare Violence: One notary described the market as facing a crisis.
Rising Costs: High construction costs and land prices are a key concern.
Slowed Production: Expensive land is slowing down production, one notary noted the possibility of changes to building land taxation.
Impact of Interest Rates: The expectation of dropping interest rates provides a glimmer of hope.
* Market Uncertainty: Questions remain about the impact of changes to private lessor regulations and furnished taxation.
11. What is the general outlook for the real estate market?
While challenges exist, there are reasons for cautious optimism. Experts are hopeful due to the drop in guiding rates announced by the European Central Bank. Though, the market’s future also depends on adjustments in financial conditions and government policies.
Summary Table: Key Real Estate Figures in 2024
| Area | Overall sales Decrease | Median Price per Square Meter | New Construction Sales Decline |
| —————– | ———————- | —————————— | —————————– |
| Savoy | 9.2% | 5,030 euros | 22% |
| Haute-Savoie | 12% | 5,060 euros | 14% |
| Annecy | N/A | 6,760 euros | N/A |