French Alps property values back to pre-crise levels as demand soars
MGM, the developer of holiday homes in the French Alps, has reported a huge 70% hike in enquiries from prospective buyers about properties.
With British buyers being joined by others from English-speaking countries, such as Dubai and Hong Kong, sales consultant Richard Deans says: “This summer’s marked increase in the number of enquiries, inspection trips and sales has come not only from Britain and the Middle East but also places as far away as Hong Kong. Compared with the same three-month summer period last year – normally the quietest time in our business – enquires made through our London office have leapt by a massive 70 per cent.”
Citing the strengthening of the pound to 1.2 against the euro as the trigger for this, Deans predicts that this growth will now gain momentum as the start of the ski season, just four months away, looms. “Property prices in the French Alps are already back at the pre-credit crunch levels of 2007,” he says, “and current demand makes further rises inevitable.”