Paloma Beach, in Saint-Jean-Cap-Ferrat is one of the ten most instagramed beaches in France, according to Holidu – M. Frénois / ANP / 20 Minutes
- According to INSEE, the Saint-Jean-Cap-Ferrat peninsula recorded a drop in the number of inhabitants by 26.4% between 2007 and 2017.
- In question, the old housing bubble caused by the arrival of Russian billionaires and the tourist success of the town.
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With its idyllic living environment, one might think that the crowd is jostling to live in Saint-Jean-Cap-Ferrat.
The latest data from legal populations, published by
INSEE, however demonstrate the opposite. The peninsula went from a total population of 2,148 inhabitants in 2007 to 1,581 in 2017, a decrease of 26.4%.
With an average annual rate of change of -3%, it is even the municipality of the littoral of Alpes-Maritimes who has the worst result.
Russian billionaires spike property prices
To understand these departures, it is necessary to look at the history of the local real estate market. “From the early 2000s to 2012, it was the big boom in Cap-Ferrat. Many Russians have invested heavily and have driven prices up wildly. Many local owners took advantage of this bubble to sell and settle elsewhere, such as in Beaulieu or Villefranche-sur-Mer, “analyzes Benjamin Mondou, president of Century 21 Lafage Transactions and administrator of the Fnaim 06.
And to clarify: “Today, the clientele is different (Belgians, Scandinavians, Anglo-Saxons). The market is more open and prices have become more consistent[butnolessinexpensive:11399euros/m2foranapartment16880euros/m2forahouse[maispasmoinsbonmarché : 11399euros/m2pourunappartement16880euros/m2pourunemaisonaccording to bellesagents.com]. “
Under tourist pressure
According to the Studies and dissemination service of INSEE PACA, the figures are also explained by the strong real estate pressure caused by the tourist offer in this area with high urban density. An opinion shared by the mayor of Saint-Jean-Cap-Ferrat, Jean-François Dieterich, for whom “French taxation encourages seasonal furnished rentals, type
Airbnb, that year-round residency. ” As a result, the number of vacant units decreases, while prices rise.
To combat this phenomenon, the elected official declares that he has rented around twenty municipal housing units at moderate rents “in order to keep the assets on site”. And so, “maintain the classes of school communal and preserve the
trade local. “
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