- 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.
With its idyllic living environment, one might think that the crowd is jostling to live in Saint-Jean-Cap-Ferrat. The latest data on 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 Alpes-Maritimes coastline which records the worst result.
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Have a great weekend 👌 #saintjeancapferrat
A post shared by Saint-Jean-Cap-Ferrat (@saintjeancapferratofficiel) on Aug 30, 2019 at 11:42 am PDT
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 until 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 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 [but no less cheap: 11,399 euros / m2 for an apartment, 16,880 euros / m2 for a house, according to BETTERAGENTS.com]. "
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Clap of end for this decade under a bright sun ... A few hours from 2020, we send you our best wishes and many walks on our wonderful peninsula. Here, the villa @villaephrussi more beautiful than ever. Thanks to @ pepsy_06 for this photo ——————————————————————— Share with us your best photos of Saint-Jean-Cap-Ferrat with the hashtag 👉 # saintjeancapferrat & to subscribe to our account 👇 @saintjeancapferratofficiel —————————————————————— #sjcf #cotedazurfrance #picoftheday #photodujour #instamoment #ilovesjcf #frenchriviera # #village #capferrat #instagood #southoffrance #photooftheday #magnifiquefrance #alpesmaritimes #france #jaimelafrance #mediterranean #bestoftheday #nice #travelblogger #igersfrance # igers06 #travel #adventuring #explorenicecotedazurschild #
A post shared by Saint-Jean-Cap-Ferrat (@saintjeancapferratofficiel) on Dec 31, 2019 at 1:47 am PST
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, like Airbnb, rather than year-round residence". As a result, the number of vacant units decreases, while prices rise.
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A little paddle session? #saintjeancapferrat
A post shared by Saint-Jean-Cap-Ferrat (@saintjeancapferratofficiel) on Sep 17, 2019 at 1:26 am PDT
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 the municipal school and preserve local commerce".
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