There has been considerable variation in the price of ski properties in the French Alps, say the French notaires.

In their latest review of the market for ski properties in the Haute Savoie and Savoie, the notaires say the price of apartments has been reasonably buoyant.

Prices in some ski resorts have fallen, but in most cases not by a large margin.

According to the notaires, one of the main reasons for the fall in prices has been the significantly fewer number of British buyers, who have hitherto been the largest group of international buyers of such property.

Largest falls have been in Savoie, and whilst prices have held up better in Haute-Savoie, smaller properties on the lower slopes anywhere have been the worst affected by the downturn.

Newer property has also held up better than older stock, due to the costs of renovation and the frequently smaller habitable space of the latter.

Agents are arguing that the property and investment solution in older stock is in buying two adjoining small apartments and knocking them into one.

Such an approach may well make good sense, but probably has the best chance of success if there is more general investment taking place in the apartment block and in the resort itself.

As France prepares to host the 2018 Winter Olympics, a facelift for some of the older resorts certainly looks likely, with the French government having recently announced that a programme of renovation in some of the 60s and 70s resorts will take place.

The following tables compare the average prices of older apartments in Savoie and Haut Savoie.