(Decanter) - A single hectare of a Burgundy grand cru vineyard could have cost up to 14 million euros last year, according to the latest report from France's land agency.

Top-end prices for Burgundy grand cru vineyards in the Côte-d’Or have doubled in the past decade, from an estimated cost of around seven million euros in 2008 – or 7.5m euros at ‘constant prices’ – to just under 14 million euros in 2017, according to French land agency Safer.

The increase follows several years of soaring global demand for wines from the most prized Burgundy ‘climats’, coupled with high profile vineyard buyouts by wealthy investors in recent years.

There is a wide variation in valuation, however. Safer said that grands crus prices started at an estimated 2.75 million euros per hectare in 2017.

Some estate agents believe that Safer figures can be too cautious, although it is hard to know for sure.