A ski chalet is not just for Christmas! Prices of homes in some popular resorts climb 17% in a year as wealthy buyers create ‘fierce competition’
It’s not just Britain’s property market that is red-hot. Homes in ski resorts are being snapped up by wealthy buyers despite the pandemic and on/off travel restrictions, a new reports suggests.
And just like here, the staggering growth in values stems from high demand and lack of supply.
The findings are in Savills latest ski report, which tracks 44 resorts globally. It found that property prices grew on average 5.1 per cent in the last year.
However, some resorts – including Flims and Grimentz in Switzerland – saw values rise 17 per cent.
This five-bed chalet is in St Gervais, in France’s Haute-Savoie region, and is on the market for €2.5m (£2.13m)
Top 20 prime ski resorts, based on price per square metres (priced in euros)
The release of pent-up demand for ski properties follows almost two seasons of closures for most resorts.
Jeremy Rollason, of Savills, said: ‘Only a few resorts such as Val d’Isère, Verbier and Morzine were seeing real price growth up until 2019.
‘That has all changed with virtually all resorts in the Alps and North America experiencing strong double digit and sometimes exponential price growth in a matter of months.’
He adds: ‘The first quarter of 2021 was particularly acute for demand. Transaction volumes doubled over the previous year and fierce competition emerged, especially for prime property in the most exclusive resorts.
‘Property that had previously been for sale for a few months – or even years – suddenly found buyers who were keen to escape the confines of towns and cities.’
The North American ski resorts of Aspen and Vail top the Savills Ski Prime Price League with Courchevel 1850 moving from the top spot to third place.
Aspen, which celebrates its 75th birthday this season, is predominantly a domestic market, with average values at around £25,000 per square metre.
Meribel has broken into the top ten price resorts with asking prices of around £13,800 per square metre.
With its 200 lifts, and central to the world’s largest ski area – Les Trois Vallees – Meribel is popular among French and British skiers looking for a dual season resort.
This chalet in Chemin Des Cleves in Switzerland and is for sale for CHF6,000,000, the equivalent of £4.9million
Estate agents Savills also looked at the prospects for price growth in 10 key resorts
While resorts have always pushed the benefits of using properties throughout the winter and summer, a dual season resort is now the most important locational factor for buyers as they look to make the most of their holiday homes, according to Savills.
The estate agent said that regardless of international travel restrictions, foreign buyers are still keen to purchase ski resort properties and have been quick to return to the property market as restrictions have lifted.
This week, some resorts opened early amid heavy snowfall and are hoping to remain so throughout the season.
Mark Nathan, of Chalets 1066, the largest operator in France’s Les Gets, said: ‘We are fortunate here in that Jean-Baptiste Lemoyne, the French Minister for Tourisme has said that ‘closing is not an option’ this winter.
‘The snow is amazing at the moment and the pistes will be opening this weekend. The planned date was December 12 for early opening so this shows how good the conditions are. The fresh snow was up to my knees this morning.’
This five-bed chalet is in Saas-Fee, Switzerland, and is for sale for CHF4,200,000, the equivalent of £3.4million
He explained that visitors will be expected to show proof of vaccination to go into bars and restaurants, and also when buying lift passes.
‘There might even be random checks in the lift queues. We are also expecting to have to use masks in lift queues – but these are all small points and the good news is we can all ski and enjoy a mountain holiday.
‘Our bookings are the best we have ever had by a long way, in over 13 years of business.
‘Over the past few days there has been nervousness among the English and a few other countries with the new Omicron variant, but we now hear that the Swiss will be allowing people who are on their way to France to land at Geneva and then take a transfer directly to France.
‘Overall, we are looking forward to an exciting ski season.’
Qualified ski instructor and ski journalist Rob Stewart added: ‘British skiers spend more money than domestic visitors and ski resorts are desperate to have us back.
‘In some French resorts, British skiers are only second to French visitors in regards to numbers and we are such an important part of their economy.
‘This winter, snow seems to have come fairly early and in decent quantities, and it’s cold. This always helps increase visitor numbers and after such a terrible winter last year because of Covid, there is huge positively about this winter being a good one.
‘The challenges remain for British skiers, with nerves around changing travel restrictions still haunting the industry and lack of availability pushing prices higher for the moment.
‘But for skiers that have missed out for one and half seasons now, these challenges will be overcome if possible, for the chance to get back on the slopes’.