Prime Ski Property Report 2020 - Knight Frank
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The Prime Ski Property Report provides a detailed assessment of
current market conditions across the French and Swiss Alps, as well
as a summary of market trends in global ski destinations
Prime Ski
knightfrank.com/research
Property Report
2020
PRIME SKI PROPERT Y REPORT 2020
THE PRIME SKI
PROPERT Y REPORT
Now in its eleventh year, the Prime Ski
Property Report provides an overview of
prime market conditions across Knight
Frank’s key ski destinations: The French
Alps, The Swiss Alps, Aspen, Queenstown
and Niseko.
DEFINITIONS
Where we refer to Prime Property this equates
to the top 5% of each property market by
value. Prime markets often have a significant
international bias in terms of buyer profile.
Editor – Kate Everett-Allen
kate.everett-allen@knightfrank.com
Global Head of Research – Liam Bailey
liam.bailey@knightfrank.com
Head of French Alps - Roddy Aris
roddy.aris@knightfrank.com
Head of Swiss Alps -
Alex Koch de Gooreynd
alex.kdeg@knightfrank.com
Head of Aspen Sales
Jason Mansfield
jason.mansfield@knightfrank.com
Marketing – Sarah Guppy
sarah.guppy@knightfrank.com
Media enquiries – Astrid Recaldin
astrid.recaldin@knightfrank.com
Design – Quiddity
quidditymedia.co.uk
© Knight Frank LLP 2019
This report is published for general information only
and not to be relied upon in any way. Although high
standards have been used in the preparation of the
information, analysis, views and projections presented
in this report, no responsibility or liability whatsoever can
be accepted by Knight Frank LLP for any loss or damage
resultant from any use of, reliance on or reference to
the contents of this document. As a general report, this
material does not necessarily represent the view of
Knight Frank LLP in relation to particular properties or
projects. Reproduction of this report in whole or in part
is not allowed without prior written approval of Knight
Frank LLP to the form and content within which it
appears. Knight Frank LLP is a limited liability partnership
registered in England with registered number OC305934.
Our registered office is 55 Baker Street, London, W1U
8AN, where you may look at a list of members’ names.
OTHER MARKET-LEADING KNIGHT
FRANK PUBLICATIONS
RESIDENTIAL RESEARCH
ASPEN INSIGHT
2019
The global perspective on prime property and investment FROM PRICE PERFORMANCE TO NEW HOTSPOTS, THE KNIGHT
FRANK AND DOUGLAS ELLIMAN TEAM TAKE THE PULSE OF ASPEN’S
PRIME RESIDENTIAL MARKET
HOW DOES THE ASPEN MARKET International buyers represent around 20% STACEY WATSON
of purchasers with Australian, German and Head of US Desk
DIFFER COMPARED TO A UK buyers accounting for more than 50% of +44 20 7861 1062
YEAR AGO? overseas buyers. stacey.watson@knightfrank.com
Home to around 6,000 properties, Aspen’s Despite the dollar’s strength, international
property market has registered steady sales
demand has not waivered over the last two
over the last 12 months. Sales activity in 2017
years with some buyers actually citing greater
was strong, with some 257 properties changing
exposure to the US dollar as a motive behind
hands, up from 170 in 2016.
their purchase.
The Central Core or Downtown market FIGURE 1
THE WEALTH REPORT 2019
represents around 48% of all sales, however, HOW ARE LUXURY PRICES THE MARKET IN FIGURES
the highest value sales are still generated by
PERFORMING?
202%
homes on Red Mountain.
The financial crisis saw prices falter but in
Demand is currently strongest between
the last eight years, prices have followed
US$3m and US$5m. In other price brackets,
an upward trajectory, with the Aspen INCREASE IN POPULATION
inventory levels are high meaning sellers need
condo market outpacing the single family SINCE 1970
to consider their asking price carefully.
homes sector.
$5.4M
The price gap between median values in
HOW DO ASPEN’S
Aspen and Snowmass has widened over the
NEIGHBOURHOODS COMPARE? last decade. However, with significant new
Aspen’s West End is facing strong demand as investment planned in Snowmass and with
MEDIAN PRICE OF A SINGLE
many buyers recognise its value compared median condo values currently at around
with Downtown Aspen. The West End is
FAMILY HOME IN ASPEN
US$520,000 we expect strong growth in the
located within a mile and a half of the city centre next few years.
$2.7M
which offers a plethora of activities, cultural
events and social venues on their doorstep. WHAT IS YOUR OUTLOOK FOR
Red Mountain is still the cornerstone of the THE MARKET?
Aspen property market with its median value MEDIAN PRICE OF A SINGLE
Although the Aspen resort dates from the FAMILY HOME IN SNOWMASS
currently at around US$12.1 million. Land
1930’s, the city is constantly undergoing major
plots in this exclusive enclave are limited,
regeneration and the bar looks set to be raised
50
instead older properties are usually bought and
even higher in the next few years.
remodelled to provide state-of-the-art living.
A new US$56m W Hotel is due for completion
Starwood, with its larger lot sizes, open space
in Spring 2019, offering 11 branded Sky
and big sky views, is undergoing something NO. OF BILLIONAIRES
Residences, the Aspen Club is under
of a revival. New life is being breathed into it
renovation, the Gorsuch Haus project will
RESIDENT IN ASPEN
by a younger generation that has identified its
see the upgrading of Lift 1A and the new Lift
$600M
relative value compared with Red Mountain
One Lodge development will deliver 22 new
and the West End.
residential units as well as a host of amenities.
The strength of both the national and local
WHERE DO BUYERS ORIGINATE INVESTMENT IN SNOWMASS
economies is driving wealth creation and
FROM? we expect active sales rates and steady BASE VILLAGE
Buyers originate from all over the US but in price growth over the short to medium-term,
particular from New York, Houston, Dallas, Salt bolstered by the new investment projects in Source: Knight Frank Research, Douglas Elliman/Miller Samuel,
Private Jet Card comparison, Forbes
Lake City, Los Angeles and San Francisco. the pipeline.
The Wealth Report 2019 Aspen Insight 2019
PAGE 2
PRIME SKI PROPERT Y REPORT 2020
OVERVIEW
Healthy rental demand, low mortgage rates and strong
resort-led investment is supporting demand
KATE EVERETT-ALLEN
INTERNATIONAL RESEARCH
V isits to the French and Swiss
Alps in the 2018/19 ski season
and this is attracting a new type of
tourist, one that rarely if ever ventures
increased by 5.3% and 10.6% onto the slopes. Resorts are evolving
respectively year-on-year, according and most Alpine resorts are embracing
to The International Report on Snow this change.
and Mountain Tourism. This growth
was reflected in the property market
through strong rental demand, steady
5
sales rates and strengthening prices in
most resorts.
As a lifestyle asset, the purchase of
a ski home is often an emotive decision
but investment rationale is becoming
more compelling. Few purchase a ski
home expecting double-digit capital
KEY TAKEAWAYS
growth each year but a look at the
performance of ski homes over the last
Val d’Isere leads the
decade reveals average price growth of
Prime Ski Property Index
19% over the period, outperforming a
1 with annual price growth
number of tier one cities (see page 5). of 2.9% in the year to
Most Alpine purchasers have a June 2019
defined tick list which includes; easy
The impact of the EU
accessibility, low mortgage rates,
referendum decision
hassle-free rental, stable or rising
prices, market liquidity to facilitate
2 was largely priced in to
the Alpine resorts back
their future exit strategy and ideally a in 2016
currency advantage.
With this last point in mind, perhaps Due to negative interest
rates, an increasing
now more than ever, British buyers
need to keep one eye on currency shifts. 3 number of Swiss
residents are looking at
Capital Economics forecasts that with a ski home as a means of
a general election now confirmed we preserving wealth
may see Sterling jump to 1.30 or even
1.35. For a €1 million chalet this could In 2008, around 50%
result in savings of £93,000 or £121,000 4 of our clients made their
property available to rent,
respectively compared to current rates.
now it is close to 100%
To stay relevant in a world of
changing consumer habits, ski resorts Beyond the Alps,
are reinventing themselves and in a Aspen Snowmass,
5
number of cases successfully so. Several Whistler and Niseko are
investing heavily in new
resorts are emerging as hubs for luxury
resort villages, ski and
brands in their own right, whether
non-ski infrastructure
through their hotel, retail or spa offer,
PAGE 3
PRIME SKI PROPERT Y REPORT 2020
THE SKI INDEX RESULTS
France out in front, Val-d’Isere its peak performer
E stablished in 2008, our unique
Prime Ski Property Index tracks
local buyers in Switzerland, many keen
to find a home for their capital given
to their relative value compared to other
neighbouring resorts.
the price of a four-bedroom chalet in negative interest rates and the resulting For Verbier (1.5%) and Villars (0.4%)
a central location across key resorts in cost associated with storing capital in the 2018/19 season was mixed. Verbier saw
the French and Swiss Alps. This year we the bank. strong sales activity but it was limited to the
have added Saint-Martin-de-Belleville, Chamonix (2.6%) sits in second place CHF1 million – CHF3 million price bracket.
Zermatt and Grimentz bringing our this year and has a strong track record, Whilst Villars, arguably Switzerland’s best
total to 18. occupying one of the top four rankings all year resort, paused for breath following
A year ago the Swiss resorts of for the last five consecutive years. With strong growth of 6% last year.
Villars and Verbier led our Index a permanent resident population of Of note this year is the disappearance
but the leaderboard has changed in nearly 10,000, Chamonix continues to of the outliers. Since 2015 the highest and
2019 with Val d’Isere now taking poll offer an appealing combination – a lower weakest-performing resorts have been
position. This switch reflects a wider market entry point and the Alps’ only separated by a minimum of 13 percentage
trend – a split between the French and truly year-round destination. points, this year it has shrunk to just
Swiss resorts – all six top rankings are Two of the newcomers this year – three percentage points. Indeed, 2019
occupied by French resorts this year, Saint-Martin-de-Belleville (2.4%) and represents the first year on record that not
most located in The Three Valleys. Grimentz (2.0%) – have seen sales activity one of the ski resorts tracked in our index
With prime prices rising by 2.9% and prices strengthen due primarily registered a decline in prime prices.
Val d’Isere’s lead can be explained by
a simple demand/supply imbalance.
The resort has seen a moratorium on
The ten year view
new development and strengthening Knight Frank’s Prime Ski Property Index, 2009-2019
demand – at 1,850 metres Val d’Isere
boasts one of the longest ski seasons. The Knight Frank Ski Property Index (LHS) Annual % change (RHS)
The ranking of the Swiss resorts can 130 18%
be attributed to the complexity of the 120 12%
rules surrounding who can buy what,
110 6%
and where. Some international buyers
100 0%
are put off by the red tape – the Lex
90 -6%
Koller and Lex Weber legislation – and
in some cases by the strong currency, 80 -12%
although for others looking to spread 70 -18%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
their currency risk a Swiss Franc asset
remains a key draw. The result has Source: Knight Frank Research
been an expanding market share for
PAGE 4PRIME SKI PROPERT Y REPORT 2020
The Knight Frank Prime Ski Property Index results 2019
19%
2.9%
2.6% 2.4% Val-d'Isere
Chamonix Saint-Martin-
de-Belleville
2.2% 2.2% 2.2%
Courchevel Courchevel Meribel
2.0% 1550 1650 Village
Grimentz
The ten year price change of a prime ski
property in the Alps
1.8% 1.5%
Courchevel Verbier
1850 1.0% 1.4%
St Moritz
Meribel
0.8%
Klosters
A decade on: ski home vs 0.6% 0.5%
global cities
Gstaad
Zermatt 0.4%
Villars
10-year % change (Q2 2009-Q2 2019)
50%
0.0% 0.0% 0.0%
40% Crans-
Davos Megeve Montana
30%
20%
10%
0%
-10%
-20%
-30%
London
Paris
Moscow
KF Prime Ski
Property Index
Geneva
Monaco
St Tropez
New York
Source: Knight Frank Research Source: Knight Frank Research. Based on a four-bedroom chalet in a prime central location in each resort
How does a ski home compare to other investment assets?
1-year % change (Q2 2018-Q2 2019)
Coins Art Wine Watches KF Prime Furniture
12.0% 10.0% 9.0% 2.0% Ski Property 1.0%
Index Cars
-5.0% Jewellery
1.4%
-7.0%
Source: Knight Frank Luxury Investment Index – Compiled by Knight Frank Research using data provided by Art Market Research
(art, coins, furniture, jewellery, stamps and watches), HAGI (cars) and Wine Owners. All data to Q2 2019 except stamps and coins (Q4 2018)
PAGE 5PRIME SKI PROPERT Y REPORT 2020
SPOTLIGHT
ON THE FRENCH ALPS
We highlight the latest trends influencing
France’s prime ski hotspots
Covering costs: Since we started the Ski gondola will be in service at Flegere
The French Alps Property Report in 2008, we have seen this season and the Charamillon lift in
Prime prices compared. € per sq m
many changes in the French Alps, from Le Tour is under construction. In The
design and technology to planning rules Three Valleys, plans for the 2023 FIS
26,000 Courchevel 1850 and public investment, but arguably Alpine World Ski Championships
the single biggest change has been the continue with €42 million earmarked to
19,500 Val-d'Isere
propensity of our clients to rent out their upgrade lifts and gondolas along with
property. In 2008, around 50% of our new luxury hotels.
15,800 Courchevel 1650
clients opted to rent-out or let their ski Demand flows: Since 2017 we have
home, now it is close to 100%. Although seen the return of the domestic buyer
15,500 Courchevel 1550
not expecting a high yielding asset, most across the French Alps as confidence
15,500 Meribel are looking to cover the maintenance and in the French economy picked up.
running costs as well as personal visits. Scandinavian buyers have increased in
14,100 Meribel Village From new homes to renovations: number in Chamonix and some Swiss
New-build stock continues to attract buyers have been evident in the resorts
13,700 Megeve interest due to the 20% VAT rebate and closest to Geneva.
reduced transfer tax. The challenge In Courchevel, Chinese rental demand
12,500 Saint-Martin-de-Belleville
is finding new stock given planning has surged and now accounts for most
restraints which vary from resort to pre-Christmas demand. Two years ago
11,500 Chamonix
resort according to their Plan Local there was no almost Chinese demand.
d’Urbanisme (PLU). As a result, this pool This is a trend to monitor if tourism is a
Source: Knight Frank Research of demand is being pushed back into sign of future property demand.
the resale market with buyers opting
to renovate existing properties instead,
often extensively.
Futureproofing: Public investment
MARKET DRIVERS
in a resort remains critical to buyer
demand. The French resorts continue to 1 N E W B U I L D A P P E A L – VAT R E B AT E
A N D LO W E R STA M P D U T Y
forge ahead by renewing and expanding
2 MARKET LIQUIDITY
their ski and non-ski infrastructure. In
Chamonix, the Compagnie du Mont Blanc
3 GOOD SUMMER
has detailed the next phase of its €477 R E N TA L O P P O R T U N I T I E S
FOR MORE INFORMATION CONTACT
RODDY ARIS
million, 40-year investment plan for the 4 EASY AC CES S VIA
(+)44 20 7861 1727 G E N E VA A I R P O R T
RODDY.ARIS@KNIGHTFRANK.COM Chamonix Valley. A new replacement
BEST FRENCH WINTER RESORT FOR…
BEST FOR FA M I L I E S W I T H YO U N G FA M I L I E S W I T H ADRENALINE
APRES-SKI NON-SKIERS
W E E K E N D G E TAWAY CHILDREN TEENAGERS JUNKIES
CHAMONIX & ME G E V E & SA I N T-
ME R IB EL VAL D ’ IS E R E C HAM ON IX C OU RC HE VE L
ME GEVE MA RT I N - D E - BE L L E V I L L E
Folie Douce and La Aquamotion, Hotel Le
1 hour from Geneva Tree lined Ski park, ice rink, good The birthplace of off
Baraque and a wide range K2 Palace, spas,
Airport – short drive time open slopes bus system piste skiiing in Europe.
of bars and amenities restaurants, shops
PAGE 6PRIME SKI PROPERT Y REPORT 2020
SPOTLIGHT
ON THE SWISS ALPS
We highlight the latest trends influencing
Switzerland’s prime ski hotspots
Property as a store of capital: It is home to a significant number of large
is almost five years since the Swiss chalets and here sales above CHF20 The Swiss Alps
National Bank took interest rates into million are not unusual. The smaller Prime prices compared. € per sq m*
negative territory and the base rate now resort of Grimentz by comparison,
sits at -0.75%. Although this has not where the bulk of the resort’s inventory Gstaad 31,500
yet been passed on to consumers some is made up of second homes sees prices
Zermatt 20,700
banks are expected to begin charging typically below CHF10,700 per sq m
larger depositors in the near future. Not (€9,900 per sq m).
Verbier 20,400
surprisingly, high net worth residents Education matters: What do
keen to remain in the country to enjoy Gstaad, Villars, Crans-Montana, Verbier St Moritz 18,900
the privacy and security it affords, are and St Moritz have in common? Aside
looking more closely at property as a from being ski resorts, they are all home Villars 11,800
means of wealth preservation and one to private schools, in Villar’s case, ones
which can potentially secure a gross with over 800 students. This means the Crans-Montana 11,400
yield of around 2.5%. resorts have a large pool of permanent
The impact of legislation: residents, not just the students but their Klosters 10,900
Depending on whether a Swiss resort is families that visit, who often go on to
Davos 10,900
focused on encouraging more primary buy or rent, as well as the wider schools’
residents or second homeowners will workforce. Le Regent School in Crans-
Grimentz 9,900
have a significant bearing not just Montana recently opened whilst College
on the volume of sales but on the Alpin Beau Soleil in Villars has recently Source: Knight Frank Research
* Exchange rate as at 30 June 2019
property type available and the price extended its facilities.
points achieved. Largely dominated by Working from home in the Alps:
primary residences, Gstaad for example With 4G now available across the Swiss
Alps and flexible working a growing
MARKET DRIVERS
phenomenon, more Swiss residents
are moving back to the mountains and
1 PRIVAT E S C HO OL S working from home – over a thousand
jobs are available in the Canton of
2 SAFET Y – P E R S O NAL
AND EC ON OMI C Valais alone. With resorts investing
NEG AT IVE RATE S – SWI S S
heavily to expand their amenities and a
3
PROPERT Y IN THE SP OTL I G HT
packed social and sporting calendar on FOR MORE INFORMATION CONTACT
ALEX KOCH DE GOOREYND
4 INVESTME N T I N offer, a primary residence in The Alps
+44 20 7861 1109
PUBLIC TRAN SP O RT
is an increasingly viable option. ALEX.KDEG@KNIGHTFRANK.COM
BEST SWISS WINTER RESORT FOR…
BEST FOR FA M I L I E S W I T H FA M I L I E S W I T H ADRENALINE
APRES-SKI NON-SKIERS
W E E K E N D G E TAWAY YO U N G C H I L D R E N TEENAGERS JUNKIES
GSTA AD & ST
DAVO S & KLO STERS VILLARS V E R B IER Z ER MAT T V ER B IER
M OR IT Z
Easy access from Zurich
Wide open slopes Broad mix of winter Numerous apres Everything from base Spas, high-end retail and
Airport which has good
for families sports and 4G bars and clubs jumping to heli-skiing a broad range of sports
flight options
PAGE 7PRIME SKI PROPERT Y REPORT 2020
THE ALPINE MARKET
IN FIVE CHARTS
Your guide to the indicators that matter, from purchase costs to drive
times how do the key resorts compare?
How do purchase, ownership and sales Which resort has the longest season length? (weeks)
costs compare1?
Purchase costs Ownership costs (5 years) N OV DE C JAN FE B MAR APR M AY
Sales costs (excl CGT) GSTA AD 2 5. 1
C HAMON IX 2 3. 1
18%
VAL D ' ISE RE 22.1
16% V E RB IE R 2 1. 3
G RIME N T Z 20.6
14%
Z E RMAT T 3 20.3
12%
C OURC H E V E L 20.1
10% ME RIB E L 20.1
ST-MART IN -D E -B E L L E V IL L E 17 . 9
8%
DAVO S 4 19. 3
6% K LO ST E RS 4 19. 3
4% ST MORIT Z 19. 3
C RAN S-MON TANA 18 . 9
2%
ME G E V E 18 . 3
0% C OMB LOUX 18 . 3
French Alps French Alps Swiss Alps2 V IL L ARS 18 . 1
- resale - new-build
Resorts ranked by drive time from major airport
C O M B LO U X MEGEVE VILLARS G S TA A D COURCHEVEL COURCHEVEL COURCHEVEL Z E R M AT T
1HR (78KM) 1HR 9 (85KM) 1HR 24 (1 18KM) 2HR 3 (146KM) 1550 1650 1850 2HR 41(229KM)
2HR 5 (181KM) 2HR 8 (183KM) 2HR 13 (186KM)
G EN E VA CHAMONIX VERBIER MERIBEL S T- M A R T I N - D E - GRIMENTZ C R A N S - M O N TA N A VA L D ’ I S E R E
1HR 10 (98KM) 1HR 48 (158KM) 2HR 5 (179KM) BELLEVILLE 2HR 11 (192KM) 2HR 24 (188KM) 2HR 45 (221KM)
2HR 8 (179KM)
ZURICH K LO ST E R S D AV O S ST MORITZ
1HR 42 (136KM) 1HR 58 (149KM) 2HR 48 (202KM)
Which resort has the largest ski domain?
600km 600km 600km
Courchevel Saint-Martin- Meribel
455km de-Belleville 455km
412km Combloux Megève
Verbier 360km (Espace Evasion)
300km (Espace Evasion)
Zermatt 300km 300km 307km
Val-d'Isère St Moritz
155km 220km 140km Klosters Davos
125km
115km Gstaad
Chamonix Grimentz Crans-Montana Villars
The Alps sports calendar Selected events
600kmEVENT 600km RESORT 600km 600km
EVENT 600km
RESORT
Courchevel 1850 Courchevel 1650 Courchevel 1550 Saint-Martin-de-Belleville Meribel
De c A n d ro s Tro p hy Va l T h o re n s Apr Pa tro ui l l e De s G l a c i e rs Ze r m a tt To Ve r bi er
412km 455km 455km
De cVerbier La d i e s A l p i n e S k i Wo r l d Cu p C o u rc h eve l
Combloux Apr T h re e Va l l eys En duro Megeve Co urc h eve l
De c Cr i ter i u m De La Pre m i e re N e i g e Va l d ’ l s e re May MB Ra c e Cul ture Ve l o Me geve & Co m bl oux
Ja n S n o w Po l o Wo r l d Cu p
360km
S t M o r i tz J un Ma ra th o n Du Mo n t Bl a n c Ch a m o n i x
Ja n B M W M e geve W i n300km
t e r G o l f Cu p 20 20
Zermatt
M e g eve J ul
300km 300km
Tra i l Ve r bi e r S t Be r n a rd
307km
Ve r bi e r
Val d’lsere Klosters Davos St Moritz
Feb W h i t e Tu r f S t M o r i tz 220km
J ul J um pi n g In te r n a ti o n a l De Me geve Me geve
Gstaad
Mar E n g a d i n S k i M a ra t h o n E n g a d i n - S t Mo r i tz Aug U l tra -Tra i l du Mo n t-Bl a n c ( U T MB) Ch a m o n i x
Mar F ren c h S k i J u m p i n g C h a m p i o n s h i p C o u rc h eve l Aug Euro p e a n G o l f Ma s te rs Cra n s -Mo n ta n a
155km 115km 140km 125km
Source: Knight Frank Research, Ski Club of GB, Onthesnow. Note: 1 Purchase costs includes transfer/property purchase taxes, registration fees and legal costs, Ownership costs includes municipal
Chamonix
taxes, annual property taxes and wealth taxGrimentz Crans
and sales costs cover agency fees. 2 Data for the Swiss Alps relates Montana
to the Villars
Canton of Valais. 3 Jakobshorn. 4 Sunnegga/Gornergrat
PAGE 8PRIME SKI PROPERT Y REPORT 2020
FIVE TRENDS
TO MONITOR
We handpick the key trends influencing
demand in the Alps
1
2
A LPI NE F I TNE S S
The fitness and wellness industry has
taken off in the last decade and the
F AM I L Y TI M E
mountains have become the perfect
Quality family time in today’s
base to pit yourself against the elements.
world is under threat. Whether due to
Whether participating in an ultramarathon,
long working hours, corporate travel,
cycling in the Etape du Tour (The Tour
extra-curricular activities or the all-
de France for non-professionals) or
consuming screen time, scheduling
taking part in an Ebike festival, there is a
in uninterrupted family time remains a
packed calendar of events. Some serious
challenge for many. Increasingly, buyers
enthusiasts have opted to buy a permanent
cite this a key motive behind purchasing
Alpine base from which to train whilst
a ski home because it enables the family
others opt for short or long lets.
to spend more time together sharing a
joint pursuit.
NO N-S KI E R A PPE A L
Based on research undertaken by
our Courchevel office, around 35%
of visitors to The Three Valleys
TE C H UP
are now non-skiers. It is perhaps
MA XI NG O U T Technological advances are helping
not surprising given the range of
Resorts are joining forces to offer reduce the hassle of monitoring and
activities on offer – from Michelin-
access to multiple resorts or maintaining a second home. Whether
starred restaurants to high-end retail
domains. Switzerland’s Magic Pass at a basic level – the installation of a
as well as waterparks and mountain
now offers a season pass to 30 webcam for security purposes, or a
bike trails. The Alps are catering for
resorts including Villars, Crans- more advanced use of Wi-Fi enabled
a wider demographic, from young
Montana and Grimentz, whilst in devices to switch the heating on
to old, allowing multiple generations
France the Mont Blanc Unlimited before you arrive. Or a concierge-
of the same family to enjoy the
Pass provides access to the style service that advises you or your
3
landscape, with the slopes
Chamonix Valley and beyond, tenants which lifts or slopes are least
a perfect backdrop.
including resorts across three congested, or apps that track your
4
countries. The Alps are mirroring speed and performance
trends in the US, offering skiers against the rest of your party.
the chance to explore new pistes
5
each day of their holiday.
PAGE 9PRIME SKI PROPERT Y REPORT 2020
SPOTLIGHT
ON ASPEN
We highlight the latest trends influencing
Aspen’s prime ski hotspots
Investment ramps up: The Aspen with many originating from New York,
Aspen and Snowmass resorts are investing Chicago, Texas, South Florida, Los
Average prices compared
heavily in their resorts and mountain Angeles and San Francisco, with an
US$ per sq ft
infrastructure. The new Snowmass Base increasing number opting to have a
Village ($600m) is now open comprised base in Aspen to allow them to escape
1,902 Red Mountain
of the Limelight Hotel, 55 residential the summer heat. Overseas buyers
units and a public events plaza with still account for around 20% of all
1,864 West End
ice skating rink, new restaurants, bars purchasers with Australian, German
and a community center. In Aspen, and UK buyers prominent.
1,795 Central Core
the W Hotel opened this year, which Lift One Corridor boost for
1,296 West Aspen has 88 rooms and 11 branded Sky Downtown market: The new Lift
Residences. The exclusive Aspen Club 1A, which will be constructed by
1,094 East Aspen is under renovation, and the Gorsuch Aspen Skiing Company, is to be
Haus (a new hotel development) and 1A positioned closer to the city centre
765 Mclain Flats redevelopment on the west side of Ajax near Dean Street. The lift, will provide
is also taking shape. easier access off the mountain to
Source:Douglas Elliman Super-prime sales supercharged: the Downtown core area, potentially
The top end of the Aspen market was influencing values in the area west
765 recharged in 2019 with 10 sales above of Monarch Street and surrounding
US$15 million recorded, up from six in Wagner Park.
2018; but perhaps most notable was the
jump in US$20 million+ sales which
MARKET DRIVERS
accelerated from one in 2018 to six in
2019. Wealthy US buyers are increasingly
STRONG INVESTMENT
looking to luxury homes as a means of 1 IN SKI AND NON-SKI
INFRASTRUCTURE
storing capital against a backdrop of
heightened stock market volatility and THE ASPEN INSTITUTE –
H O M E O F T H E I N T E R N AT I O N A L
2
global trade tensions. N O N P R O F I T T H I N K TA N K
WITH NUMEROUS EVENTS
Changing buyer profiles: Younger
buyers, particularly tech millionaires EASY AC CES S VIA ASPEN
3 PITKEN AIRPORT
and young families are increasingly
FOR MORE INFORMATION CONTACT evident in Aspen – with the resort
JASON MANSFIELD
home to the top ranked High School 4 APPEAL OF A USD ASSET
(+)44 20 7861 1199
JASON.MANSFIELD@KNIGHTFRANK.COM in Colorado. US buyers predominate
BEST ASPEN NEIGHBOURHOOD FOR…
FA M I L I E S W I T H FA M I L I E S W I T H ADRENALINE
APRES-SKI NON-SKIERS
YO U N G C H I L D R E N TEENAGERS JUNKIES
SNOWMAS S BU T T E R MI L K AJAX HIGHL AN D S AS P EN
Excellent beginner runs, New W Hotel rooftop, Chair 9 Incredible dining and shopping
Less crowded, exceptional Highlands Bowl is rite of
2,300 sq m childrens’ lounge at the Little Nell, Aspen options, exceptional art
snowboarding passage for expert skiers
adventure centre Mountain Club, Caribou Club museum and galleries
PAGE 10PRIME SKI PROPERT Y REPORT 2020
GLOBAL SKI
MARKETS MAPPED
How do the world’s major ski resorts compare?
Sweden Norway
ARE
TRYSIL
1.8m 228
1.8m 213
Switzerland
Austria
THE FOUR
VALLEYS
SKI ARLBERG 3.0m 186
3.0m 254
Japan
Canada NISEKO,
HOKKAIDO
11.4m 547
WHISTLER
BLACKCOMB
4.3m 280
Italy China
US SESTRIERE/
SAUZE D’OULX CHANGBAISHAN
/SAN SICARIO INTERNATIONAL
(VIA LATTEA) 4.8m 349 SKI CENTER 13.2m 742
ASPEN
25.0m 481
France
THE THREE
VALLEYS
8.6m 325
New Zealand
QUEENSTOWN
(CORONET
NUMBER OF DOMESTIC SKIERS NUMBER OF SKI
KEY MAJOR SKI RESORT NATIONALLY (MILLIONS) AREAS NATIONALLY*
PEAK) 0.4m 23
P R I M E R E S I D E N T I A L M A R K E T S C O M PA R E D
WHISTLER QUEENSTOWN NISEKO
CA NADA NE W ZE AL AND JAPAN
ANNUAL % CHANGE IN
-1.3% 6.1% -0.5%
PRIME PRICES TO Q2 2019
TOTAL PISTES (KM) 200 40 51
MOST EXPENSIVE
Stonebridge Kelvin Heights Upper Hirafu
NEIGHBOURHOOD
A new ski resort is being Non-resident buyers can purchase new-build Chinese skiers as a share
built 15 km north of Squamish. Comprised homes only in New Zealand. Residents, of all skiers in Niseko increased from
GOOD TO KNOW
of two villages with over 22,000 beds the Australians and Singaporeans can purchase 19% to 31% between 2014 and 2017
resort is due to open in the early 2040’s either re-sale or new-build properties according to Visa
KEY BUYER New Zealand, Australia, Japan, Singapore, Australia, Hong Kong,
Canada, US
NATIONALITIES China, US Taiwan and Malaysia
Source: Knight Frank Research, 2019 International Report on Snow & Mountain Tourism, Snowresort.info, GlobalData Wealth Insight
*A Ski Area = A designated place where one skis (in some countries, these areas may not have lifts)
PAGE 11Les Glaciers, Courchevel 1650, France
FIND YOUR
DREAM ALPINE PROPERTY
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