SKI PROPERTY REPORT 2017 - ASSESSING PROPERTY MARKET CONDITIONS ACROSS KEY ALPINE RESORTS - Knight Frank
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RESIDENTIAL RESEARCH
SKI PROPERTY
REPORT 2017
ASSESSING PROPERTY MARKET CONDITIONS
ACROSS KEY ALPINE RESORTS
2017 ALPINE HOW ARE HOW ALPINE
INDEX RESULTS RESORTS EVOLVING? RESORTS COMPARE
SKI PROPERTY REPORT 2017 RESIDENTIAL RESEARCH
KEY FINDINGS OVERVIEW ALPINE PROPERTY PRICE INDEX
Ski resorts are investing heavily in their facilities to Chamonix leads the 2017 index but performance is mixed with some Swiss resorts
Chamonix leads our Alpine establish themselves as a dual season resorts and the registering weaker growth.
Property Index with prime prices up
4.8% in the year to June 2017 shrewd buyer is paying close attention.
Chamonix has leapfrogged Val d’Isère and luxury residential prices across 16 ski Price growth in Gstaad, last year’s highest
Gstaad this year to take the top spot in our resorts in the French and Swiss Alps. performer, remains in positive territory
The strength of the Swiss Franc and In this, the ninth edition of our Ski look at how resorts are realigning their annual price growth rankings. The resort, with a lack of supply supporting prices.
The resorts of Val d’Isère and Gstaad
restrictions on foreign buyers are Property Report, we take the pulse of leisure offer, with water parks, spas and which is widely-regarded as the most well- The resort is also popular with those
occupy second and third position this
behind the Swiss resorts’ weaker the world’s top ski destinations. mountain bike trails now broadening equipped year-round resort in the Alps, seeking permanent residency due to the
year, recording annual price growth of
price performance has now seen prime prices increase by quality of its international schools.
their appeal. 2.5% and 1.8% respectively. At an
The results of our Alpine Property Index almost 5% for two consecutive years.
highlight the impact the strong Swiss altitude of 1,850m Val d’Isère offers one The majority of the Swiss resorts sit
The Alps’ tourist offices report growing
Buyers increasingly fall into two The Alpine Property Index is now in its of the longest seasons due to its reliable towards the foot of our rankings table
Franc and policies such as Lex Weber global appeal for the Alps with more
camps; those seeking a dual-season ninth year and tracks the movement in snow cover. as the strength of the Swiss Franc and
(the 20% second home cap) are having tourists – and in some cases buyers –
resort to maximise year-round rentals restrictions on foreign buyers have
on Swiss market performance. It also now emanating from the US, Asia and the
and those targeting high altitude prompted some hesitancy on the part of
shows the extent to which those resorts Middle East.
resorts offering reliable FIGURE 3
buyers. This, combined with a degree of
offering a range of year-round activities
winter snowfall With the Alps covering more than 80,000 The Knight Frank Alpine Property Price Index, 2017
are outperforming the wider market Annual % change to June 2017*
intransigence on the part of vendors has
square miles, the decision on where to slowed sales and also reduced budgets
(Chamonix, Gstaad, Courchevel 1650).
Investment in ski and non-ski buy can be complex. On pages 6 and 7 CHAMONIX +4.8% meaning the market below CHF2m is the
infrastructure is influencing buyer Investing in infrastructure has always we’ve crunched the numbers, allowing most active.
demand. We outline some of the key been critical to tourism and the local buyers to see at a glance how the VAL D’ISERE +2.5%
economy. However, it is difficult for resorts measure up when it comes to In St Moritz, the market has proved mixed
projects planned, with Courchevel GSTAAD +1.8%
buyers to get an accurate picture of how altitude, travel times, ski passes and with the area close to Suvretta House
and Villars raising their game
much resorts are investing and in what season length. ANDERMATT +1.6%
and the centre of the resort seeing strong
facilities. With this in mind we asked growth over the last 12 months but other,
In the final section of the report, we COURCHEVEL 1650 +1.0% more peripheral areas have seen activity
the key tourist offices for their facts and
reveal the experts behind our analysis, and prices decline.
figures to gain a better understanding.
they offer their valuable insight into COURCHEVEL 1550 +1.0%
However, it is not all about ski facilities. current market conditions, assess where Villars’ annual decline of 5% comes
MERIBEL +0.7% despite strong investment in the resort’s
With non-skiers now estimated to still offers good value and share the
account for 25% of alpine visitors we outlook for their respective markets. infrastructure as well as its ski and non-ski
COURCHEVEL 1850 +0.5%
amenities but we expect we will see this
ST MORITZ +0.5% translate into price growth in the coming
FIGURE 1 FIGURE 2
Capital values – how a ski home in The Alps two to three years.
Alpine Property Price Index MEGEVE 0.0%
has performed against other investment and Indexed, 100 - Q2 2008
property assets Tucked within the Canton of Valais, the
VERBIER -1.7% resort of Crans Montana saw prices slip
105 Swiss Franc unpegged
from Euro 15% in the year to June 2017 as older
Change to 1 3 5 ST GERVAIS -2.9%
Q2 2017 YEAR YEARS YEARS stock accounted for a large proportion of
100
VILLARS -5.0% the inventory and vendors displayed
Start of Global
Financial Crisis a greater willingness to negotiate on price.
SKI HOME -1.8% -0.6% 6.2% 95 KLOSTERS -7.0%
The Three Valley resorts of Courchevel
PRIME CENTRAL DAVOS -8.2% and Méribel recorded similar levels of
90
LONDON -6.3% -5.0% 10.1% growth of around 1% this year, marginally
RESIDENTIAL CRANS MONTANA -15.0%
lower than last year but a weak pound,
85
Brexit and the French election saw the
FTSE 100 12.4% 8.4% 31.3% French property market as a whole pause
80
for breath in the first half of 2017.
GOLD -5.9% -5.5% -22.3% 75 Overall, the index declined by 1.8% in 2017
2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 year-on-year. More reflective of the current
landscape is the split by country; French
Source: Knight Frank Research Source: Knight Frank Research
Source: Knight Frank Research, UBS
resorts saw prices rise by 1% on average,
* Based on a 4-bedroom chalet in a prime central location, not of ‘super-prime’ specification. Prices reflect an average for the resort, whilst their Swiss neighbours registered
including both new and resale properties
a 5% dip over the 12-month period.
105 Swiss Franc unpegged
from Euro
2 100 Start of Global Please refer to the important notice at the end of this report 3
Financial Crisis
SKI PROPERTY REPORT 2017 RESIDENTIAL RESEARCH
HOW ARE RESORTS EVOLVING? FIGURE 6 Population and tourism by resort
TOURIST OVERNIGHT STAYS PER ANNUM
88K 1.74M 1.70M 1.50M 852K 2.00M 724K 688K 1.93M 1.57M
Investment is key to both the performance of the local property market and ANDERMATT VAL D’ISERE MERIBEL COURCHEVEL VERBIER MEGEVE ST MORITZ VILLARS CHAMONIX CRANS MONTANA
a resort’s longevity.
The ski market is an evolving landscape The latest data shows that around 25% of healthcare, transport etc. Such provisions
and resorts have to adapt if they are to annual visitors to the Alps are non-skiers. as evident in Chamonix, now home to
continue to attract tourists, residents over 13,000 residents, further cement the
The uptick in non-skiers, along with the town’s reputation as a dual-season resort.
and investors. Twenty years ago
significant increase in summer tourism,
participation was on the rise as the
has prompted resorts to host a prolific
baby boomer generation took to the FIGURE 4 The Alps: Visitor breakdown
calendar of social, cultural and sporting 1,442 1,600 1,912 2,419 3,166 4,000 5,300 7,466 13,731 15,675
slopes. According to the International
events and deliver more non-ski activities PERMANENT RESIDENTS
Report on Snow and Mountain Tourism, Source: INSEE, Tourist Offices, Knight Frank Network
including mountain bike trails, WinterGolf,
skier numbers in the French and Swiss
paragliding, zip-wires, polo and ice-skating
Alps peaked at around 80 million ski
amongst others. RESORTS NO. OF
visits per annum in 2008/09. HOTELS FIGURE 7
Which resorts are popular with which nationalities? Belgium Brazil France Germany Ireland Italy Russia Saudi Arabia Sweden Switzerland Netherlands UK US
Today, not only are ski visits starting Chamonix 50
to plateau or even dip – France saw
Why does CHAMONIX COURCHEVEL MEGÈVE MÉRIBEL VAL D’ISÈRE CRANS ST MORITZ VERBIER VILLARS ANDERMATT
Courchevel 46
numbers slip by 3.5% and Switzerland investment matter? MONTANA
Megève 37
by 4.4% in 2015/16 compared to the Unless resorts adapt and deliver what the
Val d’Isère 26
1
previous season – but skiers also have new generation of skiers want, they will see
higher expectations when it comes to tourist numbers decline. For those seeking Méribel 19 2
the reliability of snow, the quality of to buy a ski home, it’s logical that they will
accommodation and the facilities target those resorts who keep ahead of St Moritz 40 3
on offer. the curve in an effort to maximise rental
Crans Montana 32
Most resorts have managed to stay
bookings and as a result improve yields. 4
Verbier 18
ahead of the game by investing in snow Investment should also boost the resort’s
cannons, improving lifts and adding permanent population, which in turn
Andermatt 16 5 US
telecabines, but they have also realised will lead to increased services and Villars 7
Source: Knight Frank Network
that not all visitors are ski aficionados. amenities in the form of schools, Source: Tourist Offices
FIGURE 5 Investment by resort: the facts and figures
FRANCE SWITZERLAND
ANA
MONT
HEVEL
T
SÈRE
RMAT
RITZ
ONIX
IER
RS
VE
EL
’I
CRANS
COURC
ST MO
MÉRIB
MEGÈ
VAL D
VILLA
CHAM
ANDE
VERB
• Renovation CHAMONIX
of the Montenvers COURCHEVEL MÉRIBEL MEGÈVE • The
VAL D’ISÈRE
new Solaise Centre • New CHAMONIX
snowmaking equipment COURCHEVEL MEGEVE • New MERIBEL
Ski facilities including new VALandD'ISERE
• Improvement Expansion Ski
Site (€6.5m) • New snow making system (CHF7m) • Railwaystation Gondolas, day lodge, magic carpets Arena (CHF130m)
• New ski cannons, (Gondola, day lodge,
• Aquamotion park (€70m) • New snow making system magic carpets, new • Ice skating rink and (CHF60m) • Médran ski lift (CHF50m) and a beginners’ area (€20m) • Hotels (The Chedi and Radisson
• New La Parsa chairlift, new beginners lifts, retail (€200m)
RECENT area at Planpraz (€330m over 40 yrs) 4-seater chairlift and RECENT curling centre (CHF24m) • Spa (CHF75m) • W Hotel (CHF80m) • New Swimming Pool Complex Blu) & golf course (CHF728m)
• Ski lifts upgraded (€120m) • Newmountain bike trails
INVESTMENT* • Four Seasons Hotel €80m) beginners’ area) (€20m) INVESTMENT*
• Compagnie du Mont-Blanc now (€500,000) • Golf driving range (CHF10m) • Ski and non-ski • Sports centre (CHF20m) (€18m) • New Railway station at
• New night sledging in • Sports centre (€37m)
majority shareholder in Megève-Mont • New mountain restaurant infrastructure (CHF250m) • Expansion Nätschen (CHF20m)
• Renovation of the Montenvers Moriond (3km) •• Opening of Le Regents
New snowmaking College
equipment • Le Centraleofdevelopment
the Beau Soleil School • Improvement and Expansion Ski
d’Arbois ski lift system (€14m) (L’Étincelle) (€50m) • M edical(CHF130m)
Centre (CHF5m)
Site (€6.5m) (CHF7m) • Railway station • New Ski facilities including new Arena
• New ski cannons, • The new Solaise
• New La Parsa chairlift, new beginners • New snow making system • New snow making system Centre (Gondola, day • Ice skating rink and (CHF60m) • Médran ski lift (CHF50m) Gondolas, day lodge, magic carpets • Hotels (The Chedi and Radisson
RECENT lifts, retail (€200m) RECENT
• H osting
area Kandahar(€330m
at Planpraz Alpine Ski World
over 40 yrs) • Aquamotion park (€70m) lodge, magic carpets curling centre (CHF24m) • Spa (CHF75m) • W Hotel (CHF80m) and a beginners’ area (€20m) • FBlu)
our &new
golf4&5-star
course (CHF728m)
hotels, apartments
New
•• C mountain bike trails
INVESTMENT* Cup in 2019/2020 (€10m) now
Four
•• R of the€80m)
Seasons Hotel
efurbishment ompte Capre 200-bed INVESTMENT* •• LNew
e Centrale residences & shopping &New
sports centre (CHF1,000m)
Compagnie du Mont-Blanc •• New chairlift,
Ski lifts Aquamotion
upgraded (€120m) (€500,000) • Land beginners’
e Coin de Val –area) • Golf driving range (CHF10m) Ski and non-ski Sports Swimming Pool Complex • Railway station at
•
• Télécabine from
Sports centre Brides les
(€37m) 5* hotel (€50m) •
• New Grace Hotel
•
• B ruson centre (CHF20m)
regeneration centre
• Q C Therme
majority Spa opening
shareholder 2018
in Megève-Mont to Courchevel (€20m) mixed-use
large-scale • Regent Convention Centre infrastructure (CHF250m) (€16m)(CHF40m) Nätschen
• R (CHF20m)
oad access Schöllenen
Bains to Méribel • Les Veriaz 950-bed 4* (CHF50m) project (CHF300m)
FUTURE d’Arbois ski lift system (€14m) • New telecabine, Moriond regeneration project FUTURE • New
(CHF4.8m)
250-bed hotel •• N ew Ski facilities
Expansion - snow
of the Beau cannons,
Soleil School • gorge (CHF105m)
Medical Centre (CHF5m)
• Merde Glace gondola to be moved hotel (€60m)
• New Roc de Tougne chairlift in • New cable cars & • Mandarin
Oriental Hotel
INVESTMENT and new glacier/climate centre to the Ariondaz (€200m) INVESTMENT (CHF180m) pistes & gondola (CHF20m) • Retirement home and post
• Hosting Kandahar Alpine Ski World • New chairlift, Aquamotion Méribel-Mottaret • Ski facilities: Gondolas and connection of ski (CHF100m) • Four new 4&5-star hotels, apartments
(€30m) • Jointbid (with Méribel) to • Comte Capre 200-bed hotel • New 40-room boutique • Refurbishment of the Elite Hotel office (CHF14m)
Cup in 2019/2020 (€10m) to Courchevel • Joint
bid (with Courchevel) to
• Refurbishment
snow of the
cannons (€85m) areas (CHF75m) • Sport centre (CHF50m) & sports centre (CHF1,000m)
• Replacement of the Tramway du host 2023 Ski World Cup (€50m) eggs from Brides les Bains hotel on Solaise • Bruson regeneration • Refurbishment of the Hotel du Golf • New Railway station at Andermatt
host 2023 Ski World Cup • Snowmaking
• New Grace Hotel
• QC Therme Spa opening 2018 • New night sledging in (€5m) • Le Coin de Val – • Road access Schöllenen
Mont-Blanc railway track (€20m) • Les Veriaz 600-bed hotel to Meribel (CHF50m) project (CHF300m) (Glacier Express hub) (CHF20m)
Source: Knight Frank Research, Zahlen und Fakten, Ferienregion Andermatt, UBS AG, LuzernerZeitung *Last 5 years
4 5
SKI PROPERTY REPORT 2017 RESIDENTIAL RESEARCH
AT A GLANCE....
G
Buyers need to weigh up multiple factors when deciding €11,000 1,035 1 hr 8 G
G
where to purchase a ski home. Advanced skiers may G CHF34,600 1,050 2 hrs 3
CHF12,350 1,300 1 hr 24
prioritise altitude to maximise snow reliability throughout €6,800 810 1 hr 2
the season, whilst families with beginners may consider 155 €286 20 weeks
220 CHF327 21 weeks
a dual season resort with a broader range of facilities. CHAMONIX 125 CHF301 20 weeks
325 €186.5 17 weeks
Valley only
Below we have presented the key facts and figures to GSTAAD
VILLARS
help determine where bests suits your needs. ST GERVAIS
Espace Evasion
Z
AIRPORT
CHF13,422 1,190 1 hr 47
Typical Resort Drive time Total Price of a Season Knight Frank
KEY
prime price height to nearest pistes weekly ski length** sales office
(€/CHF per sq m) (m) major airport (km) pass* (weeks)
(€/CHF) G
CHF342 21 weeks
G = Geneva Airport Z = Zurich Airport €13,500 1,110 1 hr 8 ZURICH 305
FRANCE
Z
KLOSTERS CHF13,249 1,550 1 hr 58
325 €186.5 18 weeks
Neuchâtel 311 CHF342 22 weeks
MEGEVE
Klosters DAVOS
G Espace Evasion
€15,610 1,450 1 hr 59
SWITZ ERLAND Davos
Andermatt St Moritz
600 €241 21 weeks
MERIBEL Lake Geneva Gstaad
Crans
Montana
The Three Valleys Villars
Sion
Z
GENEVA Verbier Lugano CHF23,396 1,770 2 hrs 45
G
Chamonix
€15,655 1,550 1 hr 58
St Gervais
LYON Megeve 350 CHF376 20 weeks
ST
600 €227 21 weeks MORITZ
Bourg-Saint-
COURCHEVEL CHAMBERY
Maurice
1550 Meribel
The Three Valleys Courchevel 1550 Val d’Isere
Courchevel 1650 G
Z
Courchevel 1850 CHF12,623 1,500 2 hrs 4
CHF19,000 1,445 1 hr 44
G G
140 CHF349 23 weeks
86 CHF273 24 weeks
€15,655 1,650 2 hrs 2 CRANS
CHF21,627 1,530 1 hr 51 ANDERMATT
MONTANA
600 €227 21 weeks 412 CHF373 25 weeks
COURCHEVEL
1650 G
VERBIER
G
The Three Valleys €25,125 1,850 2 hrs 7 The Four Valleys
€18,450 1,850 2 hrs 44
600 €227 22 weeks
Note: *The weekly ski pass is based on the price of the wider ski domaine, in the case of Chamonix this is the Mont COURCHEVEL 300 €214 23 weeks
Blanc Unlimited pass providing access to Verbier, Courmayeur and Espace Evasion **Rounded to nearest full week
The Knight Frank network includes representative offices
1850 VAL D’ISERE
Espace Killy
The Three Valleys
Source: Knight Frank Research, Ski Club of Great Britain
6 7
SKI PROPERTY REPORT 2017 RESIDENTIAL RESEARCH
INSIDE KNOWLEDGE…
Between them, Roddy Aris and Alex Koch de Gooreynd have over 16 years’ experience
working in the ski property industry. We asked them for their take on current market
conditions, where the best investment opportunities lie and their outlook for the market.
There was a sudden rise of Swiss Village and Moriond for Courchevel 1850, to take advantage of the preferential tax the Swiss holiday regions. Clients seeking
enquiries in 2015 when exchange St. Gervais and Combloux for Megève, arrangements on offer. This has changed residency are given confidence by the
rates moved firmly in favour of CHF- Les Houches and Vallorcine for Chamonix dramatically in recent years with Switzerland strength of the currency while those
denominated buyers as the Franc was and finally, Le Fornet and Tignes les proving to be one of the more stable seeking holiday homes are considering
economies for investment. whether to continue to rent rather than
unpegged from the Euro. The resorts that Brevieres for Val d’Isère.
buy, although second-guessing the foreign
benefitted the most from the pendulum Today my clients are drawn to the region by
exchange markets can be a risky strategy.
swing were Chamonix and Megève. Both What is your outlook for the the stable economy, excellent personal safety
being on the doorstep of Geneva and Alpine market? and world-class education. The property Despite currency concerns, clients remain
offering year-round appeal. The exchange market has also gone through changes but drawn to the Swiss resorts due to the
rate advantage has lessened recently and performance differs hugely from canton to excellent quality of the skiing. A lack of
FRANCE with it Swiss activity.
It is a very exciting time to be investing in
the Alps. There are of course challenges
SWITZERLAND canton. In the city centres, a lack of quality overcrowding on the pistes and queues
stock has maintained price levels while at the lifts are two of the most important
ahead such as the long-term implications ALEX KOCH DE GOOREYND
RODDY ARIS Which French resorts still offer those regions with an abundance of stock decisions when selecting a resort and
of Brexit and the erratic winter seasons KNIGHT FRANK INTERNATIONAL
KNIGHT FRANK INTERNATIONAL good value? have undergone a price correction. the Swiss are famous for ensuring that
but the draw of the mountains has never
the additional marginal cost provides an
been stronger. Resorts are having to
Is Swiss real estate still the safe-haven What impact has a) the strength of the enhanced experience.
Within each of the top resorts in the evolve and adapt to meet the demands
Can a ski home be a good long-term investment that it was? Swiss Franc and b) tight restrictions on
French Alps there are ‘back doors’, of today’s buyers. Huge investments Aparthotels, a commercial not
investment? What proportion of your foreign buyers had on demand?
granting access to the wider ski have been pledged across the Alps from a residential acquisition, can be
buyers in the French Alps opt to rent When we first started working in the
domain at a fraction of the price that artificial snow-making facilities to adapting purchased despite the 20% second
out their property? Swiss market eight years ago, most The strength of the Franc remains a key
is commanded by the more illustrious and evolving activities for the summer and home cap (Lex Weber). Are you seeing
resort. These are as follows; Le Praz, family market. of my enquiries were from clients wishing consideration for those looking to buy in more of these developments?
A ski home is primarily an aspirational
purchase. The key to a good purchase
The Grace Hotel Apartments in St
is that the property is purchased at
Moritz and a larger chalet project in
the correct market value and the asset
Zermatt have been the only two resorts
proves highly rentable.
to offer this product to date; two markets
Around 80% of Knight Frank’s alpine that have always struggled with stock
buyers rent out their property. This is for non-residents. The concept is an
either through France’s ‘VAT rebate on interesting one and one that I fully expect
new builds’ initiative or simply to cover to see adopted throughout the resorts as
their outgoings. they adapt to life after Lex Weber.
Which of the French resorts has seen Villars is investing heavily in its
the strongest sales activity in recent infrastructure; do you think will this
years and why do you think that is? translate into higher tourist and
buyer numbers?
Chamonix has gone from strength to
strength. Although it does not appeal The Villars story is a very interesting
to those buyers wanting ski in/out example of a resort that was living off
options such as in The Three Valleys past glories but not investing in itself.
and Espace Killy, but it appeals to those The local authorities recognised this and
that love the mountains all year round embarked on an ambitious programme
and are seeking quick and easy access of renewal. Recent investment has seen
from Geneva International Airport. the improvement of the ski domain
as well as major projects within the
village. Confidence is swiftly returning
Given Switzerland’s 20% cap on
with existing visitors now deciding to
second homes, along with the strength
buy rather than rent and new buyers
of the Swiss Franc, are you seeing
reconsidering the resort as a viable option
more Swiss buyers in France?
for the long term.
8 9
SKI PROPERTY REPORT 2017 RESIDENTIAL RESEARCH
FRANCE SWITZERLAND
Méribel, France Megève, France Verbier, Switzerland Crans Montana, Switzerland
Prices from: €913,300 Guide Price: €5,350,000 Guide Price: CHF 7,800,000 Prices from: CHF 990,000
A development of 15 apartments in a family friendly and lively This exceptional recently built chalet is located overlooking the Located on the heights of Verbier, this property is perched on a The Hameau de Vermala is a residential project of 5 chalets with 5
residence, located close to the slopes and offering beautiful views much sought-after Mont d’Arbois village. Built with high quality breath-taking viewpoint offering stunning views of Verbier. Built apartments in each and is situated at an altitude of approximately
of the mountains and the district of Altitude 1600. The Parc Alpin materials; combining state-of-the-art technology with Megève stone, with quality materials including exteriors built of traditional natural 1,600 metres. It benefits from a panoramic view of the Alps, within
will be located approximately 300 meters from the ski slopes. old wood and solid oak or slate flooring. 7 bedrooms, 7 bathrooms stone walls, wooden facades and topped by a traditional style slate a peaceful area near to the forest. This property is fully available for
and spa area. roof covering. purchase by non-residents as a holiday home.
Chamonix, France Courchevel, France Villars, Switzerland Graubunden, Switzerland
Prices from: €340,000 Prices from: €1,450,000 Guide Price: CHF 3,200,000 Price on application
La Cordee is a development of 80 apartments in one of Chamonix’s Located on the top floor of the Residence Grandes Bosses in Built in 2001, this elegant ski-in ski-out alpine chalet offers This alpine hideaway project consists of 3 freestanding duplex
most exclusive residential areas, Plaine des Praz. The scheme is a Courchevel Moriond. This new ski-in ski-out development will approximately 316 sq m of living space including a double homes ensconced in a row along the southern hillside. Thanks
renovation of a former Residence des Vacances, with Phase 2 (30 offer 4 exceptional apartments of 97-123 sq m, with 3 en suite height main reception room and 5 double bedrooms with en suite to its south-facing orientation, the phenomenal vista reaches its
apartments) due for delivery in December 2018. Apartment owners bedrooms, balconies, garage and panoramic views. VAT bathrooms. The chalet is south facing with stunning views and full potential.
will have use of a heated, indoor swimming pool, sauna, hammam rebate possible. sits ideally positioned alongside the piste above the small village
and gym. of Barboleuse.
roddy.aris@knightfrank.com alex.kdeg@knightfrank.com
+44 20 7861 1727 +44 20 7861 1109
10 11
KNIGHT FRANK
INTELLIGENCE
For the latest news, views and analysis
on the world of prime property, visit
KnightFrank.com/blog
RESIDENTIAL RESEARCH
Liam Bailey
Global Head of Research
+44 20 7861 5133
liam.bailey@knightfrank.com
Kate Everett-Allen
International Residential Research
+44 20 7861 1513
kate.everett-allen@knightfrank.com
SALES
FRANCE
Roddy Aris
+44 20 7861 1727
roddy.aris@knightfrank.com
SWITZERLAND
Alex Koch de Gooreynd
+44 20 7861 1109
alex.kdeg@knightfrank.com
PRESS OFFICE
Astrid Etchells
+44 20 7861 1182
astrid.etchells@knightfrank.com
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SPECIAL
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LLP in relation to particular properties or
THE WEALTH REPORT 2017
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