SKI PROPERTY REPORT 2018-19 - ASSESSING PROPERTY MARKET CONDITIONS ACROSS THE FRENCH AND SWISS ALPS - Knight Frank
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RESIDENTIAL RESEARCH SKI PROPERTY REPORT 2018-19 ASSESSING PROPERTY MARKET CONDITIONS ACROSS THE FRENCH AND SWISS ALPS SKI INDEX RESULTS 2018 INVESTMENT GUIDE TEN TRENDS TO WATCH
SKI PROPERTY REPORT 2018-19 RESIDENTIAL RESEARCH
THE ALPS IN NUMBERS OVERVIEW 2018 SKI INDEX RESULTS
Record snowfall and strong investment in infrastructure Now in its tenth year, our unique Ski Property Index tracks the annual change in the
helped boost demand in the Alps in the last year but price of a four-bedroom chalet across 16 French and Swiss alpine ski resorts.
property market regulations and the strong franc
weakened activity in some Swiss resorts. The index declined by 0.5% in the year to boosted tourist numbers, buyer demand many looking instead for better value in
June 2018, a more moderate decline than and hence chalet pricing. Austria or France. The strong Franc is not
77million
Number of ski visits to the French and
Our annual report provides a snapshot
of the prime property market in the
limits options for buyers but the ‘residence
hoteliere’ is providing an alternative means
the 1.8% fall witnessed in 2017. Thirteen
of the 16 resorts recorded static or rising
There has been a growing recognition of the
relative value available in Villars. Home to
only a factor in relation to the acquisition
cost but also in terms of weaker long-term
rental demand.
Swiss Alps each year French and Swiss Alps, it assesses price for owners to acquire a property and rent it prices in annual terms. Three years ago,
only five resorts registered price growth. three international schools, the resort also
performance over the last year, explores out when not in use. For St Moritz (-11.1%), the robust Franc
how the resorts compare in terms of their attracts a number of parent buyers seeking
We revisit our Alpine map on pages 6 and Last year French resorts occupied the along with high pricing and a mismatch
latest market indicators and examines a nearby base. Verbier’s ease of access, its
7 providing the latest facts and figures for top of our rankings, this year two Swiss between demand and supply have seen
how the resorts are evolving. southern-orientation – making it one of the
each resort and highlight which resorts resorts, Villars (6%) and Verbier (3.4%) have prices soften. There is pent up demand for
Alps’ sunniest resorts – and its broad range
Unlike the motivation behind a purchase rate best for key attributes, from snowfall summited. Both resorts have lagged behind smaller units but the current inventory is
of leisure activities explain its high ranking. comprised of older, larger style chalets.
within the mainstream housing market, to ski schools. On pages 8 and 9 we delve in recent years but a surge in investment,
the purchase of a ski home is an into the ten trends set to influence the ski both in terms of ski lifts, luxury hotels, Elsewhere in Switzerland, the strength of Unlike the Swiss resorts, which occupy
1/3
aspirational or lifestyle purchase. property market over the next decade, beginner areas and non-ski activities have the Franc has deterred some buyers, with the two extremes of our rankings table, the
from currency rates to climate change French narrative is one of moderation. None
The results of our latest ski index (page 3)
The French and Swiss Alps are home and new technology. of the eight French resorts tracked by the
underline the extent to which economic FIGURE 2
to over a third of the world’s ski resorts index registered a decline in prime prices in
sentiment, property regulations, wealth For those unfamiliar with buying or selling in The Knight Frank Ski Property Index, 2018
flows and infrastructure investment are the Alps, on page 10 we set out the key Annual % change to June 2018* the year to June 2018.
combining to influence price performance. stages in the purchase process and offer Record snowfall boosted enquiries across
some tips for those buyers and vendors the region during the 2017-18 ski season
Overall, prices fell by 0.5%, a modest
working to a specific timetable. Finally, on and for France, an improving economy,
improvement on a fall of 1.8% in the
page 11 we provide our outlook for the
previous year, with the Swiss resorts of
Alps, we explore why the current economic
+6.0% strengthening consumer sentiment and
VILLARS growing interest from northern Europeans,
8.23metres
Villars and Verbier on top. Both resorts
climate is prompting some buyers to look
have invested heavily in new ski lifts,
closely at their mortgage terms and we
+3.4% in particular amongst Scandinavian and
VERBIER Benelux buyers has lifted sales rates.
hotels and sport centres and we are
Verbier’s snowfall in 2017-18 season.
increasingly seeing a direct correlation
highlight where future demand is likely to +3.0%
The highest of the 16 resorts tracked come from. VAL D’ISÈRE In 2018, Val d’Isère (3%) has overtaken
between property price performance +2.3% Chamonix (2.3%) as the top-performing
and the wider resort’s long-term FIGURE 1 CHAMONIX French resort. At 1,850m Val d’Isère is
€ investment strategy. Pile it high Total snowfall (cm) in Courchevel
+2.2% +2.2%
one of France’s highest resorts resulting in
Enquiry numbers strengthened in the reliable snowfall, quality skiing and a longer
COURCHEVEL COURCHEVEL
2017-18 season as snowfall reached 95 10 104 301 406 421 224 216 504 1550 1650 season. Val d’Isère generated more buyer
record levels. Figure 1 shows total enquiries than any other resort last season
snowfall for Courchevel during the +1.5% but supply remains constrained.
6%
Prime price change in Villars.
2017-18 ski season, more than 5 metres
fell between November and April, double
+1.1%
MEGÈVE
COURCHEVEL
1850 Attracting a different demographic to Val
d’Isère, Megève and Courchevel continue
the amount recorded the previous year. to build on their brand as luxury resorts
The highest of the 16 resorts tracked
in year to June 2018 In France, rising consumer sentiment +0.9%
with exemplary customer service and
following Macron’s presidential victory in
MÉRIBEL +0.6%
GSTAAD amenities. Courchevel 1550 and 1650
2017 and improving economic indicators (2.2%) marginally outpaced 1850 (1.5%)
fed through into buyer enquiries with
Val d’Isère high in demand.
0.0% 0.0% 0.0% in our annual price rankings due to their
ANDERMATT CRANS COMBLOUX relative affordability. The lower resorts have
MONTANA
On pages 4 and 5 we set out how the key a greater dynamism with a number of public
ski resorts are upgrading their offer and and private investment projects underway.
investing in both ski and non-ski facilities -9.0% Registering 0.9% annual growth, Méribel
600km -10.7%
and take a look at what owners need to DAVOS
has largely peaked in terms of new-build
know if they plan to buy, develop or rent KLOSTERS
opportunities meaning buyers usually opt to
Total piste length in The Three Valleys. in the Alps.
The largest ski domain of the 16 -11.1% buy older stock and re-build. Méribel Village
Planning rules in France, for example, ST MORITZ is increasingly under the spotlight as buyers
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
resorts tracked
need careful monitoring and vary from seek new-build opportunities at €16,000
Source: 2018 International Report on Snow & resort to resort whilst in Switzerland, the Source: Knight Frank Research, UBS (Klosters, Davos, St Moritz) per sq m compared with €20,000 per sq m
Source: OnTheSnow * Based on a 4-bedroom chalet in a prime central location, not of ‘super-prime’ specification.
Mountain Tourism 20% cap on second homes (Lex Weber) Note: November to April Prices reflect an average for the resort, including both new and resale properties in central Méribel.
2 Please refer to the important notice at the end of this report 3SKI PROPERTY REPORT 2018-19 RESIDENTIAL RESEARCH
RAISING THEIR GAME INVESTMENT GUIDE
FIGURE 4
What can I expect to rent my 4-bedroom chalet
for in high season? € per week
A reliable ski lift and a few snow cannons are no longer enough, ski resorts are It pays to do your research and make sure the numbers
competing with each other to offer the best dual season experience. stack up if you plan to rent your ski home.
€20,000
€17,300
€12,000
€12,000
€10,000
€9,000
€9,000
€7,000
€4,600
€4,600
€4,200
€3,000
€2,800
For several years, Knight Frank’s and the ability to access a larger ski potential rental income of a property over For most buyers, the purpose of a indication of potential rental competition)
Ski Property Index has confirmed the domain can be the difference between the summer months. ski home it to enjoy holidays with vary significantly across the Alps and in
link between a resort’s investment in 60% and 80% rental occupancy in the some cases are directly linked. Gstaad
Buyers are paying close attention to family and friends, but increasingly
its infrastructure (ski lifts, hotels, winter months. for example has only 3,700 second
those ski resorts with a long-term plan most owners want to cover their costs
spas, non-ski activities etc) and its Similarly, the provision of mountain and secure funding in place. Below we and maintenance by renting their homes and one of the highest rental
property market’s performance. bike trails, leisure centres and zip wires highlight some of the future investment chalet or apartment. values during high season. Alongside,
The speed and capacity of ski lifts can make a significant difference to the commitments on a resort-by-resort basis. we present the latest indicators to help
COURCHEVEL 1850
COURCHEVEL 1650
COURCHEVEL 1550
CRANS MONTANA
Rental values, occupancy rates and the prospective buyers gauge current rental
VAL D'ISÈRE
number of second homes per resort (an market conditions.
ST GERVAIS
COMBLOUX
CHAMONIX
MÉRIBEL
VERBIER
MEGÈVE
VILLARS
GSTAAD
FIGURE 3
How the resorts measure up – future investment plans
Source: Knight Frank Sales Network
¹ Based on a 4-bedroom chalet in a central location in high season.
LEX WEBER AND THE RISE OF THE ‘RESIDENCE HOTELIERE’ Exchange rate as at 29 June 2018
France
Chamonix
Chamonix Courchevel
Courchevel Méribel
Méribel Megève
Megève Val d’Isère
Val d’Isère
FIGURE 5
AAnew Les
Les Veriaz
Veriaz 950-bed
950-bed 4*
4* hotel
Le Refuge
Le Refuge de
de Solaise,
Solaise, the
the The Lex Weber ruling, introduced in 2013, set a 20% cap on the number How many second homes are there per resort*
newlift
liftwill
willreplace
replacethe
the La
LaCroisette
CroisetteDevelopment
Developmentat at New
New Roc
Roc de
de Tougne
Tougne HOTEL
HOTEL hotel HOTEL
HOTEL
highest hotel
hotel in
in France
France
Marmottons
Marmottonsand andTabe
Tabe 1850
1850will
willimprove
improveaccess
access 6-seater
6-seater Chairlift
Chairlift for
for (€60m),
(€60m), Comte
Comte Capre
Capre highest
(2,551m) is
is set
set to
to open
open of second homes in each Swiss commune. Whether resident or non-
chairlifts
chairliftsatatGrand
GrandMontets
Montets for
forskiers
skiersand
andpedestrians
pedestrians 2018/2019
2018/2019 (takes
(takes 33 mins)
mins) 130-bed 5* hotel (€100m)
130-bed 5* hotel (€100m) (2,551m)
and
and Accor
Accor 100-bed
100-bed hotel
hotel
in December
in December 2018
2018 resident, no further second homes can be built once this threshold has
2,100
3,700
4,200
5,200
6,000
6,400
6,800
7,300
8,600
8,900
10,400
10,600
€27 €42
been reached. The premise behind the law was to prevent ‘cold beds’ – the
AAnew
newreplacement
replacement €27million
millionnew
newLeLePraz
Praz €42 million
million invested
invested in
in New
New gondolas
gondolas and
and €250 million
million Le
Le Coin
Coin
€250
10-seater
10-seatergondola
gondola gondola
gondolabase
basestation
station will
will be
be Courchevel
Courchevel and
and Meribel
Meribel snow
snow cannons
cannons (€85m)
(€85m)
HOTEL
HOTEL
de Val
de Val redevelopment
redevelopment existence of empty second homes – and encourage ‘warm beds’ – by attracting
atatFlegere completed
completedDecember
December 2019
2019 on grangettes gondola
on grangettes gondola
Flegere more tourism and therefore investment in the local economy via higher
including 500 parking spaces
including 500 parking spaces and
and La
La Croisette
Croisette
Development,
Development, ahead
ahead of
2023
occupancy levels.
Le 2023 FIS
FIS Alpine
Alpine World Ski
LeTour
Tourlift
liftstation
station La Championships New congress New lift in the Solaise
renovated LaTania
Tania Moretta
MorettaVillage
Village Championships ski area (3,600 skiers
renovatedby bywinter
winter Development centre By creating hotel style residences, with services such as a concierge, buyers
Development
2018/19
2018/19 per hour)
are still able to purchase a holiday home provided they rent the property when
LaLaFolie
FolieDouce
Doucetotoopen
open 77 new Two new chairlifts and
not in use. In most cases, the owner can use their ‘residence hoteliere’ up to a
HOTEL
HOTEL
HOTEL
HOTEL new hotels
hotels recently
recently New Black run and the
ininDecember
December2018
2018onon completed
completed or
or under
under improving links Teleski des 3000 will maximum of six weeks per annum. This acquisition is considered a commercial
former
formerClub
ClubMed
Med construction
construction between Rochebrune re-open in 2018/19 season
Chamonix
Chamonixsite
site and Cote 2000 and not a residential purchase and as such does not fall under the residency
DAVOS & KLOSTERS
(due 2020/21)
restrictions on either property size or rental duration.
CRANS MONTANA
The construction of Val
€477
€477million
million40-year
40-year 115
115 new
new snow
snow cannons
cannons d’Isere’s first palace hotel –
COURCHEVEL
HOTEL
VAL D'ISÈRE
inin Courchevel
Courchevel && La
La
ANDERMATT
The Madamoiselle Val
ST MORITZ
CHAMONIX
investment
investmentplan
plan
Tania
Tania valleys
valleys
MÉRIBEL
VERBIER
D'Isere, is due to open in
MEGÈVE
VILLARS
GSTAAD
December 2019
HOTEL
HOTEL
AmanleleMelezin
Aman Melezinhotel
hotelinin The Val d'Isère lift
Courchevel1850
Courchevel 1850reopens
reopens company pledge to
December2018
December 2018 remove 100 lift pylons on WHY IT PAYS TO KNOW YOUR PLAN LOCAL Source: UBS, Swiss Federal Office for Spatial
Development, INSEE
their mountains by 2022 D’URBANISME (PLU) *Note: Some destinations consist of multiple municipalities
A plan local d’urbanisme (PLU) is the French name for a local plan which sets out FIGURE 6
the planning zones for the area and the rules for new development. If you intend
Switzerland
What is the rental potential of my ski home?
Crans Montana
Crans Montana St Moritz
St Moritz Verbier Villars Andermatt to build or extend your property in an area with a PLU you will need to submit an Occupancy in Occupancy in
100% high season* low season*
application to the local town hall (’mairie’) for approval. Below we highlight some of
Sixsenses
Six sensesCrans
Crans Privatebookings
bookingsofofthe
the
HOTEL Four new 4 & 5-star
Private HOTEL HOTEL
the recent changes by resort:
HOTEL HOTEL
HOTEL
Bruson regeneration
Bruson regeneration Résidence Alpine Hedonia hotels, apartments &
Montana47-room
Montana 47-room Corvatschski
Corvatsch skiarea
area project (CHF300m)
project (CHF300m) & shopping centre sports centre (CHF1,000m)
hotel(2020)
hotel (2020) permitteduntil
permitted untilmidnight
midnight
80%
Chamonix Megève
GrandHotel
Grand HotelRodania
Rodania NewGrace
New GraceHotel
Hotel Road
Road access
access
HOTEL
HOTEL
HOTEL
HOTEL
New sport
New sport centre
centre • The construction of two or more • Pro-construction PLU plan now
40-room5-star
5-starhotel
hotel openinginin2020
opening 2020 Parking (CHF40m)
Parking (CHF40m) Schöllenen
Schöllenen gorge
gorge
40-room (CHF50m)
(CHF50m)
(CHF50m) (CHF105m)
(2020)
(2020) (CHF50m) (CHF105m) dwellings is restricted to a maximum in place – potential for 300 new 60%
area of 300m² apartments in next two years
Newcable
New cablecars
cars&& Ski and
Ski and non-ski
non-ski Retirement
Retirement home
home
connectionofofski
ski Curala ski
Curala ski lift
lift upgrade
upgrade infrastructure and
and post
post office
connection
areas(CHF75m)
(CHF75m) (CHF115m)
(CHF115m)
infrastructure
(CHF30m)
(CHF30m) (CHF14m)
(CHF14m)
office • Planning permission calculations are Val d’Isère 40%
areas
now based on the footprint of the • Initiative to regenerate tourist
New building not the total floor area buildings as well as support and
New Railway
Railway station
station ––
CRANS MONTANA
New apartment
New apartment project
project
at Domaine
Domaine du
du Roc
Roc Glacier
Glacier Express
Express hub 20%
hub develop the hotels in the resort.
COURCHEVEL
at
Courchevel
ANDERMATT
VAL D'ISÈRE
(CHF20m) (CHF20m)
ST MORITZ
CHAMONIX
(CHF20m) (CHF20m)
MÉRIBEL
VERBIER
MEGÈVE
VILLARS
GSTAAD
• Encourages housing stock renewal,
Hotel du
Hotel du Roc
Roc
0%
HOTEL
HOTEL
(renovation)
(renovation) allowing more internal square metres
(CHF15m)
(CHF15m) than the previous PLU plan. Source: Knight Frank Research, Tourist Offices
*High season = February half term / Low season = Last week of April
Source: Knight Frank research, Zahlen und Fakten, Ferienregion Andermatt, UBS AG, LuzernerZeitung, Andermatt Swiss Alps AG For a detailed understanding of the Swiss rules on where non-residents can buy and the implications of the 20% second home cap at a local level please contact
alex.kdeg@knightfrank.com or if you want more information on the PLU (local plans) in the French resorts please contact roddy.aris@knightfrank.com
4 5SKI PROPERTY REPORT 2018-19 RESIDENTIAL RESEARCH
Klosters
ALPINE FACTFILE.... CHF
11,982 - 3 CHF59 1,190
Z
1 hr 47 305 CHF318 21 weeks
Davos
Buyers need to weigh up multiple factors when deciding where to
purchase a ski home. Advanced skiers may prioritise altitude to CHF
Z
- 3 CHF48 1,550 1 hr 58 311 CHF311 22 weeks
maximise snow reliability throughout the season, whilst families 12,052
with beginners may consider a dual season resort with a broader Andermatt
range of facilities. Below we have presented the key facts and Z
figures to help determine where bests suits your needs and CHF
19,000 CHF690 2 CHF45 1,445 1 hr 44 86 CHF273 24 weeks
provided our own in-house awards for best in class.
St Moritz
Z
CHF
Best resort for…. 20,806 - 2 CHF70 1,770 2 hrs 45 350 CHF365 20 weeks
Gstaad
G
CHF CHF
34,800 20,000 2 CHF58 1,050 2 hrs 3 220 CHF321 28 weeks
Best summer season
rental demand ZURICH Villars
Chamonix & Verbier FRANCE CHF
13,085
CHF
5,200 2 CHF40 1,300
G
1 hr 24 125 CHF295 20 weeks
Crans Montana
Neuchâtel
G
Shortest drive from CHF CHF
2 CHF65 CHF332 23 weeks
G 12,623 4,750 1,500 2 hrs 4 140
the airport Klosters
Verbier The Four Valleys
Combloux, Chamonix & Megève
SWITZ ERLAND Davos
CHF
22,365
CHF
3,860 1 CHF65 1,530
G
1 hr 51 412 CHF345 25 weeks
Gstaad Andermatt St Moritz Chamonix
Lake Geneva G
Cheapest ski school Villars
Crans €11,250 €4,575 1 €41 1,035 1 hr 8 593 €306* 20 weeks
Montana
Combloux & Megève Combloux Espace Evasion
Sion G
€8,500 €3,500 3 €33 850 1 hr 3 445 €186.5 18 weeks
GENEVA Verbier Lugano
Megève Espace Evasion
Highest resort Chamonix
Combloux G
€13,650 €7,000 2 €34 €186.5
Val d’Isère & Courchevel 1850 LYON Megève
1,110 1 hr 8 445 18 weeks
Méribel The Three Valleys
Bourg-Saint-
Maurice G
CHAMBERY Méribel Village €15,750 €12,000 3 €43 1,450 1 hr 59 600 €275 21 weeks
Access to largest Méribel
Val D’Isère Espace Killy
ski domain Courchevel 1550 Val d’Isère
G
Courchevel 1850 Courchevel
Courchevel & Méribel 1650 €19,000 €12,000 2 €49 1,850 2 hrs 44 300 €294 23 weeks
Courchevel 1550 The Three Valleys
G
Longest season €16,000 €9,000 3 €43 1,550 1 hr 58 600 €275 21 weeks
length Courchevel 1650 The Three Valleys
Key
Gstaad & Verbier G
G €16,000 €9,000 3 €39 1,650 2 hrs 2 600 €275 21 weeks
Prime price for Rent for Summer season Cost of ski Resort Drive time Total Price of a Season Knight Frank
4-bedroom chalet 4-bedroom chalet rental ranking school per child height to nearest pistes weekly ski length** sales office Courchevel 1850 The Three Valleys
(€/CHF per sq m) (€/CHF per week (1 = good, (group session, (m) major airport (km) pass* (weeks) and network
in February) 5 = poor) morning only) (€/CHF) members
(€ / CHF) G
G = Geneva Airport Z = Zurich Airport
€25,500 €20,000 4 €46 1,850 2 hrs 7 600 €275 21 weeks
Source: Knight Frank Research, Ski Club of GB, OnTheSnow
Note: Prices and rents are based on a 4-bedroom chalet in a central location within each resort. *The weekly ski pass is based on the price of the wider ski domain, in the case of Chamonix this is the Mont Blanc Unlimited pass providing access to Verbier,
Courmayeur and Espace Evasion **Rounded to nearest full week. The Knight Frank network includes representative offices. Rental data for Klosters, Davos and St Moritz unavailable
6 7SKI PROPERTY REPORT 2018-19 RESIDENTIAL RESEARCH
TEN TRENDS SET TO
INFLUENCE SKI MARKETS
From climate change to Asian interest and from currency
rates to the latest technology, we highlight the key
trends it’s worth monitoring
Climate change Tighter monetary conditions
Despite record snowfall in the Not immediately, but over time the cost of finance
2017/18 season, temperatures in in the Eurozone is likely to rise. The European Central
the Alps have risen by just under Bank announced its plans to halt its asset-buying programme
2°C over the past 120 years, (quantitative easing) in December 2018 and interest rate rises may
almost twice as much as the start to shift upwards from the end of 2019 but they will remain low by
global average. historic standards. Swiss interest rates look set to remain in negative territory
for some time.
Global warming is expected to
bring about changes in rain and Buyers seeking a mortgage may find costs slightly higher over the next few years
snowfall patterns, there is the and more may seek to lock themselves in to a longer fixed rate deal in the coming
potential for heavier but less
Property market regulations & Airbnb months to take advantage of the current low rates.
Exchange rates frequent snowstorms. Not only is
Policymakers are increasing keen to improve transparency in an effort technology in the form of snow
We estimate 40% of ski home purchases in the to monitor/control who is buying what and where. Switzerland has seen guns and cannons helping, but the Dual season
Alps involve a foreign stakeholder, be it a buyer or some of the most stringent rules imposed starting with Lex Koller in new machines are more energy
vendor, meaning exchange rates have an important The days of buying a ski home for use exclusively in the winter
1983 (establishing areas where non-residents can not purchase) and efficient and specialist machines months are gone. The Alps have been able to capitalise on the
bearing on the transaction. A €2m chalet would more recently with Lex Weber in 2013 (the 20% cap on second homes are now used to relocate snow
today cost a British buyer £188,000 more than global push to improve health, fitness and make the most of the
per commune). to the busiest pistes. It is likely, great outdoors. Summer tourist numbers now rival those in the
it would have done a decade ago as a result of however, that we will see more
the weaker pound. Whether planning your exit The French Alps faces fewer rules but even here, close attention is winter months with a broad range of activities on offer, including
buyers target high altitude resorts mountain biking, hiking, paragliding, abseiling and glacier
strategy or contemplating which price bracket to being paid to the scale and design of future development to ensure it is to maximise their season length
target, it pays to monitor the exchange rate. sustainable and sensitive to the Alpine landscape. skiing. A prolific calendar of social, cultural and sporting events
in coming years. throughout the year, from Polo Championships to Jazz and Food
festivals, also boost tourist and rental numbers.
Going big
Ski resorts are joining forces to create vast
domains in an effort to attract more skiers.
Infrastructure investment Some ski domains are fully linked by lifts
and telecabines, others have a shuttle bus
Chinese
Standing still is not an option for the
Alpine resorts as they seek to attract which is included in the cost of the ski pass. interest
a new generation of skiers, as we’ve France is home to more than half of the ten The 2017 China White Book estimates
Family time highlighted elsewhere in the report. biggest ski areas in the world. At 600km, that of the country’s 1.2 million skiers Technology
Villars has ploughed significant funds into the Three Valleys is the largest, stretching over half travel abroad to ski, Japan is
Unlike beach holidays where teenagers often head off from Courchevel to Méribel across to Les
reinventing its offer whether it is night high on their list. Cheaper travel and Advances in technology are reshaping the
independently with friends, skiing in the Alps provides the Menuires and Val Thorens Expect to see
skiing, the new swimming pool or new rising wealth is likely to mean more skiing landscape. From ergonomic boots and
opportunity for a full day of shared pursuits and valuable more resorts link up.
gondolas and a beginners’ area. Ahead of Chinese tourists and buyers in the parabolic, curved skis to adaptive skiing for
family time when the family remains as one on the
the FIS Alpine World Ski Championships Alps. The number of people in China disabled individuals, it is now easier for a larger
slopes, sharing lunch and an evening meal. This USP This push to experience more
in 2023 we expect Courchevel and with US$5 million is forecast to rise by demographic to take up the sport. Add to this
for the Alps is likely to come into sharp focus in the and travel further has led to
Méribel to be a key investment hub. 218,000 to 425,270 between 2017 and Apps capable of following one’s friends on the
coming years. a new Swiss 'magic pass'
which provides access to 30 2022 and analysts report that 2018 has mountain, measure your speed against other
A number of the Swiss resorts host some of the world’s resorts and 1,000km of slopes seen nine new flight routes open up from skiers, as well as gadgets such as heated
top private schools (Villars, Verbier, Crans Montana) and for around CHF500 per year. China to Europe, which translates into gloves, air-bag vests and camera drones to
this attracts international buyers seeking a base when 6,000 more seats per week. track your route downhill, such advances may
visiting their children. improve safety, comfort and personal bests.
8 9SKI PROPERTY REPORT 2018-19 RESIDENTIAL RESEARCH
STAYING MARKET OUTLOOK
BUYER TIMELINE VENDOR TIMELINE
How to be in your new ski How to sell your ski home
ON TRACK home for Christmas by the end of the season
Home to the world’s oldest and most sport enthusiasts ahead of the Beijing will continue to want a rental return to
OCTOBER/NOVEMBER MARCH aspirational ski resorts, the Alps continue Winter Olympics in 2022. cover ownership costs, maintenance
Alongside, our experts OCTOBER/NOVEMBER MARCH
to attract global interest. However, and family ski visits. More flights from
DecideDecide
on preferred resortsresorts
on preferred and and Sale decision. Arrange
Sale decision. professional
Arrange professional But the Alpine ski market can’t be
set out the timeline property searchsearch
property criteria.criteria.
Register Register photography to taketoadvantage
photography of
take advantage of based on the experience of our Alpine
purely at the behest of Asian demand,
more locations by low-cost carriers help
with a with
global agent agent
a global that has a local
that has a local snowysnowy
conditions. Request
conditions. marketmarket
Request network, unlike mainstream markets maximise potential rental demand and
to work to in order to presence and knowledge.
presence and knowledge. ExploreExplore appraisal from reputable
appraisal agent agent
from reputable
in some parts of the world, external
particularly when outbound capital flows
boost income but outgoings are also
financefinance
options. A mortgage
options. offer inoffer in
A mortgage
achieve your goal. This principle needsneeds
principle to be in toplace
be in before
place before
APRILAPRIL
factors such as the global financial
are being curtailed in China.
under scrutiny.
exchange. Provide
exchange. feedback
Provide on
feedback on crisis and geopolitical tensions have not
is meant as a guide only initial property listings to agent.
initial property listings to agent.Visit Visit
had the same impact on sentiment and
Switzerland’s safe haven credentials, its Data from Credit Suisse shows the
with agent prior toprior
with agent starttoofstart
season
of season strong economy, currency, privacy and extent to which mortgage rates have
and we can assist at any beforebefore
rentalsrentals
easy access
commence commence to enable
to enable ReviewReview
appraisal,
and sales
and mandate
agree agree
appraisal, sale price
sale price
(if applicable)
sales mandate (if applicable)
transaction volumes as they have had on security will continue to put it at the top dropped in France over the last five
easy access
time of the year. DECEMBER
DECEMBER
mainstream housing markets. of global HNWI’s preferred list of places years. Given finance costs are expected
APRILAPRIL
TO JUNE
TO JUNE The rise in wealth globally, in places such to shelter from economic and political to increase in the coming years it is likely
For many of our buyers it is the Undertake research
Undertake if you plan
research if youtoplan to SpeakSpeakto accountant to understand
to accountant to understand as Latin America, Russia, the Middle turbulence but it comes at a cost. we will see more HNWIs take advantage
first time they have bought abroad rent your
rentski
yourhome – occupancy
ski home – occupancy tax liabilities. CollateCollate
tax liabilities. all relevant
all relevant East and Eastern Europe is expected of the current low European interest rate
levels,levels,
achievable rents, rents,
achievable the resort’s
the resort’s paperwork (permits,
paperwork conformity,
(permits, taxes, taxes,
conformity, Since 2015 when the Swiss Franc was
and for some they are working to future future
investment plans etc
investment plans etc title deeds, property
title deeds, imagesimages
property and and to offset some of the challenges posed environment and refinance. Debt can be
unpegged from the Euro, the Franc has
a specific date or event when they information for thefor
information Diagnostic
the Diagnostic by an ageing demographic of skiers in seen as an efficient way of diversifying a
JANUARY
JANUARY Performance Energétique
Performance (D PE))(D PE))
Energétique drifted higher but for some it is a price
want to be settled in their new Europe. However, all eyes are currently balance sheet.
JULY JULY on Asian demand which has the capacity worth paying – whether as a long-term
home. For others looking to sell, investment, to be near a child attending However, regardless of the potential
FurtherFurther
viewings/research
viewings/research to radically reshape the global ski market
many are keen to maximise rental (if needed)
(if needed) school in Switzerland or as a means return, currency advantage or good
Commence marketing
Commence marketing
in the coming years.
income by completing the sale at of spreading risk by decreasing their finance options, ultimately the decision
the end of the ski season. FEBRUARY/MARCH
FEBRUARY/MARCH Asia’s strong rate of wealth creation and to acquire a ski home is an emotive
SEPTEMBER exposure to solely Dollar or Euro-
SEPTEMBER a growing appetite for travel amongst one, borne out of a desire to own an
DecideDecide
on preferred property,
on preferred property, denominated assets.
For a detailed breakdown of the take advice from agent and make its high net worth individuals, as well as asset that will provide valuable time with
take advice from agent and make
buying process as well as costs offer (with
offermortgage offer inoffer
(with mortgage placein place Schedule viewings
Schedule viewings the increasing popularity of winter sports Although most ski purchasers will friends and relatives whilst undertaking a
if needed)
if needed) not be buying a ski home purely for
and taxes read our buyer guides could bolster global demand. China shared pursuit. In the modern age, a ski
Agree Agree
price with
pricevendor and instruct
with vendor NotaryNotary
and instruct
for France and Switzerland, OCTOBER
alone aims to have 300 million winter investment purposes, we expect most home can offer a rare escape.
OCTOBER
https://www.KnightFrank.com/ MARCH
MARCH
FIGURE 7
overseas-property Facilitate viewings
Facilitate /
viewings /
If you Ifplan
youtoplan
renttothe property
rent the property reviewreview
offers offers The resorts compared – measuring prices, price growth and season length
take marketing photosphotos
take marketing while snow
while snow
is still on theon
is still ground
the ground
NOVEMBER
NOVEMBER €30,600
Switzerland Circle size = Prime Prices
APRIL/MAY
APRIL/MAY (€ per sq m)
France €8,500
Facilitate viewings
Facilitate /
viewings /
Exchange contracts
Exchange (Compromis
contracts (Compromis reviewreview
offers offers
de vente in France
de vente / Promesse
in France de de
/ Promesse
NO VAT ON NEW-BUILD vente vente
/ Vente/ Vente
à terme in Switzerland
à terme in Switzerland STRONG PRICE GROWTH / Villars STRONG PRICE GROWTH /
DECEMBER
DECEMBER 6% SHORT SEASON LONG SEASON
PROPERTIES JUNE/JULY
JUNE/JULY Val d’Isère
Facilitate viewings
Facilitate /
viewings / 4% Courchevel 1550 & 1650
In France, buyers can reclaim the VAT Complete sale (Signature
Complete de Acte
sale (Signature de Acte reviewreview
offers offers Verbier
(20%) on the price of some off-plan in France / Acte/de
in France vente
Acte in
de vente in 2% Chamonix
Switzerland). Commission builderbuilder Andermatt Gstaad
properties by committing to renting out Switzerland).
and schedule
Commission
potential
and schedule worksworks
potential (if (if
JANUARY
JANUARY Megève
2018 PRICE GROWTH
their home for a period of 20 years. needed). Instruct lettingslettings
agent agent
if
needed). Instruct if 0%
you plan
youtoplan
renttothe property.
rent the property. AcceptAccept
offer, agree what iswhat is
offer, agree 15 20 25 30
In order to qualify three of the Advertise the property
Advertise for rentforand
the property rent and included in sale,ininstruct
included NotaryNotary
sale, instruct
Combloux Méribel
following four services must be offered take bookings for winter
take bookings season
for winter season -2%
Crans Montana
by the property: JULY/AUGUST FEBRUARY
FEBRUARY
JULY/AUGUST
-4% Courchevel 1850
• A guest reception, on site or nearby Exchange contracts
Exchange (Compromis
contracts (Compromis
• Breakfast de vente in France
de vente / Promesse
in France de de
/ Promesse
Undertake renovations
Undertake (if needed)
renovations (if needed)
vente/vente/
Vente Vente
à terme in Switzerland)
à terme in Switzerland)
-6%
• Provision of fresh linen
• Room cleaning at least three times APRILAPRIL -8%
NOVEMBER/DECEMBER
NOVEMBER/DECEMBER
a week Davos
These services can be contracted out Organise removals
Organise removals
-10% St Moritz
RentalRental
bookings commence
bookings commence WEAK PRICE GROWTH / Klosters WEAK PRICE GROWTH /
and it can equate to a relatively low SHORT SEASON LONG SEASON
cost in return for a significant saving. -12%
CHRISTMAS
CHRISTMAS MAY MAY
Clients should seek specialist advice from a qualified Complete sale (Signature
Complete de de
sale (Signature
LENGTH OF SEASON (WEEKS)
tax expert or property lawyer. Enjoy Enjoy
an Alpine Christmas
an Alpine Christmas Acte inActe
France / Acte/de
in France vente
Acte de vente Source: Knight Frank Research, Ski Club of GB, UBS
in Switzerland)
in Switzerland)
10 11KNIGHT FRANK
INTELLIGENCE
For the latest news, views and analysis
on the world of prime property, visit
KnightFrank.com/blog
RESEARCH ENQUIRIES
Liam Bailey
Global Head of Research
+44 20 7861 5133
liam.bailey@knightfrank.com
Kate Everett-Allen
International Residential Research
+44 20 7167 2497
kate.everett-allen@knightfrank.com
PRESS OFFICE
Astrid Recaldin
International PR Manager
+44 20 7861 1182
astrid.recaldin@knightfrank.com
Get in touch France
Roddy Aris Knight Frank Research provides strategic
If you’re thinking of buying in the French or
+44 20 7861 1727 advice, consultancy services and
Swiss Alps, or would just like some property roddy.aris@knightfrank.com forecasting to a wide range of clients
advice, please do get in touch, we’d love to help.
Laetitia Hodson worldwide including developers, investors,
+44 207 861 1083 funding organisations, corporate institutions
laetitia.hodson@knightfrank.com and the public sector. All our clients
Knight Frank Finance recognise the need for expert independent
Switzerland
advice customised to their specific needs.
Alex Ogario Alex Koch de Gooreynd
+44 20 7268 2573 +44 20 7861 1109
alex.ogario@knightfrankfinance.com alex.kdeg@knightfrank.com
Knight Frank can advise on all aspects of property ownership across Europe, from acquisition to
ownership and disposal. Relevant contacts are listed above. Further details are available on our
website at www.knightfrank.com/overseas-property.
Important Notice
RECENT MARKET-LEADING RESEARCH MARKETING © Knight Frank LLP 2018 – This report is published
RESIDENTIAL RESEARCH
FRANCE INSIGHT
RESIDENTIAL RESEARCH
ITALY INSIGHT
RESIDENTIAL RESEARCH
SWISS LAKES for general information only and not to be relied upon in
2018 2018 INSIGHT 2018 any way. Although high standards have been used in
ALPINE the preparation of the information, analysis, views and
AMY REDFERN, OF KNIGHT FRANK’S ITALIAN DESK, SHARES HER
MARK HARVEY, HEAD OF KNIGHT FRANK’S EUROPEAN SALES, ALEX KOCH DE GOOREYND, HEAD OF KNIGHT FRANK’S SWITZERLAND
INSIGHTS ON ITALY’S PRIME RESIDENTIAL MARKET.
SHARES HIS INSIGHTS ON FRANCE’S PRIME RESIDENTIAL MARKET. DESK, SHARES HIS KNOWLEDGE AND INSIGHT ON THE SWISS LAKES’
PRIME RESIDENTIAL MARKET.
VIEW
HOW IS THE MARKET PERFORMING? WHERE ARE THE HOTSPOTS?
projections presented in this report, no responsibility or
HOW IS THE MARKET values – perhaps the key reason as to why The first quarter of 2018 has brought with it Italy’s cities are en vogue. Florence, Rome AMY REDFERN WHAT DO BUYERS WHO ARE WHAT TRENDS ARE YOU NOTICING
real estate demand continues to grow in MARK HARVEY encouraging signs following a muted 2017. and Lucca currently account for around 40% Senior Negotiator, Italian desk
CONSIDERING PURCHASING IN IN 2018? ALEX KOCH DE GOOREYND
PERFORMING? these destinations (with enquiry numbers up Head of European Sales Super-prime sales (€10m+) have increased of our enquiries. +44 20 7861 1057 Head of the Switzerland Desk
+44 20 7861 5034 significantly and this is expected to filter down amy.redfern@knightfrank.com SWITZERLAND NEED TO KNOW? Residents that work in Geneva are showing +44 20 7861 1109
Over the last 24 months we have seen 100% compared to 2016). Tuscany, the embodiment of Italian charm,
mark.harvey@knightfrank.com to lower price bands in the coming year. a greater willingness to commute to the city alex.kdeg@knightfrank.com
a remarkable reversal in France’s prime There are two distinct markets in Switzerland,
remains high on many wish lists, along with
residential markets stemming largely from a those where non-residents can buy (largely from areas in the Canton of Vaud such as La
WHAT TYPE OF PROPERTY IS IN In Italy, homeowners have displayed a the Northern Lakes.
liability whatsoever can be accepted by Knight Frank LLP
strong Paris market (where prices increased confined to ski resorts as well as the immediate Côte and even from Lausanne where property
GREATEST DEMAND? reluctance to acknowledge the reality of
by some 12% in 2017). Against a positive Waterfront homes (Portofino and Costa prices and municipal taxes are lower. The Swiss
softening prices over the last decade, which has areas surrounding Montreux, Lugano,
economic and political backdrop, France is The popularity of different kinds of property “FRANCE AND ITS RICH boosted stock levels and drawn out the market’s
Smeralda in Sardinia) saw an uptick in
Interlaken and Lucerne - see figure 2) and
Riviera (stretching from Montreux to Vevey) “RESIDENTS THAT WORK IN
now experiencing a buoyant and incredibly depends a great deal on location. In Paris, demand in 2017, with the super-prime boasts excellent schools and views across Lake GENEVA ARE SHOWING A
exciting residential market rebound. “L’effet traditional properties with grand proportions CULTURAL TAPESTRY recovery. Despite this, Knight Frank’s Italian
Prime Residential Index confirms that the rate of
market notably active.
those where non-residents cannot buy, which
includes the cities of Geneva and Zurich. This
Geneva, and sits within a 75-minute train ride of
GREATER WILLINGNESS TO
Macron”, as witnessed since the summer of and period features are most in demand, REMAINS AN ATTRACTIVE luxury price declines is now bottoming out with clear distinction, established by a law known as
the city itself.
COMMUTE TO THE CITY FROM
WHAT TYPE OF PROPERTY IS IN
last year, has caused a ripple of optimism while the preference in the south of France
AND COMPELLING Liguria, Chianti and Milan registering positive Lex Koller, results in two very distinct property Switzerland’s super prime market has become
AREAS IN THE CANTON OF
for any loss or damage resultant from any use of, reliance
from Paris to the internationally sought is typically for a local architectural vernacular price growth in 2017. GREATEST DEMAND? polarised. From CHF20m to CHF40m vendors
after regions including the Côte d’Azur, with a more contemporary interior twist. INVESTMENT AND Our enquiry numbers for Italian homes, up 133% The type of property is dependent on the city
markets operating along very different lines.
face strong competition making pricing and a VAUD SUCH AS LA CÔTE
Provence, the Alps and South West France, Budgets vary accordingly, albeit the majority LIFESTYLE CHOICE.” in 2017 year-on-year, suggests any uncertainty or region. In Italy’s cities, international buyers
Where non-residents can purchase a home, property’s condition critical. At the ultra-prime AND EVEN LAUSANNE.”
all of which have witnessed a strong of our buyers look between €2 and €5 they can only buy a single property where the level (above CHF40m), demand remains stable,
on the political or economic stage – the general are seeking two or three-bedroom apartments
turnaround in sentiment, buyer interest million and seek elegant, turnkey ready official living space does not exceed 200 with those properties offered in an immaculate
election, banking crisis and Brexit negotiations – in central locations but critically these must be
and transactional activity. accommodation with manageable gardens square metres. However, buyers still need to condition generating the strongest interest.
have not influenced buyers’ decision-making. finished to a very high specification, in a prime
on or reference to the contents of this document. As a
and ideally a breath-taking view. location and a ‘hassle-free’ purchase requiring FIGURE 1 be aware of the Lex Weber law which places a Although the Swiss Franc dipped against key
The only notable impact has been at the very FIGURE 1
WHO’S BUYING IN FRANCE? In contrast, in the Alps demand is frequently
no additional work. TYPICAL PRIME RESIDENTIAL PRICES 20% cap on second homes in key communes. currencies in the last year it remains strong by
SWITZERLAND’S DEMOGRAPHIC
top end of the market where wealthy buyers,
€ per sq m, Q1 2018 historic standards. While this can influence buyer
International buyers continue to be the focused on new-build properties, with off-plan although still active, have reduced their budgets In Venice and the Northern Lakes, those In contrast, Swiss residents face less PROFILE
sentiment in all Swiss markets, buyers in the lakes
driving force of prime residential sales. The developments representing 80% of the Alpine FIGURE 1 to mitigate risk and currency exposure. buyers with deep enough pockets want restrictions on where or what they can
0 5,000 10,000 15,000 20,000 25,000 30,000 tend to focus more on the long-term gain and
lull following the EU referendum proved only homes sold across our network last year. PARIS RECORDS STRONGEST PRICE direct canal or lake frontage to maximise purchase, although non-European passport lifestyle benefits. Here, a property boasts year- Non-residents
momentary; with the British demographic their investment, both from a lifestyle and
The advantages of buying off-plan in France GROWTH IN 2017… WHO’S BUYING IN ITALY? Costa Smeralda
holders are restricted to one primary residence. round appeal, offering summer by the lake
once again accounting for up to one in four are multiple and might include staggered Prime residential prices, annual % change, 2017 rental perspective.
general report, this material does not necessarily represent
The lifestyle on offer in Italy remains the primary Rome whilst some of the top Alpine resorts sit within
prime residential purchases. The remaining
75% of buyers typically stem from northern
payments, the most advanced construction
motivation for most international buyers. A Finally, in rural parts, a stone-built farmhouse HOW DO RESIDENT AND NON- an hour’s drive. 55,022
techniques and materials, a 10-year Portofino
with a few hectares, an attractive pool and
Europe (Benelux, Switzerland, Scandinavia) guarantee, and a possible VAT rebate of up
second home located within a short flight of their RESIDENT BUYERS DIFFER IN
along with French domestic buyers who primary residence, which offers strong rental rural views of vineyards and olive groves Forte dei Marmi THE SWISS LAKES? WHAT IS YOUR OUTLOOK FOR Foreign-born
to 20% for those open to a rental solution. appeals to family buyers seeking the full
account for around one in five of our prime prospects and the promise of a good climate,
Milan
THE MARKET? residents
culture, and landscape acts as a strong pull. Tuscan experience. Resident buyers tend to have larger budgets;
buyers. Buyers from the Middle East, the US The market slowed post 2016 when the OECD’s
and even Asia are also displaying a greater WHAT’S YOUR OUTLOOK Venice
they will be in possession of their residency
2,063,428
the view of Knight Frank LLP in relation to particular
Northern Europeans are active, particularly those convention on Swiss banking secrecy was first
appetite for French real estate. FOR 2018? from within the Eurozone who have been able
WHAT’S YOUR OUTLOOK FOR 2018? permit, be aware of the different cantonal
mooted, but in 2017 we saw renewed interest as
Lake Como tax rules and usually have a clearly-defined
The confidence that was cultivated in the to take advantage of moderating prices without Opportunities abound. Buyers are arguably education, lifestyle and personal security moved to
search area. Interest in recent months is
WHERE ARE THE HOTSPOTS? market during 2016 continues to gain being penalised by any currency shift. facing the best quality stock for some Florence
strongest within the CHF2m and CHF8m
the fore as key motivations amongst buyers.
momentum and as France celebrates a years and where prices have plateaued
France is fortunate to have many hotspots The love affair with all things Italian continues for Argentario price bracket. Previously, the upper end of Lugano and Montreux, as well as other areas that
record 2017 when over one million properties we expect the market to gain traction as
– from beautiful cities and charming hilltop many Americans. In the three months to March the price bracket would have extended to offer lakeside views and dual season appeal, will
inventories diminish. Western Liguria
villages, to glamorous beaches and award- changed hands, we expect transaction 2018, online property viewings by prospective increasingly come under the spotlight. Although Population
CHF10m but this has reduced slightly, partly
properties or projects. Reproduction of this report in whole
winning ski resorts. Our carefully considered volumes to rise further. Against a backdrop buyers in the US accounted for 11% of all Currency matters. Where UK vendors are Chianti the properties currently on offer are of good quality
because of the more stringent assessment of
associate network of offices across France, of historically low interest rates, rising house searches on Knight Frank’s website. looking to return home we are seeing a greater
Vald'Orcia and lump sum taxation, which came into force on
in these areas, there is limited volume, which is 8,482,200
price inflation, growing economic and political flexibility on price as the recent strengthening putting pressure on prices.
St Remy de Provence 5.0%
covering Paris, the Côte d’Azur, Saint Tropez, southern Tuscany
Of note is the uptick in interest from Australia 1 January 2016.
Courchevel 1850 0.4%
the Luberon and Alpilles, Gers, Espace Killy, stability, France looks to attract global wealth of the pound provides them with some room
and New Zealand. Many applicants are semi- Lucca and Pisa The Swiss Franc remains a go-to safe haven
that will allow its real estate markets to thrive for manoeuvre. KnightFrank.com EXCEPTIONAL PROPERTIES IN FRANCE AND SWITZERLAND
St Tropez -5.0%
Les 3 Vallées, Megève and Chamonix, are The budgets of non-resident buyers are
Val d’Isere 3.0%
Chamonix 4.5%
Megeve -0.5%
retired couples with children working in Europe currency and despite its strength a number of
Evian -10.0%
Cannes 2.7%
Meribel 1.6%
Paris 12.0%
the local experts in these very hotspots. The through 2018 and beyond. Indeed, as global Maremma significantly lower at around CHF1m to
seeking a long-term summer base to use for Ease of access. Northern Italy is appealing buyers cite a desire to hold an asset in a non-US
international appeal of these destinations uncertainty prevails, France and its rich
or in part is not allowed without prior written approval of
family get-togethers. City apartments in Florence to buyers keen to explore Switzerland and Umbria CHF4m. Most make their first acquisition at dollar and non-Euro denomination as a key
knightfrank.com THE GLOBAL PERSPECTIVE ON PRIME PROPERTY AND INVESTMENT ensures a constant flow of eager tourists cultural tapestry remains an attractive and and Rome are popular; particularly those easy to France, either for ski breaks, outdoor pursuits this price but then increase their investment motivation behind their purchase. I don’t see this Source: Swiss Federal Statistics Office, State Secretariat for Migration.
which helps to underpin the underlying market compelling investment and lifestyle choice. Source: Knight Frank Research maintain as well as lock up and leave. or for cultural reasons. Source: Knight Frank Research having familiarised themselves with an area. changing any time soon. As at 31 March 2018
Wealth Report France Insight 2018 Italy Insight 2018 Swiss Lakes Insight Alpine View 2018 Knight Frank LLP to the form and content within which it
Update Sept 2018 2018 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,
Knight Frank Research Reports are available at KnightFrank.com/Research where you may look at a list of members’ names.You can also read
