Spotlight Alpine Property Market - 2014/15 Savills World Research International Residential
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Savills World Research
International Residential
Spotlight
Alpine Property Market 2014/15
savills.co.uk/research
2014/15
Spotlight
Alpine Property Market
The world’s largest ski market, the Alps attract
second home buyers from across the globe summary
T
he Alps cover an area In this edition of our Alpine Homes
of 191,000 square report, we take a look at these ‘ultra
km, spanning seven prime’ property markets as well as the
countries and attract up resorts that are seeing an increased
to four million tourists number of international buyers
Transaction volumes are recovering
annually. With 36% of the world’s returning to their property markets. across the Alps, with more sales taking
ski resorts, the Alps capture 45% of place at lower price points.
all global skier visits (North America We have taken a close look this year
is second, with 21%). at the factors that determine resort
quality, and future potential, ranging
A number of visitors decide to make from length of snow season, snow
a more permanent commitment and depth, piste length and available
purchase a property in the region. bedspaces. Our quality measure
Some of these will look for an income culminates in comparing the price of
return and let the property to visitors a hot chocolate on the mountain in Stability is returning to the French Alpine
but most make a lifestyle and leisure each of our 30 featured resorts; the market. Buying opportunities exist
choice to enjoy a holiday home in all-important ‘Kakao Index’.
this unique region. A top tier of Alpine given price discounts.
resorts are frequented by, among Finally, we look at the prospects
others, celebrities and European for resort expansion, development
royalty, so have emerged as important and price growth. We hope you
destinations for the global super rich enjoy this property market ride
to buy property. through the Alps. n
Switzerland’s position outside the
EU cements its appeal as a safe haven for
wealth. Resorts carry a price premium.
Austria, appealing for its affordability,
dual seasonality and rental returns, is
drawing growing numbers of British buyers.
Ultra-prime Alpine ski resorts, led by
Courchevel, Gastaad and Val-d’Isère,
Notes about the publication
This document was published in October 2014. The data used in attract the global super-rich.
the charts and tables is the latest available at the time of going to Values here have held firm.
press. Sources are included for all the charts.
savills.co.uk/research 03
Spotlight | Alpine Property Market 2014/15
Ski market Ski operators have invested heavily Physical conditions Austrian resorts, meanwhile, Ski conditions and season FIGURE 3
here in infrastructure in recent years, Understanding the physical have the shortest quoted seasons, lengths, perhaps surprisingly, do Savills Kakao Index 2014-15: The price
conditions a strategy that seems to be paying conditions of a resort, the length and relatively low levels of snowfall. not correlate closely to capital of a hot chocolate on the mountain
off in maintaining a competitive edge. of a season and the kind of people Costs and property values are values. In the most exclusive
it attracts is key to understanding lowest here which can boost gross markets, such as Verbier and n Ultra prime resorts
Germany and the United Kingdom The French ski market is still the underlying demand for the leisure rental yields. Indeed, Austria has the Courchevel (both mid-league for
are the two main ‘outbound’ skier world’s largest, supported by a large property market. highest gross rental returns, at an ski conditions), capital values are
markets in Europe, with 14.6 and 6.3 and mature domestic ski market, average of 5% to 7%. among the highest in the Alps, while Gstaad
million skiers respectively. The bulk which accounts for 68% of visits. Resorts with a range of beginner demand for rental property is such
Megève
of skiers from these nations head to pistes, such as Zermatt (offering 85 This compares with gross yields in that renting out a chalet for just three
the major Alpine resorts in France, Switzerland, attracting 26.5 million downhill routes across six mountains) France and Switzerland that range weeks a year can often completely
Courchevel
Austria, Switzerland, and to a lesser ski visitors, of which half are foreign, and Klosters (with good beginners from 2.5% to 4.5% (circa 1.5% to cover the annual running costs of
extent, Italy, which attract more than enjoys a particularly broad demand slopes) are popular with families. In 3.5% net). the property. n St Moritz
70 million foreign ski visitors between base. Switzerland has been an early turn, the market for chalets or larger
them (Figure 2). recipient of the small but fast growing apartments is stronger. FIGURE 2
Zell am See
Asian ski market. With more prestigious Number of ski visits to major Alpine markets
Austria is Europe’s biggest resorts than any other country, it has Kitzbühel, by contrast, with its fast Saalbach
international visitor recipient, a reputation for being expensive. black runs and the Hahnenkamm n Domestic n Foreign
recording steady annual growth in An ageing domestic population has tournament (most difficult piste in the 60 Saas-Fee
skier visits at a rate of 2.25% per contributed to a long-term decline in alpine ski world cup), attracts high-
Méribel
annum since 2000. The number of the number of ski visits nationally but, level skiers and snowboarders and,
visits is now approaching that of for many visitors to Switzerland’s top in turn, properties suited to younger 50
Val-d’Isère
Number of ski visits 2012/13 (millions)
France, despite the fact that Austria resorts, the attraction is much more buyers are favoured.
has almost a quarter fewer resorts. than just skiing. Lech / St Anton
40
We have analysed the ski conditions
of 30 major Alpine resorts, assessing Andermatt
FIGURE 1
the published length of season,
Resort conditions barometer: Season length, average monthly average monthly snowfall, and ski
30
Flaine
snowfall for the last three years, six day ski pass cost pass costs (Figure 1). These are all
important in determining the breadth 20
Klosters
average monthly snowfall (nov-apr): n 140cm+ n 120 - 139cm n 100 - 119cm n 80 - 99cm n 60 - 79cm and depth of market and the length
Davos
of a ski season, all of which can have
SWITZERLAND a big impact on the rental income 10
Chamonix
Saas-Fee €311 achievable from a property.
Andermatt €220
St Moritz €302 Zermatt
Klosters €275
In general, Swiss resorts have the 0
Davos €275 longest seasons (and deepest snow), France Austria Italy Switzerland Villars
Crans-Montana €270 with Saas-Fee enjoying 168 days
Source: Laurent Vanat
Verbier €294 of quoted season, coupled with Crans-Montana
Zermatt €315
average monthly snowfall of 165cm
Wengen €241
Nendaz €294
between November and April. In Wengen
Champéry €248 general, Swiss resorts are at high
Champéry
Gstaad €271 altitude and therefore more snow-
Grimentz €232 guaranteed. They also start the
Grindelwald €241 La Plagne
season earlier than those in France
Villars €249
Flims €345
and Austria. Kitzbühel
FRANCE
Val-d’Isère €260 General ski costs, for lift passes, Grindelwald
Flaine €231 food and accommodation etc,
Megève €209 in Switzerland are higher. This is Verbier
Morzine €176
demonstrated by our ‘Kakao Index’,
La Plagne €285
Méribel €234
which measures the price of a hot Nendaz
Courchevel €240 chocolate on the mountain, (see
Grimentz
Chamonix €241 Figure 3). Ski passes average €272
AUSTRIA for six days, compared to €234
Zell am See € 232 Flims
across the major Austrian and
Obertauern €211
Lech / St Anton €245
French resorts. Passes exceed Obertauern
Kitzbühel €241 €300 in premium resorts such as
Bad Gastein €234 St Moritz, Verbier and Flims. Morzine
Saalbach €233
French resorts have average season Bad Gastein
November December January February March April May lengths, but good levels of snowfall.
Season start / end date High-snowfall resorts such as Val- €0 €1 €2 €3 €4 €5 €6 €7
d’Isère enjoy peak seasons that run
Source: Savills World Research, resort operators, Igluski well into April. Source: Savills World Research
04 savills.co.uk/research 05
Spotlight | Alpine Property Market 2014/15
The Alpine GDP growth of 0.3%, against 0.4% Vienna characterised by low levels Switzerland experienced
market in
in France. Austria is set to see better
economic growth, partly driven by
of supply and a very high proportion
of institutional investor ownership,
sustained levels of residential price
growth between 2008 and 2013 (the House price performance
the European stronger demand from its largest
trading partner, Germany. Switzerland’s
has led growth (prices up 76% since
2007). At the national level, prices
price of houses grew by 28%), running
counter to many other European National markets reveal significant price gap
housing position outside the EU cemented
its appeal as a safe haven for wealth
stabilised in Q2 2014, recording
modest falls of -0.1%.
markets. Economic expansion, low
interest rates, growth in real wages and
market during recent European economic immigration of wealthy individuals all Various European housing markets have a significant price gap has opened between
turbulence. GDP growth of 2% was France’s residential prices initially held supported housing demand. behaved in very different ways since the these countries. While recent UK market
recorded in 2013, and continued up well during the global financial credit crunch and Euro-crisis. While British recovering is making French property look
Second home purchasers are strength is forecast (Figure 4). crisis, prices fell by just 10% between Switzerland has one of the world’s and French property owners saw significant cheaper to British buyers, Switzerland and
integral to the core Alpine home 2007 and 2009, rallying to a new strictest citizenship systems, requiring price falls in 2008, Austrian and Swiss house Austria continue to look over 25% more
markets of France, Switzerland and While Austria and France are both high in the third quarter of 2011. 12 years of permanent, legal and prices just went on growing. This means that expensive than they did in 2007.
Austria. To fully understand their within the Eurozone area, their Since then, confidence in the French notated residency, fluency in one of
drivers, it is necessary to examine housing markets, with different market has been weak, compounded the official languages and integration FIGURE 5
the underlying markets in the country national policy and governance, have by a faltering domestic economy into Swiss culture and community. As
that shape them. performed very differently. Austria and uncertainty around some of such, most ‘foreign’ residents tend to National house price performance in key Alpine countries vs UK
enjoyed a period of buoyant house Hollande’s wealth policies. remain so, and their numbers reached n Austria n Switzerland (Houses) n France UK
First, background economies have price growth in the last decade, at a a new high of 1.9 million in 2013. 130
an impact. Austria’s economic time when other Eurozone housing Stability is returning to the French
performance, like France, was markets were in decline. market, however, and prices grew by In response, Switzerland introduced 125
tempered in 2013 by ongoing austerity a modest 0.5% in the second quarter new quotas for EU citizens in 2013.
measures aimed at resolving the EU Prices rose by 25% between Q1 2007 of 2014, the first quarterly growth Foreign buyers are also heavily 120
sovereign debt crisis. Austria recorded and Q1 2014. A strong market in recorded since 2012. A further sign restricted on residential property
of improved confidence, the number purchase – just 1,500 permits are 115
of transactions grew 9.2% in the year released a year – although the rules
“Second home purchasers are integral to June 2013. GDP growth forecasts vary significantly by canton. Indeed,
Index Q1 2008 = 100
110
to the core Alpine home markets of point towards a tentative economic
recovery (Figure 4), which should
the number of permits issued has
been falling in recent years. 1,500 were 105
France, Switzerland and Austria” bolster residential market demand in
the near term.
issued in 2009, in 2013 this had fallen
to 1,020. n 100
95
FIGURE 4
28%
GDP Growth 90
n 2013 n 2014 n 2015
85
3.5%
Switzerland experienced
80
A strong market in Vienna sustained levels of house Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
3.0%
has led to price growth price growth between 2007 2008 2009 2010 2011 2012 2013 2014
across Austria 2008 and 2013 Source: OeNB, SNB, FNAIM, Istat, BIS, Nationwide
2.5%
2.0%
Annual GDP growth
1.5% Confidence is returning
to the French
1.0%
property market
0.5%
0.0%
Switzerland operates
-0.5%
a quota system for
Switzerland Austria France Euro Area UK foreign buyers
Source: Focus Economics, IMF
06 savills.co.uk/research 07
Spotlight | Alpine Property Market 2014/15
The resort the buyers had retreated to the very
best properties. By 2014, this had
but the potential could be significant.
Skiing is considered a prestigious
Ultra-prime is skiing. A dozen or more Alpine
resorts are well established on the
Others, such as Val d’Isère are
long established resorts with a loyal
markets fallen to just under €1m, with British sport. Chinese skiers numbered just Alpine ski UNWHI circuit, and attract wealthy following, attracting plenty of ‘old
buyers, in particular, purchasing at
levels lower than this.
10,000 in 1996, and now exceed
five million. Most of these remain resorts buyers from around the world.
We have listed the top ten, ranked
world’ money. Verbier is a resort for
cool, with bars and clubs comparable
The Alpine ski resort market is in China to pursue their sport, but by ultra-prime residential prices per to those in cities like London.
highly diverse, with prices, supply The markets are also seeing an Switzerland is second only to Japan There are a significant number of hot square metre in Table 1.
and market conditions varying expansion in the breadth of buyers as a recipient of these high-spending spots around the world where Ultra These ultra-prime resorts proved
significantly across the countries and they attract. Prior to the global Chinese ski tourists. High Net Worth Individuals (UHNWIs) These include the ultra exclusive, relatively resilient during the global
regions in which they are located. recession, British buyers dominated will invest. Their residential properties such as Courchevel, Megève and economic crisis. Transaction levels
Broadly, the Swiss resorts are the the market, accounting for the vast Switzerland Tourism has recently in world cities go hand in hand with St Moritz, and offer much more slowed somewhat as finance-reliant
most expensive (and difficult to buy majority of foreign buyers in many deployed eight Chinese ski one or more leisure properties. than just skiing. Shopping, nightlife purchases fled, but prices held firm.
into – see page 12). Prices in Verbier resorts. Today, a much wider variety instructors at their top resorts in a and restaurants are well catered Values were supported by restricted
and Andermatt are 80% higher than of buyers are present. These include bid to cater to this growing market. Leisure destinations have evolved to for. Courchevel boasts six Michelin supply and the absence of forced
average for prime property in the a wide range of European buyers, Cultural sensitivities do need to reflect pursuits that the wealthy enjoy. starred restaurants – four for every sales. n
Alps (Figure 6). French resorts are particularly those from northern Europe be considered, however. A plan to Among the most important of these 100km of piste (Table 1).
among the largest and cover a wide and the Nordics, as well as those from differentiate the Chinese instructors
range of price points, while Austrian further afield. In Austria, for example by green helmets was dropped after
TABLE 1
resorts tend to be more affordable for where price points are lower, the it became apparent that wearing
property purchase – but renting can market was traditionally dominated by a green hat in China signifies Top 10 Alpine ultra-prime ski resorts (ultra-prime only) n France n Switzerland n Austria
be expensive. German buyers, but British buyers are unfaithfulness in a relationship.
of increasing importance. No of Michelin Michelin starred
Typical ultra
Holiday home buying in the region Swiss resorts remain at the forefront of Resort Piste km starred restaurant per
prime price psm
peaked in the 2007-08 season, and Asian buyers, notably those from new technology in a bid to continue to restaurants 100 km piste
fell away significantly during the Malaysia, Singapore and Hong Kong, attract skiers from around the world. In
Zermatt, for example, ski passes trigger
Courchevel 1850 150 6 4.0 € 34,200
recessionary years. Discretionary are small in number but a major
second home buyers, reliant on potential growth market. These are HD cameras which record a skier’s Gstaad 220 3 1.4 € 31,900
mortgage finance, withdrew from globally mobile individuals, who progress down the slopes, providing
the market after the credit crunch. generally already have homes in a take-home movie. Switzerland also Val-d'Isère 300 2 0.7 € 28,800
After a period of stabilisation, prices one of the major European cities. plans to establish a national centre for
are on the rise once again, although Top Swiss resorts are favoured. snow sports, with purpose built snow St Moritz 350 5 1.4 € 28,600
buyers continue to expect a discount, The growth in the numbers of Asian camps for training purposes. n
Zermatt 360 3 0.8 € 25,700
particularly for second hand properties. buyers has gone hand in hand with
a lowering of the average age of Megève 325 4 1.2 € 25,700
Analysis of sales data suggests Alpine property buyers. Buyers aged
more sales are taking place at lower between 40 and 49 were the largest Verbier 202 1 0.5 € 22,400
price points as the resilience of the purchasing group in 2014, according
ultra prime markets starts to ripple to data from Savills Alpine Homes. Méribel 150 1 0.7 € 19,000
down the market ladder. The average
Chinese skiers numbered
Crans Montana 308 1 0.3 € 18,300
purchase price of prime property The Chinese, a fast growing ski just 10,000 in 1996, and
transacted across core Alpine resorts market, have yet to make Alpine now exceed 5 million Kitzbühel 170 0 0.0 € 15,900
was €1.5m in 2011, at a time when home purchases in any volume,
Source: Savills World Research, Michelin Guide
FIGURE 6
Prime property price premiums and discounts by country (prime only) n Switzerland n France n Austria
100%
Price premium / discount over all resort average
80%
60%
40%
20%
0%
-20%
-40%
-60%
Verbier
Andermatt
Zermatt
St Moritz
Grindelwald
Gstaad
Champéry
Klosters
Davos
Flims
Nendaz
Villars
Grimentz
Wengen
Crans
Montana
Saas-Fee
Courchevel
1850
Val-d’Isère
Méribel
Courchevel
(other)
Megève
Morzine
Flaine
La Plagne
Chamonix
Kitzbühel
Saalbach
Zell am See
Obertauern
Source: Savills World Research
08 savills.co.uk/research 09
Spotlight | Alpine Property Market 2014/15
the alps: resort market snapshops Average asking price per square On the up Flims
metre, resale apartments
€12,000 + Prime price range: €8,000 to
€8,000 to €12,000 €12,000psm
€4,000 to €8,000 Pistes: 235km
6 day lift pass: €345
Less than €4,000
Popular with: Freestylers
The three villages Flims, Laax Kitzbühel
and Falera together constitute the
largest ski area in Graubünden. Prime price range: €8,000 to
Attracting young freestylers with €12,000psm
Courchevel On the up St Gervais its four funparks, Europe’s biggest Typical ultra-prime price:
GERMANY €15,900psm
halfpipe and the first freestyle
Prime price range: €12,000psm+ Prime price range: < €4,000psm indoor hall, the resort was until Pistes: 170km
Typical ultra-prime price: Pistes: 445km recently only known to the Swiss. In 6 day lift pass: €241
€34,200psm 6 day lift pass: €209 summer, the area boasts 330km of Popular with: Prince of Monaco
Pistes: 150km Popular with: Those seeking mountain biking routes.
6 day lift pass: €240 privacy Kitzbühel Difficult pistes, but low altitude and
Popular with: Russian oligarchs Saalbach a sunny aspect mean snow can
With access to Evasion Mont Blanc, be unreliable – although increased
Courchevel offers access to St Gervais offers quality powder
Zell am See snowmaking has offset this in
Lech / St Anton Austria
Les Trois Vallées, one of the snow across 445km of slopes. Also recent years. Kitzbühel is the most
largest ski areas in the world, enjoying a strong summer season, SWITZERLAND Davos / Obertauern ‘affordable’ of the Alpine ultra-prime
Ischgl Bad Gastein
in addition to its own 150km of it attracts visitors to its thermal resorts for property. Attracting
Klosters
pistes. It is one of the world’s spa, along with mountain biking, advanced skiers, demand for
most exclusive resorts, host to climbing and hiking activities. An property is of the type that appeals
six Michelin starred restaurants. affordable alternative to better Flims to couples or groups.
Ultra-prime property here is the known Megève. Grindelwald
highest-priced in the Alps, and
popular with UHNWI from around Wengen Andermatt
the globe. Gstaad St Moritz
Villars
Champéry Nendaz Crans-Montana
Morzine Grimentz
Saas-Fee
Flaine Verbier ITALY
Zermatt
St Gervais Chamonix
Megève Verbier St MorItz
Méribel
Prime price range: €8,000 to La Plagne Prime price range: €12,000psm+ Prime price range: €12,000psm+
€12,000psm Val d’Isère Typical ultra-prime price: Typical ultra-prime price: Saas-Fee
Typical ultra-prime price: Courchevel €22,400psm €28,600psm On the up Ischgl
€19,000psm Pistes: 202km Pistes: 350km Prime price range: €4,000 to
Pistes: 150km Méribel 6 day lift pass: €294 6 day lift pass: €302 €8,000psm Prime price range:Spotlight | Alpine Property Market 2014/15
Transaction which is characterised by low
transfer taxes and notaires fees (just
stimulate the development market.
When selling a property in France,
FIGURE 8
Cost of buying, occupying and selling property in the Alps: €2.5m property, individual,
and holding 1.5% and 1.2% of property value every non-resident has to pay EU purchaser for second home, 5 year hold
costs respectively in our scenario in Figure
8). Occupation costs stand at 1%
‘social charges’ of 15.5% on top
of the capital gain tax which differ
n Cost of buying n Cost of occupying n Cost of selling
25%
of the rateable value, while some depending on the seller’s nationality.
It is difficult to compare the true capital gains taxes are payable on
value or costs of the purchase sales profit. Costs may be low in In Austria, purchase costs are high
internationally because local taxes, Switzerland, but entry to the market (totalling 13% of property value,
agents fees and other charges can is restrictive. Switzerland issues just including notaires fees), but offset 20%
alter holding costs dramatically. We 1,500 permits per year for foreign by lower agency fees (around 3%).
have therefore compared the three buyers to buy property, of which 330 Capital gains taxes of 25% on sales
major Alpine markets on a like-for- are allocated to Valais, and 290 in profit apply. n
% of property purchase price
like basis in order to illustrate what Graubünden, two cantons hosting
15%
the total costs of ownership and the bulk of Alpine resorts.
disposal might be over a period of
five years. In France, there is a big difference in
acquisition costs of a new and old
In all these markets, agency property. Transfer taxes, coupled with Capital gains taxes 10%
fees are paid by the vendor; these notaires fees (totalling 7% of property
range from around 3% in Austria, value) add significantly to purchase
are payable in all three
to 6% in France. The buyer may also costs for second hand homes. New markets
make a contribution in Austria. properties in France attract far lower
5%
associated purchase costs (notaires
Total costs are lowest in Switzerland, fees of around 3%), in a bid to
“In Austria, purchase costs are high, New properties in France 0%
Switzerland Austria France (new property) France (resale property)
but are offset by lower agency fees” attract lower purchase costs
Source: Savills World Research
12 savills.co.uk/research 13Spotlight | Alpine Property Market Date
Outlook property. The large, family friendly At a national level, we anticipate
About Alpine Homes
resort stands out as an area that
may offer price growth potential.
further outperformance of Austrian
resorts, as a growing number of EU
International Residential
Fashion is of overriding importance Andermatt stands out as another and international buyers seek value Based in Margaret Street in London’s West End, the International Residential Alpine Homes International is a leading Ski Property
when it comes to the success of resort offering high quality ski property with fewer buying restrictions Department provides an extensive range of property services for international Agency, based in Switzerland. Founded in 2005, Alpine
European ski resorts. We have conditions, albeit at a higher price and associated costs. property owners and developers: Homes specialises in the sale of off plan and resale
already identified the ‘up and point. This comparatively small resort property in Switzerland, France, Austria and Italy. We
coming’ rising stars of the Alps may offer expansion opportunities. The ultra prime Swiss and French Consultancy: Market research, concept development, urban and resort master offer a broad range of property services to developers
(Flims, Ischgl and St Gervais) in the resorts, defined as much by their non planning, financial investment and structuring, programme management and property owners alike, including development
previous section. Rising popularity in The ‘super prime’ resorts, clustered ski offer as the quality of their pistes, coordination, branding, sales and marketing services. consultancy, valuation, brokerage and rental introductions.
‘freestyle’ skiing and growing appeal together offering above average will continue to appeal to the global Our qualified, multilingual staff are passionate about ski
to an international market is driving conditions, offer fully-priced real elite, but remain sensitive to national Agency: Development sales and market services for international developments property and The Alps and we strive to offer the highest
the success of resorts. estate. The opportunity here is in policy conditions. Swiss resorts, with and resorts. This includes both on-site and off-site sales operations and global standards of client care.
new product offering something over long seasons and reliable snowfall, sales road-shows. Our Alpine Homes Division is a leading specialist in the sale of
An analysis of prices against quality and above the rest of the market, coupled with growing numbers of ski property in the Alps. Alpine Homes is proud to be an International associate of
of conditions provides another clue particularly in smaller, low supply purchasers from outside of Europe, Savills plc.
to future outperformers in the Alpine resorts such as Gstaad. may have the edge. In the near term, Network: Individual and multi-unit property sales services through an
property market. Figure 9 below looks French Alpine property offers a buying international network of Savills and associate offices around the world. We also
at the development and price uplift Ski conditions are only part of the opportunity given price discounts offer a bespoke off-market property sales service.
potential of our thirty resorts based story. Some resorts support strong relative to other Alpine markets. n
on their capacity to attract a bigger summer seasons so may not be Research: Knowledge of both local and international market dynamics, through
market. Each is measured by quality entirely reliant on skiers to occupy Savills’ global presence and research capabilities. Includes regular reporting www.alpinehomesintl.com
of season (length and snowfall),
property prices and resort size.
accommodation. The number of
summer climbers, Mont Blanc “Rising popularity in ‘freestyle’ on local market conditions and research reports tailored to clients’ specific
requirements. Espace des Remparts 10 Rue de la Poste 20
Saas-Fee stands out as offering a
tourists, hikers and glacier skiers
explain the year-long appeal of
skiing and growing appeal 1950 Sion
Switzerland
1936 Verbier
Switzerland
quality season (long in length, with Chamonix, with a high number of to an international market is +41 (0)27 323 7777 enquiries@alpinehomesintl.com
good snowfall) but at comparatively
low prices for prime residential
bedspaces per kilometre of piste,
for example.
driving the success of resorts”
FIGURE 9
Ski resort potential matrix
Fully priced, Fully priced,
Higher
Verbier
average conditions high quality conditions resort
Gstaad
Expansion potential
St Moritz Zermatt
Courchevel
Savills team
Andermatt
World Research Savills Alpine Homes
Average prime price
Champéry Klosters
Meribel Crans Montana
Kitzbhühel Villars Lech
Nendaz
Megève Charlotte Heath
Yolande Barnes Paul Tostevin Cynthia Pierre Jeremy Rollason
Wengen
Saas-Fee World Research World Research World Research Savills Alpine Homes Residential International
Flaine
Zell am See
+44 (0) 20 7409 8899 +44 (0) 20 7016 3883 +44 (0) 20 7299 3043 +44 (0) 20 7016 3753 +44 (0) 207 016 3744
ybarnes@savills.com ptostevin@savills.com cpierre@savills.com jrollason@savills.com cheath@savills.com
Bad Gastein Morzine
La Plagne
Lower priced,
Lower
Lower priced, high quality conditions resort Savills plc
average conditions Price growth potential Savills is a leading global real estate service provider listed on the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled growth.
It is a company that leads rather than follows, and now has over 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.
Lower Season quality (length of season, snowfall) Higher This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or
other document without prior consent. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use.
The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research.
Source: Savills World Research, resort operators, Igluski
14 savills.co.uk/research 01533 Margaret Street London W1G 0JD +44 (0) 20 7499 8644 savills.co.uk
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