_Future predictions and market performance for key mountain resorts
Aspen
Jason Mansfield
How has the market in Aspen performed over recent times?
Property prices have increased quite considerably, primarily because there isn’t much land left to build on. Beyond this, Aspen has become even more popular in the summer than in the winter; it’s a truly year-round destination.
This has heightened the appeal of owning a home there and has further driven up property prices.
Who typically invests in Aspen?
The Aspen property market is mostly domestically driven and attracts a vibrant mix of celebrities, politicians, artists and C-suite professionals, as well as families looking to spend time with their loved ones.
Describe the typical properties and price points found in Aspen
At the very centre of Aspen is the gondola for Aspen Mountain; property prices are strongly influenced by their proximity to it, as well as the views they offer. For those with a large family and willingness to not be in the middle of everything, Snowmass is a great place to be. Prices there are considerably less, yet it’s just a 20-minute ride into the city centre.
Above: Aspen, Colorado
What are the key reasons for investing in Aspen?
Founded in 1881 during the Colorado Silver Boom, Aspen has long been America’s leading ski destination and enjoys long-term price appreciation.While many come for the people watching and outstanding restaurants, the area is most famous for its snow. Its light, dry powder falls over an enormous terrain spread over four distinct mountains: Aspen Mountain, Highlands, Buttermilk and Snowmass.
What are your predictions for Aspen’s property market over the next 12 months and beyond?
Aspen will always be a desirable place for ultrahigh net worth individuals; its prices will reflect this and continue to hold their value over the long-term. Describe your dream Alpine holiday.
The Alps
Roddy Aris
How is the market performing?
Over the past four years, the very top end of the market has cooled while the lower end has warmed up. Ongoing investment into development, particularly in satellite villages within prime resorts (such as Courchevel Le Praz, Courchevel Village and Courchevel Moriond within the Courchevel Valley), has contributed towards strong price growth.
Who typically invests in France?
A chalet in the Alps is the ultimate aspirational lifestyle purchase. My clients are typically families looking for a second home where they can spend time with their loved ones. There is huge demand for properties in Chamonix and Megève, particularly from French, Swiss and Italian clients living in nearby Geneva.
Above: New build five bedroom, five bathroom chalet in Megève
What are the typical properties and price points in the French Alps?
An apartment in Chamonix, Megève, Meribel or Val d’Isere costs between €1m to €4m; a chalet is between €2.2m to €10m. Apartments in Chamonix and Megève start slightly lower at around €600,000 and €750,000 respectively.
Property prices in Courchevel and Val d’Isere are almost identical, but they cater to two very different clients. Courchevel is more lifestyle-orientated with a focus on luxury, whereas Val d’Isere is all about the skiing.
Above: Manali Lodge, Courchevel
What are the key reasons for investing in the French Alps?
The current low interest rates and potential VAT rebate are two big factors. The latter applies to eligible off-plan properties in return for a commitment to rent out your property for 20 year s.
Another key reason is personal experience; it is an incredibly dynamic market to be a part of and offers an enticing lifestyle.
What are your predictions for the French Alpine property market?
The market will continue to thrive, with a continuing strong demand for lifestyle properties and safe haven environments.
I predict that Val d’Isère will continue to surprise us and outperform the rest of Alpine market. The small satellite resorts of Courchevel La Praz and Village, Le Fornet, Meribel Village and Combleux, to name a few, will continue to perform well.
Switzerland
Alex Koch de Gooreynd
Describe the typical properties and price points found in Switzerland
We focus on key resorts such as Verbier, Gstaad, Crans-Montana and Villars, where apartment prices start at €1m and chalet prices at €4.5m. In the smaller, more authentic resorts, apartments can be secured for under €1m; in this respect, the Canton of Graubunden is particularly popular with British buyers.
Above: Ski-in, ski-out, five bedroom chalet in Villars
What are the key reasons for investing in Switzerland?
A ski chalet is somewhere to spend time with your family, but it can also generate a healthy rental income, particularly if in a resort with year-round activity. Even owners of chalets in the €30m-plus bracket tend to rent out their home – it’s an easy way to recover costs and requires little effort if organised through a professional management company.
What are your predictions for the Swiss Alpine property market?
The next 12 to 24 months will reveal the impact of Brexit as the sterling reacts and has a knock-on effect on the currency of the Eurozone. However, most resorts have healthy stock numbers and, once the currency settles, Switzerland will remain a strong place for investment.
Knight Frank markets some of the world's finest chalets and apartments in the best mountain resorts: