Year-round ski resorts face stronger demand as owners look to spend longer in the mountains
The appetite for Alpine living persists as owners of ski homes look to spend longer in the mountains during the pandemic.
2 minutes to read
The total volume of sales in the departments of Haute-Savoie and Savoie, increased by 32% and 16% respectively in 2021 compared to 2019.
French buyers filled the gap left by overseas purchasers grounded by travel bans during Covid times.
Stock levels plummeted with agents struggling to fill window displays. But a recent flurry of valuation requests suggests a reprieve for frustrated buyers may be around the corner. However, inventory levels vary by property type. Apartments are easier to find than large luxury chalets - the asset of choice during the pandemic.
Alpine air, outdoor exercise and socialising with family and friends were the antidote many sought post-lockdown. Expectations are high this will continue into 2022/23 which will, hopefully, be the first ski season for three years uninterrupted by border closures.
A new breed of buyer has the Alps in its sights, namely trail runners and cyclists. Registrations for the Ultra Trail de Mont Blanc (UTMB) underline the extent to which this market is growing, 10,000 runners signed up for its week-long event in 2021, up from 67 in 2003. These sports aficionados are buying homes, many looking to train in the Alps over the summer months and rent their property during the winter ski season.
With the Portes du Soleil playing host to the Tour de France and the Mountain Bike World Championships this year we expect this trend to strengthen further.
But whilst the market remains robust, we’re in unchartered waters and headwinds are mounting. The rising cost of living, escalating mortgage rates and recent talk of a recession are focusing vendors’ minds with some now open to a degree of negotiation. The high proportion of cash buyers, accounting for around 50% of prime purchasers in the region, should however mitigate the impact of rising rates.
The challenge for renters and ski operators is the shrinking pool of properties. People want to spend longer in their ski homes since the pandemic meaning fewer are opting to rent. This ‘co-primary’ trend is also pushing larger resorts or those with year-round amenities up buyers’ shopping lists. Those now looking to spend 3-4 months a year in their ski home want a resort with a broad range of social and sporting activities on offer throughout the year.
For more information get in touch with Roddy Aris