Fresh air, open spaces and, in short, the good life are the top priorities and with that, ski property has never been more sought after
What an extraordinary difference a year makes. Finally, we saw the release of pent-up demand, built up under months of subsequent lockdowns while hitting the slopes was a faraway dream for many. Before the pandemic, purchasing a ski property was increasingly viewed as an investment in a certain lifestyle, and the experience of Covid-19 restrictions has catalysed a serious desire among the world’s wealthy to achieve it. Following successive lockdowns, people are seeking fresh air, open spaces and, in short, the good life. And with that, ski property has never been more sought after.
Ski property is not always liquid. Given the discretionary nature of the asset, only a few resorts such as Val d’Isère, Verbier and Morzine were seeing price growth up until 2019. That has all changed with virtually all resorts in the Alps and North America experiencing strong and sometimes exponential price growth in a matter of months. The first quarter of 2021 was particularly acute for demand. Transaction volumes doubled over the previous year and fierce competition emerged, especially for prime property in the most exclusive resorts. Property that had previously been for sale for a few months – or even years – suddenly found buyers who were keen to escape the confines of towns and cities, and who were supported in doing so thanks to government-endorsed homeworking policies.
Fresh air, open spaces and, in short, the good life are the top priorities and with that, ski property has never been more sought afterJeremy Rollason, Head of Savills Ski
I can’t think of a period in the last 20 years, even in the boom years of the early noughties, where demand and price growth has been so prevalent. The big question remains: will this mini-boom last? Particularly as ski resorts face the existential threat of climate change, the ongoing impact of Covid-19 and challenges with supply and infrastructure investment.
In this 16th annual Ski Report, we provide insight and clarity to what that answer could be. Our research experts have analysed the five-year potential price growth for some of the world’s key ski resorts, alongside ranking their resilience, as well as capital and rental values in the prime and super-prime markets. Given the rare reset the ski property market has experienced, and current high demand, we’re confident these positive trends will endure for the coming year, and potentially beyond.
Read the other articles within The Ski Report below