Optimism is palpable for the 2022/23 winter ski season following three consecutively disrupted seasons due to the global pandemic. Unsurprisingly, the global outbreak of the Omicron Covid-19 variant at the end of 2021 caused ski numbers to fall to almost half of 2018/19 numbers and a millennial low of 201.2 million skier visits for the 2021/22 season.

Despite declining visitor numbers, prime ski property has experienced significant growth throughout the last two years, with demand outstripping supply for both new and existing stock. The desire for the great outdoors, active lifestyle, fresh air and open space offered by the mountains, alongside the flexibility of remote working, has exponentially increased demand for mountain property.

The European Alps are the birthplace of skiing, with the highest participating population in the sport, and remains the world’s leading ski destination. Attracting the highest number of skiers on average and maintaining the top spot as the most internationally visited ski destination, other regions are yet to compete on the same scale. Although the previous winter season saw historically low skier numbers within the region due to travel restrictions and the subsequent closure of resorts, European countries are continuing to invest in the longevity of their ski resorts. Recent improvements include the new connection between SkiWelt and KitzSki in Austria’s Tirol region and the scheduled €54 million gondola project in the world-famous Vallée Blanche above Chamonix.

The ability to work from home is a concept that the Alps are quickly adapting to. Tourism and leisure companies are offering guests out-of-season deals for stays ranging from four weeks to three months and local businesses are adjusting to second home owners occupying their residences for longer periods. 90% of Savills Ski agents said that property owners are staying for longer periods of time, and 60% said that owners are working remotely from their Alpine residences.

Although greater in land mass and population, North American ski resorts are yet to compete on a level playing field with Europe. According to Laurent Vanat, overall skier numbers during peak season sits at just 50% of that of the Alps. However, the previous 2021/22 season saw ski visitor numbers rebound, outperforming both Europe and Asia. Ski areas in the United States reported a 3.5% increase to an all-time record of 61 million visits nationally, with the Rockies receiving 25.5 million visits alone and the number of ski areas also increasing to 473 from 462 last season.

Improvements in infrastructure continue with large sums of capital targeting the industry. Vail Resorts have $320 million of planned capital investment for 2022 and Alterra Mountain Company is forecasting investment totalling $1 billion over the next five years, through a series of large and smaller multi-year developments.

Most notably, the top two performing resorts in our prime price index reflect how well the North American prime ski residential market performed over the last year. Akin to the wider American prime market, price growth was fuelled by domestic demand for a higher quality of life, more space, remote working and the outdoor element that the mountains offer, as well as a limited supply of stock.

In comparison to the North American and European 2021/22 ski seasons, the Asia Pacific saw a more varied picture. The region’s 2021/22 season suffered from Covid-19 restrictions, closed borders and national lockdowns. After consecutive closures, the 2022/23 Australian ski season saw a strong start in June caused by major snowfalls landing on Hotham Alpine Resort, Falls Creek and Perisher Resort. Contrary to this, ambiguity for skiers still clouds other countries within the region, including Japan, where openness for international travel has remained uncertain.

Nonetheless, opportunity is still apparent for market growth within this region. The comparative weakness of Japanese yen creates an opening for keen American, Australian and Chinese buyers to acquire a prime ski property with comparatively less capital. Additionally, China has overtaken Japan, accounting for the third largest number of national skiers across the globe, according to Laurent Vanat. Increasing incomes in China and an aging population in Japan are two key factors driving this shift. As Chinese interest in the sport grows, so will their demand for prime residential ski property. Chinese skiers will look both regionally as well as internationally when considering a prime property purchase, creating an opportunity for the European and North American ski markets.

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