European Sun

CÔTE D’AZUR

The Côte d’Azur claims top spot within the Savills index as a result of its strong performance across all the categories, offering top-tier property, extensive varieties of high-end dining, retail, and hospitality, as well as international appeal and global buyers.

The Côte d’Azur appeals worldwide for its natural setting, transport links, hospitality and leisure infrastructure, and its climate. According to Alex Balkin, Executive Director of Savills French Riviera, “The French Riviera has it all: weather, leisure, sports, food, entertainment, easy access, great infrastructure.”

The region’s perceived safe-haven status is further boosted by the idea of an investment in property for personal enjoyment, with average prices per square foot of nearly $2,500 (€23,000 per square metre) across the region. Local Savills agents report that buyers in recent years are younger and are more inclined to favour areas with easy access, near motorways or an international airport and centres of entertainment in an effort to maximise their enjoyment of the top-tier region.

MALLORCA

Rounding out the top five of the index is another European sun destination, Mallorca in the Balearic Islands. This market is very attractive to international buyers for its lifestyle, hospitality, and access to mainland Spain and the rest of Europe. One of the most prime locations in Spain, prime residential prices average $1,200 per square foot (€11,600 per square metre). However some properties in the most exclusive locations on the island can command far higher prices. Prospective buyers come from across Europe and as far afield as the United States, attracted to the natural landscapes and island lifestyle.

The leisure and lifestyle offering of Mallorca contributes to the success of the market as a prime residential retreat. The Balearics and all of Spain are also likely to benefit from the introduction of the digital nomad visa, which will bring more residents to the area to capitalise on the quality of life that Mallorca can offer.

Ski

ASPEN

Consistently ranked as the top ski destination in the United States, Aspen has been attracting visitors to its mountain ski runs since the 1930s. The market remains predominantly domestic with buyers and seasonal visitors from across the country. One of the most expensive property markets in the United States and the world, prime residential properties average over $4,000 per square foot (€41,000 per square metre), with many homes transacting without ever coming to market. The property market in this mountain destination has been supercharged by extremely low inventory, restrictions on new construction and an influx of buyers from across the country. Rory McMullen, Director of Savills Private Office and Head of North America desk, says “Aspen is a destination that continues to be more and more popular with the billionaire community and is fast becoming a location that, at certain times of the year, has one of the densest populations of the UHNW community”.

Many of these buyers, spurred by the Covid-19 pandemic and remote work, are looking for a more laid-back lifestyle. McMullen continues, “although the ski season is popular for the amount of snow and length of the season, summer is just as popular with a lot of our clients spending the summer months there.” This mountain retreat also provides no shortage of dining, retail, and leisure opportunities which helps to propel the location into third position within our index and front of mind for many potential travellers and buyers.

VERBIER

The ski destination for royalty and A-listers, Verbier is known for its challenging, high altitude skiing, as visitors glide from the peak of Mont Fort to the base of the Medran. This Swiss resort has a reputation as one of the world’s premier off-piste resorts and is the beating heart of the 4 Vallées ski area, drawing thrill-seekers and explorers from around the world. Its global reach helps push Verbier to 11th on our index – showcasing its international appeal. And in our Ski Report, Verbier ranks 13th out of 61 ski resorts worldwide for its resilience to climate change.

It is this resilience and appeal which boosts the market, according to Jeremy Rollason, Director of Savills Ski, “Verbier remains the most sought-after ski resort for our buyers in Switzerland. Being the largest ski area in Switzerland, with high altitude and easy reach of Geneva Airport, the resort is especially popular with Scandinavian, Benelux, and UK buyers. It also remains a staple for domestic buyers, as well as those as far afield as the US, Japan and South Africa.”

Whilst visitors can speed down a double-black diamond, they can also meander down a gentler run, while taking in the breath-taking views of the Matterhorn, Monte Rosa and Mont Blanc. Once the sun goes down, there are numerous bars and restaurants to talk over the summits of the day and to plan which slope to tackle next. These factors, along with its year round activities (this year hails the 30^th anniversary of The Verbier Classical Music Festival), help elevate the resort to the most expensive out of all Swiss locations on our index, with prices of $2,900 per square foot on average (€28,000 per square metre).

Countryside

TUSCANY

From cuisine to architecture and from historic museums to idyllic landscapes, Tuscany is one of the most culturally rich destinations in the world. This translates into Tuscany’s high score in the leisure and lifestyle category of our index. The region is home to over 190 restaurants in the Michelin guide – more than any other location in our index and cementing its position as a ‘foodie’ haven. The region remains competitively priced compared to many other markets, with prime residential prices averaging just over $300 per square foot (€3,000 per square metre)

Stretching from The Apenines to the Tyrrhenian Sea, this vast Italian region attracts many global travellers, who can enjoy a stay in one of the 35 high-end hotels in the region to experience the local lifestyle. La Dolce Vita is alive and well in Tuscany as its high quality of life and many shops and boutiques bolster its position at 4th on our index.

COTSWOLDS

This designated Area of Outstanding Natural Beauty, with its gentle valleys, historic towns and honey coloured stone, draws buyers from across the globe. Hybrid working has also enhanced the area’s allure, especially for Londoners: living in the region has become practical if the commute is two or three days a week, rather than five. The Cotswolds is often referred to as a whole, but the lifestyle and property varies across the region. Charles Elsmore-Wickens, Head of the West Cluster for Savills Residential, says, “There is a pocket or community for everyone, from Londoners seeking the relief of the countryside but wanting to maintain access to international members clubs and excellent connectivity, to families looking for outstanding schooling and more space or those looking for a slower pace of life.”

Local agents also report that prospective buyers outnumber the available properties by three to one. Prices in the region reflect these persistently high levels of demand, with average prices of nearly $800 per square foot (€7,600 per square metre).

The Cotswolds also can offer buyers the prime countryside lifestyle with a number of top restaurants - 34 in the Michelin Guide – as well as top-tier hotels, high quality of life, and easy access to London with its international connectivity from Heathrow airport.

New Destinations

PALM JUMEIRAH

A new location in that the land was reclaimed from the sea, Palm Jumeirah is a purpose-built destination unlike almost any other on the globe. With concept hotels, fine dining both on the Palm and in Dubai, as well as prime residential property, with average prices per square foot of $800 (€7,600 per square metre), the Palm is a residential retreat within easy reach of the city.

Swapnil Pillai, Associate Director of Research for Savills Middle East adds, “The Palm is a vibrant mixed-use development offering a range of dining options, shopping, entertainment venues, and hotels across various categories. It also offers a mix of mid-to-high-end apartments and villas. Its iconic status, ease of access, excellent connectivity, and vibrant lifestyle offering has made the Palm one of the most sought after destinations in the country. The strong demand is also reflected in the price points across the residential developments which have seen an average price increases of 27% and 44% year-on-year in June 2023, across apartments and villas respectively.”

Dubai has undergone significant changes over the last few years with the introduction of various family entertainment concepts and indoor experiences to attract tourists and position these cities as year round destinations. However, due to their geographic location, these cities experience extreme heat during the summer which typically lasts from June to September. Summer is considered an off-season, but demand levels for residential and hotels have remained relatively strong over the last few years.

PHUKET

A tropical island in the Andaman Sea is the first Asia Pacific location that appears on our index. Phuket’s white-sand beaches that blend into turquoise-blue seas are known around the world. This Thai island is also another ‘foodie’s’ paradise – visitors can explore local street food markets or dine at one of the 50 restaurants highlighted in the Michelin Guide.

Its reputation for picturesque scenery, world-renowned food, and relaxed lifestyle help to give the island a high global reach score on our index. This international appeal is reflected in its real estate market, with prime residential property averaging $500 per square foot (€5,300 per square metre). Phuket also has more branded residences than any other location on our index – providing high quality second homes and trophy assets for regional and international high-net worth individuals.