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Ski chalet prices continue to climb in Europe

  • March 10, 2024
  • 3 min read
Ski chalet prices continue to climb in Europe

Knight Frank’s newly released 2024 Ski Property Report has found that the price of a European ski chalet increased by 4.4% on average in the 12 months to June 2023. It represents the strongest rate of growth since 2014, excluding the pandemic.

The Ski Property Index revealed that Swiss resorts lead the rankings for the second year in a row while three German resorts, Klosters (16%), Davos (13%), and Andermatt (9%), hold the top spots. A lack of infrastructure improvements as well as stock in each resort are among the reasons for prices being higher.

Chamonix (7%) holds on to its position as the best performing resort in the French Alps. The year-round resort sees populations surging from 10,000 to 130,000 during peak season, attracting broad groups of people including skiers and mountain bikers, hosting a busy calendar of sporting events. All of this helps drive up investor demand.

In 2023, two trends emerged in the Alps. High-altitude resorts, including St. Moritz, Val d’Isère, Courchevel 1850, and year-round resorts such as Chamonix and Verbier outperformed. Buyers either prioritised ‘snow-sure’ resorts with longer skiing seasons or chose locations that offered a mix of ski and non-ski activities, hoping for a livelier resort in the summer months.  

“The pandemic-induced Alpine mini boom is ending with a fizzle rather than a bang,” Kate Everett-Allen, head of global residential research at Knight Frank said, “as limited supply keeps a floor under prices in most markets. Across three key French resorts, listings are down 56% on average compared to before the pandemic and this is set against a backdrop of robust demand. There are clear challenges ahead for ski resorts, not least climate change, the need to upgrade infrastructure and strict planning rules. However, the market is evolving, attracting buyers from further afield (Asia and the Middle East) and from southern Europe, as recent heat waves prompt some second homeowners to pivot northwards.”

As part of the report, Knight Frank ran its second annual Alpine Homes Sentiment Survey. The survey gauged the views of over 320 Knight Frank clients in 34 countries or territories including homeowners, prospective buyers, and “those with a passion for the mountains.”

It found that buyer motivations are diverging as both the proportion of those wanting a base just for skiing and those wanting to enjoy the mountains has increased year-on-year. Nearly three-quarters said that the resilience of ski resorts affected their decision to buy and 60% expect the price of an Alpine property to rise in the next year. More than a third said that the cost-of-living has affected the budget they would allocate to an Alpine home.

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