Douglas Elliman | Knight Frank Report: Ski Home Prices Increase at Fastest Rate in Eight Years

View the full report. According to the 2023 edition of the annual Douglas Elliman | Knight Frank Report Ski Property Report, released last month, the average price of a four-bedroom chalet across 23 alpine markets increased by 5.8 percent in the year to June 2022, up from 4.6 percent a year earlier. In total, the typical price of a prime property across the 23 French and Swiss resorts tracked rose by 13.9 percent on average during the pandemic. Swiss resorts outperformed their French counterparts for the second consecutive year, with prices up 7.1 percent on average compared to 4.3 percent in French resorts. The Swiss resorts of Crans-Montana and St. Moritz lead the Index, both registering annual growth of 14 percent in the year to June 2022. Verbier (8 percent) has seen strong transaction volumes in the last year, which is pushing stock levels lower. Demand is truly global with inquiries from UK-and U.S.-based buyers notably strong last season. “We expect the exuberance in the alpine markets to cool in the next 12 months as economic headwinds start to weigh on buyer sentiment globally, prompting the rate of annual price growth to slow,” said Kate Everett-Allen, Head of Global Residential Research at Knight Frank. “However, in times of volatility and uncertainty the security of the Swiss Franc comes to the fore, and we expect the value and accessibility of the French resorts will continue to be a key draw for buyers.” “Crans-Montana, which saw muted activity prior to the Covid-19 crisis, has bounced back with its credentials as a year-round resort back in the spotlight,” added Alex Koch de Gooreynd, Head of Swiss Sales for Knight Frank. “On the other hand, St Moritz’s performance is attributable to a lack of stock in the face of strong demand—it remains the go-to resort for buyers from both Zurich and Milan. Plus, there are only few other resorts in the region that offer the same year-round appeal.” The Portes du Soleil resorts of Les Gets (11 percent) and Morzine (9 percent) lead the French rankings this year. Summer tourism in these resorts, featuring food and music festivals, combined with a surge in sporting events (trail running, MTB races, road cycling, hiking etc), are together helping to boost rental income for owners looking to capitalize on demand from a wider cohort of mountain lovers. “The performance in the French Alps is largely split by regions. Resorts in the Haute-Savoie region (Chamonix, Megève, Morzine, Les Gets) have performed well due to their proximity to Geneva Airport, their year-round appeal and their affordability,” Roddy Aris, Knight Frank’s Head of Sales in the French Alps. “These three factors appeal to a new group of co-primary property hunters looking to make multiple trips a year. The Savoie resorts (Val d’Isère, Courchevel, Méribel) by comparison retain their cachet, but with higher entry levels, they appeal to a smaller cohort of wealthy buyers seeking the best winter ski conditions.” This year’s report also features the new Ski Sentiment Survey, which analyses what factors purchasers of ski homes are considering before buying. The survey’s results confirm that sustainability and climate change are important factors for ski home purchasers, as 54 percent of the respondents consider the energy efficiency of their future ski home a priority. Furthermore, when considering where to buy, 58 percent believe that the long-term resilience of a ski resort is important or very important, while almost 60 percent are taking a resort’s future plans for snow provision into account before buying. Interestingly, the survey’s results reveal that one in four respondents are looking for a year-round resort with a broad mix of ski and non-ski activities. However, not all buyers enter the market with a clear view as to whether they want a new-build or re-sale property, as a third of the respondents remain undecided. 221 E Fork Lane — Snowmass Village, Colo. | $18,000,000 221 E Fork Lane — Snowmass Village, Colo. | $18,000,000 221 E Fork Lane — Snowmass Village, Colo. | $18,000,000 30 S Willow Court — Aspen, Colo. | $19,700,000 30 S Willow Court — Aspen, Colo. | $19,700,000 30 S Willow Court — Aspen, Colo. | $19,700,000 30 S Willow Court — Aspen, Colo. | $19,700,000 260 Wrights Road, Red Mountain — Aspen, Colo. | $23,950,000 260 Wrights Road, Red Mountain — Aspen, Colo. | $23,950,000 260 Wrights Road, Red Mountain — Aspen, Colo. | $23,950,000 260 Wrights Road, Red Mountain — Aspen, Colo. | $23,950,000 The report also focuses on Colorado . Here, Aspen’s off-market sales continue to grow as luxury prices increased by 26 percent in 2022. In the first ten months of 2022, over 62 percent of Aspen sales were above $5 million, up from 39 percent in 2019. Additionally, in 2022, Aspen’s luxury prices exceeded $4,000 per sq ft for the first time. However, sales volumes have dipped as stock levels have been depleted following strong sales during the pandemic. Indeed, 135 sales were agreed in the first ten months of 2022, less than half of the 325 sales recorded throughout 2021. “While demand for Aspen properties has grown in the past year, the constraints on inventory and elevated prices there have inspired U.S. buyers to look elsewhere in the Roaring Fork Valley ,” said Stephen H. Kotler, CEO of Douglas Elliman’s Western Region. “In Snowmass, for example, more than 59 percent of properties sold in the first ten months of 2022 were below $4 million, which offers buyers a value option.” Read the full report. Knight Frank Ski Property Index Results 2022 Based on a four-bedroom chalet in a prime central location Annual percent change to Q2 2022 Resort Price change ( percent) Crans-Montana 14.0 percent St Moritz 14.0 percent Klosters 13.8 percent Davos 13.0 percent Les Gets 11.1 percent Morzine 9.0 percent Kitzbuhel 8.6 percent Verbier 8.0 percent Megève 6.9 percent Grimentz 6.4 percent Chamonix 6.0 percent Gstaad 5.6 percent Val-d’Isère 3.0 percent St Martin-de-Belleville 2.9 percent Méribel Village 2.1 percent Courchevel Village (1550) 1.9 percent Courchevel 1850 1.5 percent Méribel 1.3 percent Courchevel Moriond (1650) 1.2 percent Champery 1.1 percent Leysin 1.1 percent Villars-Sur-Ollon 0.7 percent Zermatt 0.5 percent