It’s no secret that the low- and mid-altitude European ski resorts, for the most part built between the 60s and 90s, will have no choice but to close their ski lifts between now and 2050 as regular snow fall becomes increasingly rare. But does that spell complete disaster? Not necessarily if we take the example of luxury chalets and apartments, inherently built with noble materials and which could see a new lease of life if resorts take measures to adapt to this shift in philosophy. Surprisingly, what tipped the scales in their favour was the COVID-19 pandemic, which spurred many home owners and renters to take refuge at ski resorts to avoid the urban lockdowns of spring and summer 2020... during which time they discovered that there’s more to the mountains than just winter!
In both the old and new-build sectors, the health crisis flung open the doors to the most classy resorts, in particular, to families, young professionals, self-employed workers and recent retirees looking for second homes at a lower cost than what can be found on the coast. Mountain real estate now has two strings to its bow: winter (and summer) sports on the one hand, and on the other real estate assets in the form of family cocoons with spaces that can be used for home office working or studying.
The most prestigious high-altitude ski resorts, such as Courchevel, Méribel, Val-d’Isère and Alpe d’Huez in France, have already realigned themselves in recent years to ensure their ski areas retain their appeal even when snow is not on the cards (although for resorts at over 2,000m (6,500ft) in altitude it’s a non-issue even according to long-terms forecasts). At the same time they have also boosted their range of après-ski options, making liberal use of spas, cultural and indoor sports facilities, and most of all alternative uses for their ski areas out of season, such as golf courses, mountain bike and hiking trails to keep the ski lifts in operation in the summer. This movement has been accompanied by the creation of ever-more luxurious hotels and restaurants to broaden the mountain cuisine menu. As destinations they’re more attractive than ever, especially among a clientele that no longer considers skiing to be essential. The number of new very high-end new developments currently under construction at the resorts in question, whether in France, Switzerland, Italy or Germany, is proof in itself of the enduring allure of the mountains!
A scarcity of available land
At low- and mid-altitude resorts, meanwhile, traditional chalets, Alpine farms and former agricultural buildings have found a new clientele among families on the search for second homes in the great outdoors. It goes without saying that the situation is entirely the opposite for the remaining low-rises of the 70s, which are difficult and expensive to bring up to date in terms of tastes and environmental standards.
Purely from a real estate perspective, this new reality has several immediate effects: at large, high-altitude resorts, prices are reaching new summits both literally and figuratively, as building land is virtually non-existent. Average prices per square metre are around €4,000 in the northern Alps, but it is becoming commonplace for listings to exceed €10,000 per sq.m in Val-d’Isère and Méribel, with no upper limit for the most deluxe chalets in Courchevel. Conversely in the southern Alps, and particularly the resorts in the Alpes-Maritimes region, price levels are around €2,500 per sq.m (with Isola 2000 and Auron being the exception at over €5,000 per sq.m for their proximity to the Côte d'Azur coastline), and around €1,500 per sq.m in the Massif Central area and the Pyrenees.
Investing in mountain real estate offers peace of mind, whether it’s a primary residence or second home or a rental investment. But the key is making sure you follow the advice of professionals who know the market back to front, as renovations in particular can be complex.
Whether you're drawn to the chic appeal of Megève property for sale, the sunny slopes of Isola 2000 luxury chalets, or the peaceful atmosphere of Auron mountain homes, our mountain real estate portfolio has something for every lifestyle. Invest in a ski chalet that combines beauty, location, and long-term value.
