Europe | Alpine resorts
Alpine resorts
Switzerland and Austria present good opportunities for investors
looking for steady long-term growth in high quality markets
The alpine ski industry is still growing, with around 1.2 Emerging second home destinations, such as Zell am
High Peaks
million tourists in 2007, up by three per cent or 35,000 See, are currently witnessing price growth by as much as
from the previous year. The vast majority of these come 15 per cent annually. Investors are increasingly shrewd,
The reasons why
from tour operators who continue to dominate the and second home buyers are keen to capitalise on rising
the market in
market by offering packages to attract people going on values as well as the robust rental income generated
the Alps is set
holidays in the alpine regions. France dominates the from these year-round resorts.
to perform well
tour operator market with more than 37 per cent of Austria as a whole remains a robust market. in 2009
visitors, followed by Austria and Switzerland. Restrictions over foreign ownership of property were only
1 The lowest
There is also significant growth in tourism levels recently lifted and consequently the market remains in its
borrowing rates
outside the key winter months as resorts reposition infancy. This contrasts with the more established resorts for decades
themselves as year-round destinations. Indeed, lakeside in France (such as Chamonix and Meribel), where Brits
2 Double-digit
ski resorts such as Zell am See in Austria are busier have been buying for well over a decade, and where prices
yields in year-
in July and August than they are during the winter. have now plateaued. round resorts
3 Swiss prices
Flight to quality supported by
“There is significant
In Switzerland, cantonal legislation restricting sales permit
to non-residents and the development of new units
restrictions
has supported demand as ownership becomes more 4 High altitude
growth in tourism
exclusive. With the exception of prime resorts such as investments
Verbier where prices have been rising by as much as 20
popular in
levels outside the key
per cent annually, capital growth has averaged between
France
5–10 per cent per annum since 2005.
Data provided by
Alpine Homes,
winter months”
Switzerland is also benefiting from the ‘flight to
Dec 2008
quality’ that has seen its franc appreciate against a
18 savills global residential review
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