LOCATION
village is an ideal and good- value starting point with prices in the €10,000/m2
range. Les Menuires sits at 1,850m
altitude and offers rapid access to some of the best intermediate runs (both on- and off-piste) in the entire Trois Vallées, with affordable property values. It is the gateway to the excellent La Masse ski area, often not explored by skiers from the other resorts, and is now served by a new high-speed chairlift. Les Menuires is well laid out
for skiers, most buildings are on or close to the slopes. Yet prices in Les Menuires, mostly below the €10,000/m2
level, are
good value for this world-class ski area. In the village, one/
Relatively unknown among UK househunters, Alpe d’Huez has 249km of slopes and is a vibrant, modern ski resort MARKET PREDICTIONS La Clusaz enjoys dramatic scenery
two-bedroom apartments can usually be found priced at less than €400,000. The Massif des Aravis ski
area is home to La Clusaz and Grand-Bornand. These are mountain villages set in some of the most dramatic scenery in the Alps. Easy access from Annecy and Geneva has made the area popular for French and Swiss second-home buyers, but it is less well-known to UK skiers. With a combined 133 slopes and 211km of pistes up to 2,600m altitude on one lift pass, this ski area has plenty of family-friendly runs and some renowned off-piste skiing. Property for sale in La Clusaz, Le Grand-Bornand, and St-Jean-de-Sixt starts in the region of €8,000/m2
. ■
Charlie McKee is a Director at Alpine Property Intelligence, a ski property buying agency Tel: 07504 754221
alpinepropintel.com
€399,000, Alpe d’Huez: Well- appointed 47m2
apartment with
one bedroom, large cabin room, small garden and private parking in a highly coveted location
€185,000, Les Menuires: Contemporary ski-in/ski-out apartment with locker and parking; rental investment, three weeks’ personal use allowance
€999,000,Grand-Bornand: Rare chalet/farmhouse built in 1797, a historical piece of the hamlet, offering 357m2
levels for complete renovation FRENCH PROPERTY NEWS: November/December 202381
As we approach the 2023-24 ski season, how does the Alpine property market look for buyers? Our observations are: Enquiry volumes have slowed considerably, but there are still some serious buyers out there. Cash is king. Mortgage financing, while possible, has become difficult to access. In the aſtermath of Brexit, many French banks operating in the UK and offering mortgages to UK buyers have pulled stumps. French banks have become much stricter on their lending criteria, and especially when it comes to new developments and résidences de tourisme (leaseback) projects. Indeed, Banque de France data shows that nationwide mortgage values are down from €6.67bn in June 2022 to €1.05bn in June this year. The income offered by the résidences de tourisme projects, which is 2-3% net (depending on personal use) is less attractive to prospective buyers given prevailing interest rates. Buyers are seeing an opportunity to negotiate on price. Generally speaking, sellers are still holding
On the market
back, and in many cases are not yet accepting that the boom is over. The supply of housing stock for sale is well below normal levels in most ski resorts. Nevertheless, we are seeing some price reductions, in the order of 5-10%, oſten reflecting previously over-ambitious expectations. In the case of new developments, other incentives such as free notary fees or equipment upgrades are being offered. It was 100% a seller’s market up until mid-2022. We believe a scenario of low turnover, prices driſting mildly lower and better opportunities for buyers will characterise the market in the next 12-18 months. Do we expect a sharp decline in ski property prices? No. In general, a ski property is a second home, oſten the fruit of a long-term aspiration. They are not purchased as speculative investments, borrowing to fund acquisitions is generally low and almost always at fixed interest rates. Most buyers have at least a 10-year horizon. This is why ski property values have remained resilient through the cycles.
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© SHUTERSTIOCK
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