A rise in buyers from the Middle East helped push up the average price of ski chalet in the Alps in the year to June, a new report has found.
Knight Frank’s Ski Property Index showed the cost of an Alpine home rose by 4.4 per cent in the period, representing the strongest rate of growth since 2014 outside of the pandemic years, the report said.
A limited supply is also fuelling the growth in prices, said Kate Everett-Allen, head of global residential research at Knight Frank.
“The pandemic-induced Alpine mini boom is ending with a fizzle rather than a bang, as limited supply keeps a floor under prices in most markets,” she said.
“Across three key French resorts, listings are down 56 per cent 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. But the market is evolving, attracting buyers from further afield [Asia and the Middle East] and from southern Europe, as recent heatwaves prompt some second homeowners to pivot northwards.”
The company’s Ski Property Index revealed three German-speaking resorts – Klosters (16 per cent), Davos (13 per cent), and Andermatt (9 per cent) lead the ranking for the second year running, with the highest growth in prices.
Knight Frank said “a severe lack of stock” and infrastructure improvements in the resorts were pushing prices higher.
In France, Chamonix remains the top-performing resort, attracting a “broad demographic” of skiers to mountain bikers.
But high-altitude resorts, including St Moritz, Val d’Isere and Courchevel 1850, outperformed, as did year-round resorts such as Verbier.
Knight Frank said buyers either prioritised snow-sure resorts with longer ski seasons or locations offering a broader mix of activities and a livelier resort during the summer months.
Chamonix and Megève, which both have year-round appeal, are likely to outperform other French Alpine resorts in the coming years, while Val d’Isere’s recent strong performance is set to continue due to its excellent snow record, tight pool of properties and strong public and private investment, said Roddy Aris, head of French Alps sales at Knight Frank.
More than two thirds of respondents, 72 per cent, said the resilience of a ski resort influenced their decision on where to buy.
And more than half, 52 per cent, said they were seeking a second home that they plan to rent out, up from 48 per cent last year.
In total, 39 per cent of prospective buyers said the cost-of-living crisis affected how much they would allocate to an Alpine home.
And 60 per cent of respondents said they expected the price of ski chalets to rise in the next year.
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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UAE currency: the story behind the money in your pockets
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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