Tag Archives: mountains
French Alps ski property market reviving thanks to low mortgages and new infrastructure
The French ski property market is recovering with new build apartments, rather than chalets, are leading the way and interest boosted by new infrastructure projects, new research shows. Those choosing to buy in key Alpine resorts will also find far more facilities available such as the €36 million mini-resort Mille8 in Les Arcs, a family friendly resort within a resort with new nursery slopes, tobogganing runs, a swimming pool, spa, gym and Courchevel's €63 million waterpark and spa Aquamotion. La Compagnie du Mont Blanc announced recently that it would spend €477 million over 40 years on new lifts and pistes in Chamonix while Val d’Isère has just spent €16 million renewing lifts, pistes and restaurants on La Tête de Solaise, immediately above the town. Rock bottom Euro mortgage rates are another key factors behind the recovery, according to the French Alps Property Report from Erna Low Property. It points out that it is now possible to get a 15 year fixed rate repayment mortgage with the interest set at just 1.4%. However, it is easier to get a small mortgage than a large one at the moment. Indeed, according to Stephane Briere of French mortgage brokers CAFPI International banks would rather approve 10 €100,000 mortgages than a single €1 million one. The report suggests that activities and facilities in the summer are as important for buyers in the Alps as the winter sports. Road cycling, mountain biking and trail running have all made the summer fashionable again in the mountains, and buyers want to know what a mountain resort offers in July and August as well as winter. In part, that's because some are keen runners and cyclists themselves: but also because they're looking for better rental returns. Also leaseback schemes, which allow buyers to reclaim the VAT on their property purchase provided they put their apartment into a rental pool are becoming more flexible. In the past, most leasebacks gave owners just three or four weeks' annual use of their property. But now some allow owners 26 weeks of use along with the full 20% VAT refund. The report also says that a new wave of developments is giving buyers who are keen skiers the chance to buy back door entry to the world's most famous ski areas and make big savings in the process. Buying in Les Menuires, for example, will give the owner the whole of the Three Valleys. Meanwhile, an apartment in Tignes-les-Brevières gives access to the slopes of Val d'Isère. According to Francois Marchand, Erna Low property director, sales volumes are up, revenues are up, and so too is the average price of each property sold and British buyers are returning but they are more realistic about what buying a second home in the mountains means. ‘These days, our clients see their property purchase as bricks and mortar with benefits, a long term investment whose primary purpose is to improve their quality of life. We’re noticing more… Continue reading
Property sales in top US ski resort of Aspen hit eight year high
Sales in Aspen, regarded as the US’s premier ski resort, have reached an eight year high, and prices are up 3.9% year on year. The data from Knight Frank residential partners Douglas Elliman shows that the resort, which covers four mountains, saw more than 80 properties changing hands in the first nine months of 2015, nine of which were above US$10.6 million. Aspen Mountain itself generated the strongest volume of property enquiries and the highest property prices, with values around US$3,000 per square foot, the report reveals. By comparison, a luxury home on one of the neighbouring mountains of Snowmass, Buttermilk and Highlands ranges from US$1,000 to US$2,000 per square foot. Overall residential prices in Aspen rose by 3.9% in the 12 months to September 2015 and more enquiries have been coming from Chinese buyers. The report explains that each resort has its own distinct appeal. Aspen Highlands is favoured by the locals, Snowmass appeals to families and Buttermilk is considered the best mountain for beginners. Property demand is primarily domestic but international interest is on the rise. Alongside those Europeans seeking a ski retreat, primarily German, French and British, and Australian and Chinese enquiries are strengthening. Aspen is described as a truly year round resort, offering a programme of events from Jazz Aspen, Food and Wine Classic, the Aspen Music Festival and the Aspen Institute’s Ideas Festival in the summer months. The X Games, Wintersköl and World Cup Ski Championships dominate the winter months. The report says all of this helps to put Aspen on the radar of international buyers. Aspen, due to its cooler climate, is also popular with Texans and Californians in the summer months. It adds that the Aspen-Pitkin Co. Airport is located less than four miles from the heart of Aspen and has a more regular service from major carriers than any other regional ski town airport in North America. In the winter, its regular, weekly flights number more than 170. In addition to regular service from Denver, Aspen sees more than 20 flights a week from Chicago and Los Angeles. Continue reading
Analysis reveals similarities between prime markets in Central London and Monaco
The prime residential property markets in central London and Monaco are like twins with both representing Europe’s leading locations for luxury property, and having very similar features, trends and buyer profiles. A new analysis of both markets show they both cover similar land areas, are experiencing a huge global demand and have upward pressure on property values due to their locations. The findings from Pastor Real Estate, which has offices in both locations, also says that buyers are attracted to them because of their political stability, advantageous tax regimes, concentration of luxury hotels and shopping facilities and ultra-prime residential markets. It points out that both have seven ultra-prime districts which together represent 14 of the most valuable addresses in the world. At £3.43 million, the average apartment price in Fontvielle, Monaco’s most expensive address, is higher than the equivalent in Knightsbridge at £3.27 million, but the price gap between Monaco and London has been closing. A significant proportion of Ultra High Net Worth buyers who acquire or rent ultra-prime property in London also have an address in Monaco. Just as Monaco’s Fontvielle district has challenged Monte-Carlo, traditionally the most expensive area, in terms of highest residential prices achieved, so Mayfair is challenging Knightsbridge. Overall the report analysed seven ultra-prime districts which it describes as ‘city villages’. In London they are Mayfair, Marylebone, Knightsbridge, South Kensington, Marylebone, Belgravia, Westminster and Chelsea. And in Monaco they are Fontvielle, Monte-Carlo, Boulevard des Moulins/Saint Roman, La Condamine, Larvotto, Monaco-Ville and Jardin Exotique. The residential markets and new development in central London and Monaco are both constrained by planning regulations, protected historic buildings and geography. Geographical constraints in London refers to the protected Royal parks, the Thames and protected views, whilst Monaco is constrained by the sea from which over 100 acres of land has been reclaimed since the early 1960’s, the mountains and the border with France. Both central London and Monaco are viewed by global wealth as highly attractive islands of stability in an often turbulent world, according to the report. Each has as heads of state highly popular Royal dynasties, benefits from stable political systems and has strong economies based on banking/finance, tourism, cultural facilities and commerce. Both locations are also economically stronger than the regions surrounding them. Both locations have a high proportion of foreign nationals, who comprise over 80% of those who live in Monaco and an estimated 50% to 75% of those who reside in Knightsbridge, Mayfair, Belgravia and parts of Kensington and Chelsea. In addition, a significant proportion of UHNW buyers who acquire or rent ultra-prime property in London also have an address in Monaco. There are an estimated 2,000 British high-net-worth individuals who reside in Monaco, many of whom also own homes in central London. It says that Fontvielle, the most expensive area and the main beneficiary of land reclamation in Monaco is similar to South Kensington in London. Fontvieille has the highest proportion of Monaco homes which have… Continue reading
