How do we know it’s March? The release of Knight Frank’s anticipated Wealth Report 2017, of course.
Highlights for the alpine property market include:
– the value of a ski home by comparison saw 1.9% growth compared to a 2.4% on average increase for a city-based luxury home and a marginal decrease of 0.5% for a beach or coastal property;
– the Swiss ski resort of Gstaad blasts into the Top 10 of the PIRI (Prime International Residential Index) with an astonishing 10% increase in property prices;
– Val d’Isere’s alpine property market shows reasonable growth of 4% and Chamonix retains its position with a steady 3.03% increase;
– Aspen is North America’s top performing ski property market, with a increase of 3.1%;
– Meribel in the French Alps and Verbier in the Swiss Alps are 2 other ski resorts showing some growth;
– Prices have slipped in Courchevel 1850, St Moritz (though this may change with a relaxation of resale rules to foreigners) and Megeve
Knight Frank’s neighbourhood watch focuses on ski property in the North American resort of Aspen reporting that the year-round social calendar attracts buyers to the heart of the action in the downtown area, a short walk from the gondola, restaurants and entertainment. West Aspen is beginning to appeal to more buyers with property values around half those of downtown – US$1,000 per sq ft compared to US$3,000 per sq ft downtown. Expect to spend US$2.5m for a detached family ski home.
Read the full report here: Knight Frank Wealth Report 2017