For wealthy individuals, a portfolio of properties across the globe would not be complete without an Alpine bolthole.
Lifestyle and personal enjoyment of a property are key reasons for purchase. In Europe’s prime inter sports destination, The Alps, there is an abundance of activities throughout the year.
With a few exceptions, property markets worldwide have been impacted by global economic instability. Lack of finance and confidence has led to house price decline and reduced transaction numbers. The holiday home sector has been particularly affected.
Prices have softened in some Alpine resorts although generally, there is increasing stability in top end destinations benefiting from strong international identities and limited supply.
A further challenge to the second home sector is that in order to drive financial stability, governments across Europe are seeking new legislation to holiday home ownership rules. The aim is to prevent overheated housing markets driven by speculation and curb excess construction in certain areas. Also, to build up the public purse and help to reduce national deficits.
Against these challenges, property investment continues to be seen as a means of hedging against risk and currency fluctuation, with the added potential to generate rental income.
Traditional buyer markets, like the UK, Scandinavia, Benelux countries and Germany, are increasingly supplemented with those from further afield, such as Russia, eastern European countries and Asia.
Buyers continue to seek out the quality resorts, with access to the piste and proximity to a transport hub (airport / train station) being paramount.
Key property attractions remain ski-in, ski-out, central location and mountain views. At the top end
of the market, properties with home spas, cinemas and the latest in electronic gadgetry are essential.
Source : Savills