Chamonix leapfrogged Val d’Isere and Gstaad to take the top spot in a ranking of Alpine ski resort property prices.
French destinations dominated the Knight Frank Alpine Property Price Index released today.
A strong Swiss franc and restrictions on foreign buyers weighed on property prices at Swiss resorts, which have historically featured heavily in the annual ranking. Andermatt and St Moritz were the only Swiss locations listed as having property growth.
Prime prices in Chamonix grew 4.8 per cent over the year to June.
Val d’Isere sat in second place on the ranking, popular because – due to its altitude of 1,850m – it offers one of the longest seasons due to its reliable snow cover. Its prices grew by a more modest 2.5 per cent.
Buyers increasingly fall into two camps, said Knight Frank, those seeking a dual-season resort to maximise year-round rentals and those targeting high altitude resorts offering reliable winter snowfall.
“There are of course challenges ahead such as the long-term implications of Brexit and the erratic winter seasons but the draw of the mountains has never been stronger. Resorts are having to evolve and adapt to meet the demands of today’s buyers. Huge investments have been pledged across the Alps from artificial snow-making facilities to adapting and evolving activities for the summer and family market,” said Roddy Aris of Knight Frank France.
Bricks and mortar prices at some of Switzerland’s most famous resorts fell considerably.
Crans Montana property fell by 15 per cent over the year to June 2017 and the favourite with global politicians, Davos, fell by 8.2 per cent.