Posted on 29 November 2012
According to the ski property index from Knight Frank, prices of prime ski property in top ski resorts throughout the world have dropped by nearly 10% since the peak of the market in 2008.
According to the report the financial crisis led to a decline in buyer confidence, especially in some of the less well-established resorts, but other better-known resorts such as Courchevel have seen a recent surge in interest. In general prices have generally been flat since 2010, and have only risen slightly in the most sought-after resorts due to tighter supply.
Not surprisingly the Swiss ski resorts have seen the biggest increase, with prices rising by 18% in Zermatt during the second quarter of this year compared to the same period last year, while prices in Gstadd increased by 13.2% during the same period. However prices in these same resorts are likely to be affected by the impending legislative changes due to be introduced in January next year.
In comparison some resorts in North America have seen quite considerable price falls, including the well known Whistler resort in Canada, where prices fell by 13% during the second quarter of this year compared to the same period last year. Meanwhile other less well-known resorts such as Revelstoke have seen prices remain unchanged.
However Knight Frank does expect the demand for luxury homes within the top ski resorts to strengthen during the coming years. For example Chinese buyers are becoming increasingly interested in buying property in the Whistler resort. In the past buyers would have traditionally come from Seattle or Vancouver.