The definitive guide to property market conditions in the world’s top ski destinations

knightfrank.com/research

Ski Property
Report 2021

SKI PROPERT Y REPORT 2021

KEY FINDINGS2020:

M O U N TA I N

LIVING COMESSKI INDEXINTO FOCUS

The French resort of Saint-Martin-de-Belleville leads the2020 Ski Index with annual price growth of 3.4%

Kate Everett-Allen finds that mountain living ticks
several boxes for buyers in a world that is battlinga pandemic

C OV I D ’ S I M PA C T
The pandemic has shone a light on the healthand wellness benefits of mountain living

FRANCE
Limited new supply is protecting prices
across French resorts

and the resulting lockdowns have significantly
C ovid-19
disrupted global real estate markets. The ski market has

been no exception.
for

Homeowners are revaluating their lifestyles and working

sale.

patterns, holiday plans are being upended and rental incomes
have been depleted. But, this may also be the year when the

SWITZERLAND

health benefits of mountain living are brought into focus.

International buyers are looking more favourably at
Switzerland as a permanent base, due not only to its

The combination of fresh air, open space, recreational activities,

handling of the crisis, but also the lifestyle it offers

good healthcare and reliable WiFI makes alpine living in our
three ski markets – France, Switzerland and the US – an obvious

Clearly, there are challenges ahead in reopening the resorts$2.6bn of sales in the first nine months of 2020, up from a total of

choice for those individuals seeking shelter from the pandemic.

this season and our summary of the measures being employed$1.9bn for the whole of 2019.

The question is whether we will see a redistribution of value
sold.

2019

sold.

from urban to resort locations as a result of Covid-19. The Knight

2020

ASPEN
In the first nine months of 2020, Aspen recorded 464 sales,

For ski homeowners wanting to stay ahead of the game, we

had on property values to date and which resorts are displaying

highlight five trends and events that look set to shape the market

greater resilience.

and, with 90% of our clients now opting to rent their home, we

out on their lucrative Easter season and on pages 6-7 we reflect

2

Finally, for those seeking the next skiing hotspot, our local experts

their responsibilities.

Frank Ski Index on page 4 gauges what impact the crisis has

The pandemic has meant resorts both side of the pond missed

exceeding the total of 418 for the whole of 2019

on page 7 underline how seriously the resorts are taking

provide a roundup of the resorts they think are tipped for growthon pages 14 and 15.

crunch the numbers on page 8 to understand what return owners

NOW OPEN

can expect.

on a rollercoaster few months which saw rental demand recover

A deep dive into Colorado’s property market on pages 12-13

over the summer as staycationers headed to the mountains.

surprises on the upside with Aspen Snowmass concluding over

Knight Frank’s new Verbier office, located on the Rue deMédran, is now open.

3

SKI PROPERT Y REPORT 2021

SKI PROPERT Y REPORT 2021

S K I I N D E X R E S U LT S
2020

High levels of stock combined with theresidents with a good choice of new-buildfrom which to shelter during times ofongoing impact of Lex Weber (a 20% cap

apartments at lower price points which is

uncertainty and with interest rates now

on second homes) are deflating prices

generating interest.”

negative (-0.75bps) the appeal of Swissin some Swiss markets but resorts such
as Crans-Montana, St Moritz and Gstaad
are starting to turn a corner.
According to Alex Koch de Gooreynd,
Knight Frank’s head of sales in the Swiss
Alps: “The smaller resorts of Grimentz
and Champéry are presenting non-

The Knight Frank Ski Property Index tracks the movement in price ofa four-bedroom chalet across 19 resorts located across the French andSwiss Alps, with the addition this year of the Swiss resort of Champéry

the index increased by
O verall,
1.2% in 2020, down marginally“French resorts dominate
the top half of the
rankings this year withbuyers attracted by theresorts’ rental prospects
and good liquidity

lack of new supply as building permits

solid performance with investment inaway in the Three Valleys leads theinfrastructure in recent years paying

index this year with prices up 3.4%

off as buyers look to future-proof

on an annual basis. The closest of thetheir purchase.

Three Valleys resorts to Geneva Airport,
it is one of only a few resorts to still
FIG 1. REVEALED: RESORTS
RANKED BY PRIME PRICE

now sits in second place, its altitude andSwitzerlandcaché still a winner with buyers seeking

1. Gstaad

32,9003. Verbier

21,9005. Val-d’Isère

20,200

7. Courchevel 1650

16,200

Verbier is the highest-ranking Swiss
resort this year recording annual pricegrowth of 2.9%, its schools continue
to attract an international clientele, anumber have opted to base themselvesin the Alps semi-permanently due tothe pandemic and upgraded their home
as a result.
French resorts dominate the top
half of the rankings this year withbuyers attracted by the resorts’ rental
prospects and good liquidity. Roddy
Aris, Knight Frank’s head of sales in the
French Alps explains: “Prices in most
French resorts are being supported by a4

are effectively charging clients to store

crisis, but also the lifestyle it offers.

their capital, leading many to look to a

Along with the US dollar, the Swiss
franc is the world’s go-to safe currencies

property investment as a means of wealthpreservation and income generation.

3.4%
Val-d'Isère 3.2%
Verbier 2.9%
Courchevel 1850 2.8%
Courchevel 1650 2.6%
Courchevel 1550 2.6%
Grimentz 2.3%
Chamonix 2.1%
Méribel Village 2.0%
Klosters 1.9%
Megève 1.5%
Méribel 1.4%
Davos 0.6%
Champéry 0.5%
Gstaad 0.0%
Villars-sur-Ollon 0.0%
Zermatt 0.0%
St Moritz -1.9%
Crans-Montana -2.0%

The Courchevel resorts register aSaint-Martin-de-Belleville tuckedsnowfall and excellent amenities.

base, due not only to its handling of the

St-Martin-de-Bellevillebecome increasingly hard to obtain,
for new-build homes.”a long-season resort with reliable

Negative interest rates mean Swiss banks

Annual % change to Q2 2020

which is resulting in a 5%-10% premium

Last year’s frontrunner, Val-d’Isère,

favourably at Switzerland as a permanent

Based on a four-bedroom chalet in a prime central location

the pandemic has had little impact onoffer development opportunities.

property is strengthening.

FIG 2. KNIGHT FRANK SKI INDEX RESULTS 2020

from the 1.4% seen last year suggesting
prices to date.

International buyers are looking more

France€ per sq m*

2. Courchevel 1850
4. Zermatt

26,70021,6006. St Moritz

19,4008. Courchevel 1550

15,90010. Méribel Village

14,40012. St-Martin-de-Belleville

12,9009. Méribel

11. Megève

15,60013,90013. Villars-sur-Ollon

12,30015. Klosters

11,60014. Chamonix

11,80016. Davos

11,40018. Grimentz

10,30017. Crans-Montana

19. Champéry

11,3008,250
Source: Knight Frank Research* Exchange rate calculated at 30 June 2020

5

SKI PROPERT Y REPORT 2021

SKI PROPERT Y REPORT 2021

REVEALED:COVID’S IMPACTON SKI RESORTS
We look at the way in which ski resorts are evolving and how they’re gearing up
for a winter season like no other

MA RC H

APRIL

MAY

JUNE

J U LYAUG U STSEPTEMBER

FIG 4. THE THREE VALLEYS - VIEWINGS AND SALES UP IN 2020
2019
SALES

Source: Knight Frank, Cimalpes

VIEWINGS
2019

2020

2019

2020

2020

The increase in online

160

600

property viewings in theThree Valleys between

140
500

Mar and Sep 2020

120
400

Source: Cimalpes

100

What we know:

What we expect:•	Most resorts were ordered to close on 15 March 2020 missing out•	We expect last minute bookings in 2020/21 as holidaymakers

on the traditionally lucrative Easter period.
•	Refunds for holiday rentals were issued, ski lifts froze, and

80

300

wait to consider travel restrictions.

60
200
40

•	Rental demand may be strongest in smaller, less crowded resorts.

confinement measures took hold.

•	Potentially weaker demand for shared chalets or hotels where•	Property agents adapted. From drone viewings to virtual tours

Why Covid has
shone a light onmountain living

100
20social distancing can be challenging.

and online notary signings, only around 5%-10% of sales were•	Second home owners, many of whom missed out on their annual

lost in the French Alps.

trip last season, will block book their weeks well in advance.

•	Viewings were permitted in May and domestic demand

0

0
Mar

Apr

M ay

Jun

Jul

Au g

Sep

Mar

Apr

M ay

Jun

Jul

Au g

Sep

resonating more than ever

put aside €300,000 to tempt tourists to try new activities for•	The rental market received a much-needed boost fromfree e.g. paragliding, white water rafting etc.

staycationers over the summer with Swiss hotels close to

W H AT W I L L T H E 2 0 2 0 / 2 1 S K I S E A S O N L O O K L I K E ?

•	With winter approaching, some wealthy Europeans who would

full occupancy.

usually head to South Africa, the Caribbean or Australia are•	The announcement that Switzerland was the world’s safest

considering a long-term stay in the Alps instead.

Although uncertainty remains, and travel restrictions are in place for some foreign visitors,
most resorts were able to use the summer months to trial their social distancing initiatives.
Given the fast-moving environment, the following outlines what we expect although there

country post the pandemic only served to strengthen demand•	More schools will follow in the footsteps of Verbier Internationalfrom nationalities within a driveable distance such as those

School and offer new winter term only enrolment options.

from Benelux.
•	Viewings and sales increased in July and August across

FIG 3. RELOCATE AND WORK FROM HOME IN THE ALPS?

the Three Valleys.

Fixed broadband speeds, August 2020, rank out of 174 countries•	Resorts such as Verbier and Villars-sur-Ollon saw residents from
Geneva, Lausanne and Montreux relocate to their second homes

can be no guarantees at this stage:•

3. ROMANIA•	Throughout the pandemic sellers have stuck to asking prices

4. THAILAND

and sales have largely progressed as normal.

5. SWITZERLAND

6. LIECHTENSTEIN
7. MONACO

COVID-19 SAFETY RANKING

8. SOUTH KOREA

Ranking by country, out of

250 countries and regions

9. FRANCE

1

2

3

10. HUNGARYSWITZERLANDGERMANYISRAEL•Ski schools will have testing facilities, and some may choose to limit class numbers•

Online booking will be the norm for all in-resort facilities – ski hire, restaurants etc•

Private transfers will be available from hotels and chalets to lifts

100(Mbps)

150

200

•

Ski passes fully refundable in most resorts•

mountain living is back in the spotlight.

wellness and wellbeing. Accordingof respondents said their clientswere dedicating more of their time

theme that has only become more
important in light of the pandemic.
This focus on wellness combinedwith the fact that our alpine locations

the US offer some of the best
healthcare facilities worldwide andfast broadband speeds means we areseeing the birth of a new trend – theblurring of the lines between primary

Bars and restaurants will make more use of outdoor space.

and secondary residences.

Source: Ookla

6

so it is perhaps not surprising thatacross France, Switzerland andfogging machines
50

things that lockdown did not provide,to personal wellness and fitness, aElectronic ticketing will be available in chalets and hotels to reduce queues•	
One-way systems in resorts, regular cleaning of cabins and chairs using0

Source: Deep Knowledge Group Data as at June 2020

Masks will be mandatory in queues and lifts but not once on the slopes. There will be•

11. UNITED STATES

family and friends, escapism – all theto the report’s Attitudes Survey, 80%

no limits on the number of lift users in resorts such as Courchevel

2. HONG KONG

air, nature, exercise, adventures within our 2020 Wealth Report, that ofa good time for skiers and snowboarders who like quieter slopes•

The Alps offer freedom, space, freshThis chimes with a key theme

All ski lifts and links between domains will be open as normal•	
Last minute rental bookings. Numbers are likely to be lower than normal – potentially

1. SINGAPORE

as working from home became the norm.

With health and wellness rising

up buyers’ agendas, the Alps are

Source: Knight Frank, Cimalpes•	Town councils will help boost local economies – Chamonix has

strengthened.

158%

7

SKI PROPERT Y REPORT 2021

SKI PROPERT Y REPORT 2021

DOES A SKI HOME MAKEA GOOD INVESTMENT?
From Aspen to the Alps we highlight some key considerations for owners looking
to rent their ski homeFrank’s partner in Chamonix:” Those homes that generate the

The decision on where and what to buy will ultimately behighest yields tend to be the smaller properties, one, two- anddetermined by the owner’s own preference and the time ofthree-bedroom apartments although the mid-range chalets also

year they plan to visit. In the Three Valleys, Gstaad and Verbierdeliver good returns. Occupancy levels vary between 20 and 30

owners will see higher weekly rental values and a longer winterweeks with most owners reserving the property for two to four

season whilst resorts such as Chamonix, Villars, Champéry andweeks a year for their own use.”

Grimentz offer more affordable rental values in the winter but
higher summer occupancy levels.

FIG 7. THE THREE VALLEYS: RENTAL YIELDS RISING
Proportion of purchasers opting to rent their home
Net residential rental yield

the motive behind buying a ski home is
U ltimately,
spending quality time with family and friends

as a discretionary purchase, is unlikely to compete in termsof short-term capital appreciation, instead buyers needon the slopes. But there is always a bottom line thatneeds considering.
Regardless of an owner’s level of wealth,most financial advisers or family“

what to buy will ultimately

on Knight Frank’s buyers, withmusic or cultural events (source of rental demand)•	Season length – higher altitude resorts will have longer ski
seasons but lower altitude may have more amenities andlast decade from 2% to 3%

cater better for summer tourism (dual season)

due in part to stronger
summer tourism andand the time of year theyhence reduced void periods

65%

75%

82%

• Operational, maintenance and letting costs

90%•	Is the resort accessible by road/rail from major(Figure 7).

conurbations appealing to locals wanting a weekend rental

In Chamonix it’s a different story,•	Does the resort have a truly international profile and is nothere yields have remained flat in recent
a year-round destination. According to Andy

Lisbon where annual price increases have nudged

Symington, Director of Mountain Base, Knight

double-digits in recent years, a ski home,

2005

2010

2015

2020

Source: Cimalpes

FIG 8. PEAK SEASON RENTS IN THE THREE VALLEYS
Luxury 6-person apartment

FIG 5. WHAT MAKES A GOOD INVESTMENT?

Low void
periods

overly reliant on one nationality/economy

years given the resort’s long-term appeal as

However, unlike a city apartment in Berlin orLong-term capital
appreciation•	Proximity to airport

apartment has increased in theowner’s own preference

ski home, up from 65% in 2005.

Reliable rental
income•	Events – does the resort regularly host sporting, food,residential yield for a two-bed

plan to visit.

around 90% now opting to rent their

the next 5-10 years

Courchevel and Val-d’Isère the net

be determined by theThis logic is not being lost•	Location – target resorts with a strong investment plan for

In the Three Valley resorts such asimportance of generating an

sat empty.

2.8%

rental income.

The decision on where andrather than leaving them

2.5%

•	New-build or resale (VAT rebate in France for new homes)

3.0%

to focus on location and specification to maximise

offices will emphasise theincome from all assets

2.5%

THINGS TO CONSIDER:

Market liquidity –ability to sellwhen needed

Efficientmanagementcompany

Easy
accessStablecurrencyLow
mortgage rates

FIG 6. KEY MARKET DRIVERS
SWITZERLAND

FRANCE

1

Excellent healthcare

Appeal of new homes (VAT rebate)

Large permanent community

2

World class education

Market liquidity

Exposure to US dollar (overseas buyers)

3

Personal safety

Accessibility via Geneva Airport

New investment in ski infrastructure

4

Economic stability and safe haven currency

Year-round destination

Calendar of cultural activities via The Aspen Institute

8

COLORAD OCHRISTMAS

NEW YEAR

FE BRUA RY
HA LF TE RM

MARCHAPRI L

Courchevel 1850

9,500 €

12,000 €11,000 €6,800 €

4,800 €

Méribel

6,700 €

8,800 €

7,900 €

5,500 €

4,500 €

Val-d’Isère

5,900 €

7,300 €

7,100 €

3,800 €

3,100 €

Courchevel Moriond-Village

5,200 €

6,200 €

5,400 €

3,600 €

3,000 €

Courchevel Le Praz/1550

4,700 €

5,100 €

4,900 €

3,300 €

2,900 €Saint-Martin-de-Belleville

4,400 €

5,000 €

4,900 €

3,400 €

2,500 €

Megève4,000 €

5,200 €

4,900 €

3,200 €

1,900 €

Méribel Village & Hameau

3,900 €

5,100 €

4,900 €

3,400 €

2,800 €

Source: Cimalpes

9

SKI PROPERT Y REPORT 2021

SKI PROPERT Y REPORT 2021

WHAT LIES AHEAD?
We highlight four trends and events that ski homeowners should have on
their radar over the next 12 months

DESIGN & TECHNOLO GY“

The pandemic is likely to hasten new design trends as
developers look to adapt their homes to cater for a change inliving and working patterns. Ski homes will be no different.

The last six months

We expect new developments to incorporate a better andhave seen second homes

more flexible use of space as people spend longer and place

reclassified as semi-

more demands on their ski home. Apartments are likely to see

permanent homes andlarger terraces and balconies, whilst larger complexes willwith this comes higher

offer business amenities such as video conferencing andexpectations

printing facilities.
As we highlighted in our Global Development Report, reliablebroadband throughout the entire building will be a must
UK residents eligible for a dual nationality can still apply

to enable flexible working. The pandemic will also drive

for a second passport solving questions about freedom of

automation including facial or voice recognition and wave-

movement, pensions and healthcare.

sensor activation in communal areas such as lifts. Plus, the use

UK owners of Swiss ski homes should see less disruptionof antibacterial materials and air filtration systems will increase.

given Switzerland remains outside the EU.

BREXIT IMPLICATIONS
From 1 January 2021, UK citizens travelling to theEuropean Union (EU) are likely to require an ESTAstyle visa. It will be valid for a set period of time andshould allow unlimited visits within that period. It’s

CURRENCY PL AY

also important to note that the EHIC card will no longer

Currency movements can create substantial shifts in buying power

provide insurance when travelling in the EU.

for overseas purchasers. Add property price performance to the

For UK nationals with a ski home in France, employing

equation and the highs and low can be magnified further.

UK nationals such as cleaning or chalet staff will2020 has already seen significant volatility but a US election, Brexit

become more complex as staff have to be employed

and the pandemic are only likely to lead to increased instability inby companies registered in the host country and boththe coming months.

THE RISE OF THE 50/50 HOME
homes reclassified as semi-permanent homes and with thisLONG TERM RENTALS AS A
PRECURSOR TO FUTURE SALES

comes higher expectations. Whether a home office, outdoor

As many parts of the world contemplate second or third waves

space, faster broadband, a cinema room, smart technology –of the pandemic and tighter lockdown restrictions this winter,

these homes now need to have as high a specification as the

we’re seeing demand for long-term lets strengthen as ‘The

owner’s primary residence.

Great Working From Home Experiment’ has opened up new

Across all our ski markets, the last six months have seen second

In Switzerland, the repercussions could be significant. With

windows of opportunity.

workers in Geneva, Lausanne or Montreux no longer office-It’s allowing people to test the waters before buying in parts

at higher rates. In addition, Alex Ogario, a partner in

In times of global uncertainty, the Swiss franc is a go-to safe havenbound, a number are decamping to their ski homes. If theseof the world they may never have previously explored some

Knight Frank Finance, points out: “UK buyers seeking

for investors and whilst it may be expensive, many consider exposure

are recategorised as permanent residences, the proportion ofwith an ‘option to buy’ clause built into the rental agreement.

finance for their alpine home may need to work harderto the currency in the name of diversification a price worth paying.

second homes may fall below the 20% cap imposed byRents are competitive with major urban centres such as

to find the most suitable finance package, as some of theAnalysts at Credit Suisse estimate the Swiss National Bank sold moreLex Weber back in 2014, enabling new development to takeLondon, New York or Geneva and you can hit the slopes incurrent options may disappear”.

than $98bn worth of Swiss francs in the first half of 2020 alone.

place for the first time in over a decade.

your lunch break.

parties have to pay social security contributions locally

10

11

SKI PROPERT Y REPORT 2021

SKI PROPERT Y REPORT 2021

COLORADO FOCUS

FIG 11. ASPEN: NO OF SALES BY PRICE BAND
$1-$4MWhy 2020 proved to be Colorado’s moment in the sun$4-$5M$5-$11M$11-$20M

268

290

299

28

28

35

31

57

55

65

85

8

18

22

36

6

2

6

13

2017

2018

2019

2020*

2017

2018

2019

2020*

2017

2018

2019

2020*

2017

2018

2019

2020*

2017

2018

2019

2020*

*As at Sept 2020 Source: Douglas Elliman/Miller Samuel

The pace of the Colorado housing market

Indeed, with commercial airlines

records for dollar volume sales with themillion now accounting for 11% of all sales

Vail registered 971 sales in the first eightrecovery has taken many by surprise.

considered a higher risk during the

cumulative total for 2020 surpassing

compared to 2% in 2016.

months of 2020, 505 (52%) related to single

pandemic, the use of private jets surged.

$2.6bn, a 36% increase over the previous

Data from WingX shows Aspen and Vailyear’s total ($1.9bn) and we’re on track to(Eagle County) saw private jet numbers

exceed $3bn in total dollar volume sales

increase from record lows in April to overby the end of the year.”

Famed for its big skies and remote walking
trails, Colorado was perhaps a logicalchoice for wealthy US residents seeking
shelter from the pandemic. Covering four
major resorts across Colorado – Aspen,

100 flights a day in August (Figure 9).

However, according to Mr Foran, we may

family homes with 32 above $5m.

start to see a gap emerge between buyer

The market gained traction as the summer

and seller expectations in the coming

progressed with sales in July and Augustmonths, he adds: "Inventory levels haveaccounting for 57% of all sales in 2020

In the first nine months of 2020, Aspen

not kept up with demand and new listings

with luxury neighbourhoods such as Vail

Snowmass, Vail and Telluride – Knight

According to Ed Foran, Douglas

recorded 464 sales, exceeding the total ofare down by as much as 50%. Sellers may

Village, Mountain Star and LionsheadFrank’s US partners, Douglas Elliman,

Elliman’s Managing Broker in Aspen,

418 for the whole of 2019.

start to adopt aspirational asking prices,seeing some of the the highest achieved

have seen sales increase across all their“By September 2020, Aspen Snowmass

but it remains to be seen how buyers

sales prices.

markets over the summer months.

had already shattered all previous

Since 2018, total sales have increased
year-on-year with transactions above $11

will respond.”$2.6bnTotal dollar volume
sales in Aspen YTD(Sept 2020)

Despite earnings declining 29% in 2020,

With viewings prohibited from 13 MarchAll eyes are now on the reopening of the

Vail Resorts has reported that ski pass sales

to 9 May 2020, the market was effectively

slopes prior to the Thanksgiving weekend.

are up 18% for winter 2020 compared to the

The ski areas are implementing ski passsame period in September 2019.

halted. Some minor discounting took
place, but most sales held firm.

FIG 9. PRIVATE JET FLIGHTS REBOUNDED IN ASPEN AND VAIL OVER SUMMER MONTHS
Denver

Vail

Aspen

programmes for 2020/21 designed to140

The Douglas Elliman office in Aspen
reopened on 1 June and was met with an
influx of buyer enquiries seeking single
family homes. While overseas buyers

$20M+

185

encourage passholders to ski during the120

week, easing density at the weekends.

100
80
60
40

Telluride
Average prices in downtown Telluride sit

Tucked into a box canyon in south-westaround $1,100 per sq ft, whilst MountainLong lift lines and overcrowding has neverColorado, Telluride is comprised of two

been an issue at Aspen Snowmass and thedistinct markets – downtown Telluride andVillage is priced closer to $700 per sq ft.

largely disappeared due to travel bans,

20

proposals for this winter will reduce any

Mountain Village. At 9,545ft, the latter is a

An old mining town, it now hosts numerous

US buyers from Texas, Florida, California

0risk further. The Aspen Skiing Company

master-planned, ski-in, ski-out community

festivals (prior to the pandemic) and is best

was already improving the mountain’s

with its own golf club, connected toaccessed via either Telluride or Montrose

infrastructure when Covid hit, and they

downtown by a free gondola.

regional airport, just 65 miles away.

Mar 2020

and the East Coast did more than justplug the gap.

Apr 2020

May 2020

Jun 2020

Jul 2020

Aug 2020

Sep 2020

Source: WingX

are on track to complete additionalsnowmaking facilities and a new Big Burn

FIG 10. AVERAGE PRICES BY NEIGHBOURHOOD As at Q3 2020 or latest available
2,628

2,612

2,541

1,563

1,538

1,391

1,372

1,128

1,111

709

Arapaho & Roosevelt
National Forests

Eagle County
Airportlift in time for this winter.

Single family homes, $ per sq ft

VAIL

70

Vail

SNOWMASS

Located within a two-hour drive of Denver,

Aspen Pitkin
County Airport

the resort is a popular weekend retreat forthe city’s residents but demand also comesfrom Chicago, New York, San Francisco,
Los Angeles, Toronto and Vancouver.

25

ASPEN

50

Montrose
Regional
AirportGunnison National
ForestSouth American buyers were evident,

50

50

particularly Argentinians, but their buying
Aspen
Central Core

Aspen
Red Mountain

Aspen
West End

Aspen
West Aspen

Aspen
East Aspen

Snowmass
–

Vail
–

Aspen
Mclain Flats

Telluride*
Telluride Town

Telluride*
Mountain Village

power has been stymied recently by thestrong US dollar.

Telluride
AirportTELLURIDE*Telluride data relates to single family homes and condos Source: Douglas Elliman/Miller Samuel

1270

Denver
AirportDENVER13

Rio Grande National Forest

25
50

SKI PROPERT Y REPORT 2021

SKI PROPERT Y REPORT 2021

RESORTS TO WATCH
Experts from across the Knight Frank network handpick the resorts they
consider to be primed for growth

GRIMENTZ,SWITZERLAND

CHAMPERY,SWITZERLAND

COURCHEVELLE PRAZ, FRANCELES HOUCHES,FRANCE

Located to the north of the Canton of

Surrounded by the Dents du Midi, thisThe most authentic and down-to-earth

A pretty ski resort with unparalleled

Located in the San Juan Mountains andValais, at 1,550 metres, Grimentz’s

authentic alpine village provides skiersof the Courchevel resorts, Le Praz has

views of Mont Blanc, a ten-minute

set in a box canyon, Telluride is a former

altitude means its season extends overwith easy access to the Portes du Soleila large permanent population anddrive from Chamonix and only an

mining town with Mountain Village

20 weeks. Reliable snowfall combined– which, with over 600km of pistes, isexcellent amenities including its own

hour from Geneva.

perched above offering ski-in/ski-out living.

with quiet slopes and a picturesque

Europe’s largest ski domain.

school, making it a favourite with

Why is the area up and coming?

Why is the area up and coming?

With land becoming increasingly

Buyers are recognising Telluride as a year-

scarce in the Chamonix Valley,round destination offering world-classdevelopers are turning towards

skiing and outdoor recreation but without

opportunities in Les Houches withthe crowds.

Annabelle Common

alpine village appeal to those seeking a
tranquil base in the Val d’Anniviers.

Laura Farrand

Why is the area up and coming?
Lower values than neighbouring resorts

Vincent Salm

those seeking a permanent or semipermanent base.

Why is the area up and coming?

yet still within easy access of Montreux,

Why is the area up and coming?

The resort’s owners have ploughed over

Lausanne and Geneva for those seeking

Completed in 2019, the new Le Praz

CHF26m into the resort resulting ina weekend bolthole or a more permanent

telecabine to 1850 takes just fivebetter lifts, including a new cable carbase in the Alps from which to work

minutes, plus, the 2023 FIS World Ski

connecting Grimentz to the neighbouringfrom home.

Championship will finish in Le Prazresort of Zinal. The area is becoming more
popular with cyclists and trail runners.

My favourite bits

giving the resort global exposure.

Excellent sports centre and numerous

My favourite bits

My favourite bits

biking trails as well as traditional

The traditional and family-focusedGoing off-piste in Grimentz is a treat given

Swiss cafes.

restaurants which are set against a

the slopes don’t get tracked out. Plus,skiers get to enjoy a 360-degree view ofthe five peaks, including the Matterhorn.
Who’s buying?
Along with the rest of the Val d’Anniviers,
the resort is popular with Swiss, British
and Dutch buyers.
What will my money buy me?
CHF2m will buy a large luxurious fourbedroom chalet in a good location.

Caroline Miller“

Buyers are recognising
Telluride as a year-rounddestination offering
world-class skiing andoutdoor recreation but
without the crowds

Young families seeking a small andfriendly resort, popular with Swiss andBritish buyers.
What will my money buy me?
Prices start at CHF1.2m for a twobedroom apartment stretching to
CHF2m for a four-bedroom chalet.
The one thing the locals liketo keep secret…

The one thing the locals likeA full thermal spa located nearby at

to keep secret ….

Val d’Illiez – The Thermes Parc –After a night-time tobogganing session,

where you can drift along the hot river

we head to a bar on the piste, Chez

surrounded by snow and mountains.

My favourite bits
There…Telluride is a favourite cozy-My favourite bits

chic bar, The Butcher & The Baker is a

Quick access to the trails and slopes

Telluride favourite offering organic, local,

both in summer and winter due to thehomemade bites.

high-speed Prarion gondola and the

Who’s buying?
Australians are on the increase as our
winter climates alternate, enabling them

A popular choice for locals, commuters

to ski during their summer holidays.

and second home owners, particularly

Affluent domestic buyers are coming from

Who’s buying?

those seeking a larger property andTexas, Arizona, California, Florida, New

French, English and Belgian buyers,

wanting value for money.

York and Illinois.

What will my money buy me?

What will my money buy me?

A brand new two-bedroom apartment

A pied-à-terre in downtown Telluride

Hotel Les Peupliers is a favourite, its
mousse au chocolat is a must.

particularly those seeking a more
understated and low-key setting than
Courchevel’s higher altitude resorts.

with balcony in the centre of thewill cost around $1m. Budget about $6m

What will my money buy me?

village for €355,000 or for a bigger

for a luxury home in Mountain Village.

A chalet in the heart of the village€1m budget a four-bedroom chalet.

costs between €1m and €1.5m but for
a newly-built ski in/out chalet budget
around €2m-€4m.
The one thing the locals like
It is where the Morels mushrooms grow!

14

Blake Greiner

Who’s buying?

to keep secret…

Florioz, for live music.

family skiing.

Bellevue cable car.

charming Alpine village backdrop,

Who’s buying?

its year-round community and good

TELLURIDE,UNITED STATESWANT MORE
HOTSPOTS?

View our global list of Next

Neighbourhoods, from urban

The one thing the locals like

The one thing the locals like toto keep secret…

keep secret…

Once you arrive in Telluride, there is no

Les Houches has the best runs forreal need for a car. Telluride’s gondola

powder-skiing with the kids.

system provides free transportation
between the towns of Telluride andhotspots to second home retreats.

Mountain Village.

15

We like questions, if you've
got one about our research,or would like some property
advice, we would love to hearfrom you.

Roddy Aris

Residential Research

Head of French Alps

Liam Bailey

roddy.aris@knightfrank.com+44 20 7861 5133

Alex Koch de Gooreynd

liam.bailey@knightfrank.com

Head of Swiss Alps

Kate Everett-Allen

alex.kdeg@knightfrank.com+44 20 7167 2497

Jason Mansfieldkate.everett-allen@knightfrank.com

Head of Aspen Sales

PR Enquiries

jason.mansfield@knightfrank.com

Astrid Recaldin+44 20 7861 1182
astrid.recaldin@knightfrank.com

Knight Frank Research
Reports are available atknightfrank.com/research

Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clientsworldwide including developers, investors, funding organisations, corporate institutions and the public sector. All
our clients recognise the need for expert independent advice customised to their specific needs. © Knight FrankLLP 2020. Terms of use: This report is published for general information only and not to be relied upon in any way. All
information is for personal use only and should not be used in any part for commercial third party use. By continuing toaccess the report, it is recognised that a licence is granted only to use the reports and all content therein in this way.
Although high standards have been used in the preparation of the information, analysis, views and projections presented
in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage
resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material
does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. The content
is strictly copyright and reproduction of the whole or part of it in any form is prohibited without prior written approval
from Knight Frank LLP. Knight Frank LLP is a limited liability partnership registered in England with registered number
OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.