1、Ski Property Report 2023The definitive guide to property markets in the worlds top ski PROPERTY REPORT 20232R E A C H I N G N E W H E I G H T S But,there are clouds on the horizon.Low interest rates have allowed easy borrowing for more than a decade,but a new landscape beckons as mortgage costs and

2、energy prices ramp up.This years new Ski Sentiment Survey gets under the skin of what factors purchasers of ski homes are considering before buying.From property and location preferences to their key motivations and from sustainability to the impact of Brexit,we gauge their thoughts(page 6).I hope y

3、ou enjoy reading the 14th edition of the Ski Property Report,and if the Alpine team can be of assistance,please do get in touch.Our network now expands across 23 resorts with new offices open in both Morzine and Crans-Montana.ts been a story of resilience and adaptation for the Alpine property marke

4、t,despite three interrupted ski seasons due to the pandemic.A move to hybrid working,a rekindled love of the great outdoors and heightened interest in wellbeing boosted demand during the 2021/22 ski season.One in four ski home buyers are now seeking either a second home or co-primary property entire

5、ly for their own personal use,with no plans to rent their property.Strong demand,set against a backdrop of limited stock in some resorts,explains why this years Ski Property Index increased by 5.8%year-on-year,its strongest rate of growth for eight years(page 4).KATE EVERETT-ALLEN HEAD OF GLOBAL RES

6、IDENTIAL RESEARCH IHybrid working has boosted demand as more buyers seek a co-primary home in the AlpsSt MoritzDavosKitzbuhelAustria Klosters ChurChamonixLYONGENEVAZURICHSWITZERLANDFRANCE Megve CHAMBRY Val dIsre Mribel Courchevel 1850 Courchevel MoriondCourchevel VillageSaint-Martin-de-BellevilleCra

7、ns-MontanaGstaadFribourgNeuchtelBourg-Saint-MauriceVerbierVillars-sur-OllonChampryMorzineLes GetsKnight Frank Sales OfficeAirportLeysinNyonLausanneVeveyZermattGrimentz Knight Franks Alpine networkSKI PROPERTY REPORT 20233SKI PROPERTY REPORT 20233KEY FINDINGS3SKI PROPERTY INDEX The Swiss resorts of C

8、rans-Montana and St Moritz lead our prime price index with annual growth of 14%in 2022CURRENCY PLAY US buyers enjoyed a 15%discount when buying in France in October 2022 compared to a year earlier,due to the strengthening dollarYEAR-ROUND RESORTS One in four respondents to our Ski Sentiment Survey a

9、re looking for a year-round resort with a broad mix of ski and non-ski activitiesASPEN Sales above US$5m now account for 62%of transactions and luxury prices have exceeded US$4,000 per sq ft for the first timeSKI PROPERTY REPORT 20234The price of a ski home is rising at its fastest rate for eight ye

10、ars.The average price of a four-bedroom chalet across the 23 alpine markets we track increased by 5.8%in the year to June 2022,up from 4.6%a year earlier.This means prime prices in the French and Swiss Alps rose on average by 13.9%during the pandemic.Swiss resorts outperformed their French counterpa

11、rts for the second consecutive year,with prices up 7.1%on average compared to 4.3%in French resorts.However,this follows eight years of French ski resorts outperforming their Swiss neighbours.The Swiss resorts of Crans-Montana and St Moritz lead the rankings,both registering an annual growth of 14%i

12、n the year to June 2022.Crans-Montana,which saw muted activity prior to the Covid-19 crisis,has bounced back with its credentials as a year-round resort firmly back in the spotlight.Located on a southern-facing Which Alpine resorts lead our annual rankings for prime property price growth?Switzerland

13、FranceAustria1.Gstaad 37,941 2.St Moritz 28,266 3.Verbier 27,757 4.Courchevel 1850 27,200 5.Zermatt 23,188 6.Val-dIsre 20,900 7.Kitzbuhel 18,971 8.Courchevel Moriond(1650)16,700 9.Courchevel Village(1550)16,500 10.Davos 16,041 11.Klosters 16,001 12.Mribel 16,000 13.Megve 15,500 14.Mribel Village 14,

14、800 15.Crans-Montana 13,659 16.Villars-sur-Ollon 13,579 17.St-Martin-de-Belleville 13,500 18.Chamonix 13,250 19.Grimentz 12,481 20.Leysin 11,597 21.Les Gets 10,000 22.Morzine 9,538 23.Champry 9,086 per sq m*RESORTS RANKED BY PRIME PRICES K I I N D E X R E S U L T S AT A GLANCEIn 2022,Knight Franks S

15、ki Property Index registered its strongest annual increase since 2014*Exchange rate calculated as at 30 June 2022offer the same year-round appeal lakeside living in the summer and a long ski season,plus restaurants that remain open all year round.Verbier(8%)has seen a large volume of sales in the la

16、st 12 months which is pushing stock levels lower.Demand is truly global,with enquiries from UK and US-based buyers notably strong last season.This year sees the inclusion of three new ski resorts in the index,Morzine,Les Gets and Kitzbuhel,reflecting the expansion of Knight Franks network in the Alp

17、s.slope,boasting two championship golf courses and a wealth of amenities,the resort is back on the radar of buyers seeking a more affordable Swiss base.St Moritzs performance is primarily attributable to a lack of stock.It remains the go-to resort for buyers from Zurich and Milan;two cities less tha

18、n a three-hour drive away.Plus,there are few other resorts in the Graubnden Valley that NEW OFFICE OPENINGS Knight Frank is pleased to announce the opening of two new offices,one in the French resort of Morzine serving the wider Portes du Soleil region,and the second in the Swiss resort of Crans-Mon

19、tana.Located within an hours drive of Geneva Airport,Morzine has witnessed strengthening demand in the last two years.Providing access to high-altitude skiing via Avoriaz and home to some of the best MTB trails in the world,the resort is attracting winter and summer sports enthusiasts alike.Crans-Mo

20、ntana,originally two towns,Crans-sur-Sierre and Montana which merged in the 1960s,is located at an altitude of 1,495 m.Playing host to the 2023 Womens Alpine Ski World Cup,the Giro dItalia and numerous music festivals the resort is also home to Le Regent College,a top international school,helping to

21、 attract a mix of second home buyers and permanent residents.Our new offices in the Alps underline our commitment to our clients,responding to your changing requirements.We look forward to welcoming you.SKI PROPERTY REPORT 20235Annual%change to Q2 2022Crans-MontanaSt MoritzKlostersDavosLes GetsMorzi

22、neKitzbuhelVerbierMegeveGrimentzChamonixGstaadVal dIsereSt-Martin-de-BellevilleMeribel VillageCourchevel Village(1550)Courchevel 1850MeribelCourchevel Moriond(1650)ChamperyLeysinVillars-sur-OllonZermattSource:Knight Frank ResearchThe Portes du Soleil resorts of Les Gets and Morzine lead the French r

23、ankings this year with prices climbing 11%and 9%respectively.The performance of the French resorts is largely split by region.Resorts in the Haute-Savoie region(Chamonix,Megve,Morzine,Les Gets)have performed strongly due to their proximity to Geneva Airport,alongside their year-round appeal due to t

24、heir mid-altitude status and their affordability.These three factors are chiming strongly with a new breed of co-primary property hunters looking to make multiple trips a year.Summer tourism in these resorts,featuring food and music festivals,combined with a surge in sporting events(trail running,MT

25、B races,road cycling,hiking etc),are together helping to boost rental income for owners looking to capitalise on demand from a wider cohort of mountain lovers.The Savoie resorts by comparison(Val dIsre,Courchevel,Mribel)retain their cachet but with higher market entry levels they appeal to a smaller

26、 cohort of wealthy buyers seeking the best winter ski conditions.We expect the exuberance in the alpine markets to cool in the next 12 months.Thats not to say we expect prices to fall,in times of volatility and uncertainty the security of the Swiss Franc is likely to come to the fore once more,along

27、 with the value and accessibility offered by the French resorts.But after three stellar years,the economic headwinds will start to weigh on buyer sentiment in the Alps and globally,prompting the rate of annual price growth to slow.KNIGHT FRANK SKI INDEX RESULTS 2022 Based on a four-bedroom chalet in

28、 a prime central locationAnnual%change to Q2 2022MEET THE TEAM Contact Alex Koch de Gooreynd or Roddy Aris to learn more about current market conditions SKI PROPERTY REPORT 2023620 or under21 to 3031 to 4041 to 5051 to 6061 to 7071 to 8081+S K I S E N T I M E N T S U R V E YA B O U T T H E S U R V E

29、 YThe Knight Frank Ski Sentiment Survey was conducted between 7 September and 12 October 2022.The findings represent the views of over 230 Knight Frank clients located across 33 countries and territories.The data below sets out the profile of respondents in terms of age,income,and location.his years

30、 survey results confirm some long-suspected trends but also highlight some interesting new ones.We knew the pandemic had influenced buyer priorities,but the premium now attached to mountain views,fast broadband and outdoor space looks to be significant.The results also confirm the extent to which Fr

31、ance is the preferred destination,its accessibility and affordability being a key draw.Sustainability and climate change are on the minds of ski home purchasers with the energy efficiency of their future ski home a priority for 54%.Plus,buyers are looking closely at the overall resilience of a ski r

32、esort,the investment plans and future snow provision.It is clear buyers are better informed than ever before,both in terms of pricing dynamics,market risks and opportunities as well as futureproofing their purchase.For most buyers,anything above a three-hour drive from airport to resort is a deal br

33、eaker and a new breed of hybrid workers are eyeing a co-primary base with enthusiasm.But it also highlights some previously unknown trends.Not all buyers enter the market with a clear view as to whether they want a new-build or resale property,and of those looking for a new home in France,almost hal

34、f are unaware of the countrys VAT rebate incentive(see page 12).WHERE DO THE RESPONDENTS LIVE?WHAT AGE ARE THE RESPONDENTS?(%)WHAT IS THE SIZE OF THEIR HOUSEHOLD INCOME?(%)05m+2m 5m1m 2m750,001 1m500,001 750,000250,001 500,000100,001 250,00050,001-100,000Less than 50,00085 Europe113 UK107

35、222AmericasMiddle EastAfricaAsia Pacific12.6%16.7%20.5%9.2%2.9%2.5%1.3%7.9%26.4%0.4%17.2%18.4%28.9%21.8%10.5%2.1%0.8%NB Some datasets may not add up to 100%due to roundingTSKI PROPERTY REPORT 20237FRANCE IS THE MOST POPULAR DESTINATION AMONGST THOSE LOOKING TO BUY Where are you looking to buy?OVER 7

36、0%OF RESPONDENTS ARE EITHER ACTIVELY LOOKING TO BUY A SKI HOME OR CONSIDERING A PURCHASE IN THE FUTUREAre you currently looking to buy a ski home?BUYER PLANSLOCATION PREFERENCESFrance remains the most popular destination,with 75%of existing owners having a home there as well as being the preferred d

37、estination for half of all future buyers.Switzerland sits in second place,followed by other European destinations such as Austria and Italy(both 9%).Almost 40%of respondents already own a ski home with a fifth of survey respondents actively looking to buy a ski home in the future(22%)and an addition

38、al 49%considering a purchase in the future.49%Not currently but maybe in the future23%No plans to buyFrance SwitzerlandAustriaItalyJapanSpain CanadaNew Zealand Australia2%1%1%1%50%23%9%9%4%THE PROPORTION OF RESPONDENTS THAT ALREADY OWN A SKI HOME WITH 75%OF RESPONDENTS OWNING IN FRANCE39%22%Yes5%:Ot

39、her2%:OtherMORE THAN ONE IN FOUR RESPONDENTS WANT A YEAR-ROUND RESORT OFFERING BOTH SKI AND NON-SKI AMENITIESWhen considering which resort to buy in,what are the most important factors?Year-round resort with mix of ski and non-ski activitiesAccessibilityLong ski seasonGood choice of restaurants,bars

40、 and nightlifeValue for moneyRental ReturnsGood ski school/nursery slopes for children27%1%18%17%15%13%8%SKI PROPERTY REPORT 20238The survey results reveal buyers want a lot more from their ski home than a simple base from which to ski.A year-round resort which offers a range of sports the summer an

41、d winter is now the preferred choice for 27%of respondents.Accessibility also remains key with 18%of buyers saying it is their number one consideration.Drill down into their preferences further and 30%want to be within an 90 minutes of an airport,whilst 31%are willing to drive up to 3 hours,but the

42、numbers shrink considerably beyond this time limit.ALMOST 30%OF RESPONDENTS WANT TO BUY A SKI HOME WITHIN AN HOURS DRIVE OF AN AIRPORTWhen considering which resort to buy in,what is the maximum journey time from the airport you would consider?QUICK ACCESS TO THE SLOPES,AMENITIES AND VIEWS ARE KEY FO

43、R BUYERS WHEN CONSIDERING WHERE TO PURCHASELocation features:How important are the following when choosing where to buy?1.5 TO 3 HOURSLESS THAN 1.5 HOURS30%31%4%1%4 HOURS+3 TO 4 HOURS1Proximity to ski slopes2Proximity to restaurants,retail amenities3Good views4Provision of summer sports;golf,tennis,

44、mountain biking tracks etc5Good trails for mountaineering/hiking6A south-facing mountain to maximise sunshine7Availability of spa/wellness facilities in the resort8Good ski schools9Town planning rulesMOUNTAIN VIEWS,HIGH-SPEED BROADBAND AND OUTDOOR SPACE ARE THE TOP PRIORITIES FOR PURCHASERS Property

45、 features:How important are the following factors when choosing the type of property to buy?PROPERTY PREFERENCES34%Other*234517896MountainviewsHigh-speedbroadband Outdoor space(balcony/garden)Sustainabledesign(constructionmaterials&energy efficient)Flexibleliving/multipleuse roomsAnnex/accommodation

46、for family/visitors Ski in/Skiout option A homestudy/officeA home gym SKI PROPERTY REPORT 20239OVER HALF OF RESPONDENTS PLAN TO USE THEIR PROPERTY AS A BASE TO SKI AND ENJOY ALPINE LIVING When buying a ski home,I plan to use it primarily as.33%A base from which to ski 22%A base from which to enjoy t

47、he mountains0.4%A base to visit my children whilst at school in the Alps0.8%Combination of the previous2.1%A base from which to train(cycling,trail running etc)A mix of second home and rental investmentA second home or co-primary home(for personal use only)A primary residenceA rental investment(not

48、for personal use)4.2%A base for family members dispersed globally to meetOVER A THIRD OF BUYERS REMAIN UNDECIDED AS TO WHAT TYPE OF PROPERTY TO BUY Do you plan to buy a new-build or existing property?OF THE BUYERS LOOKING TO PURCHASE A NEW-BUILD PROPERTY,OVER 44%ARE UNAWARE OF FRANCES VAT REBATE FOR

49、 NEW HOMES If looking to purchase a new-build property and in France,are you aware of the VAT rebate initiative?Mountain views,high-speed broadband and outdoor space are the top property preferences for buyers,arguably all attributes made more valuable by the pandemic.Existing homes still appeal to

50、more purchasers than new-build homes,but a large proportion remains undecided.Interestingly,44%of those looking to buy a new home in France were unaware of the potential benefit of the countrys VAT rebate policy.44%MOTIVATIONSA second home and rental investment(30%)sits out in front as the main moti

51、vations behind a ski home purchase,but a growing proportion(26%)are seeking a property to use for extended periods and exclusively by themselves.In terms of how buyers plan to use their ski home,skiing and enjoying mountain life dominate,together accounting for 55%of responses.However,a trend weve h

52、eard about for a while is now evident in the figures,the Alps are appealing to an expanding group of athletes keen to use the mountains as their training base.ALMOST 30%OF BUYERS ARE SEEKING A SECOND HOME THAT THEY CAN ALSO USE AS A RENTAL INVESTMENTWhen buying a ski home,my main motivation will be3

53、0%26%5%3%30%Other*36%Undecided 27%Existing 7%New 38%:Other38%:OtherUnawareDisclaimer Notice Knight Frank LLP 2022 Detailed and bespoke tax and legal advice must be obtained.This document is intended to provide only a general outline and does not constitute advice.SKI PROPERTY REPORT 202310A THIRD OF

54、 RESPONDENTS SAY THE LONG-TERM RESILIENCE OF A SKI RESORT IS VERY IMPORTANT TO THEM To what extent does the resilience of a ski resort(snowfall,temperature,season length)influence your decision on where to buy?ALMOST 60%OF RESPONDENTS ARE TAKING A RESORTS FUTURE PLANS FOR SNOW PROVISION INTO ACCOUNT

55、 WHEN CONSIDERING WHERE TO BUY To what extent are you paying attention to a resorts plans to invest in infrastructure such as ski cannons and water collection/storage to future-proof snow provision?ALMOST A QUARTER OF RESPONDENTS THINK THE ENERGY EFFICIENCY OF THEIR SKI HOME IS VERY IMPORTANT Thinki

56、ng about your future ski home,how important is the energy efficiency of a home to you?SUSTAINABILITYBREXITOF THE UK RESPONDENTS,68%SAID THE POST-BREXIT 90/180 DAY RULE HAD INFLUENCED THEIR PURCHASE PLANS TO SOME EXTENT If you are a UK resident,what impact has Brexit and the new 90/180 day rule had o

57、n your decision to buy?Since January 2021 and the UKs departure from the European Union(EU)UK buyers have been limited to staying 90 out of every 180 days in the European Union.The largest proportion of respondents(45%)said this had made little difference to their purchase plans,32%said it had made

58、no difference at all.Climate change is on the minds of ski home purchasers,with 58%stating that the long-term resilience of a ski resort is important or very important to them when considering where to buy.Furthermore,54%of respondents stated that the energy efficiency of their property is important

59、 or very important to them.Some 32%of buyers are doing their homework,researching the investment strategies being pursued by resort owners to maximise future snow provision.38%:Other38%:Other38%:OtherImportantVery importantNot very importantIrrelevant31%23%7%1%OC33%4%0.5%25%Very importantImportantNo

60、t very importantIrrelevant23%A lot 32%Not at all 45%A little32%A lot26%A little4%Not at allSTAY INFORMEDSign up to Knight Franks Research Updates O T H E R G L O B A L R E S O R T S T O W AT C HQ UEENSTOWN NEW ZEALANDN I SEKO JAPANC O RTI NA ITALYLocated on the shores of Lake Wakatipu on New Zealand

61、s South Island,Queenstown is the countrys“adventure capital”offering bungy jumping,boating,fishing,fine dining and,of course,skiing.The average property price sits at around NZ$1.3 million,according to the Real Estate Institute of New Zealand(REINZ).Prices fell 7.7%in the year to September 2022 but

62、remain 60%higher than the national average.Demand from Auckland and areas of the South Island remains strong,but the changing macroeconomic picture has led vendors to be more realistic on price expectations.Since 2018,foreign buyers(except those from Singapore and Australia)are not permitted to buy

63、existing homes but can make limited investments in larger residential new-build developments and hotels.Residents have access to four ski fields which open from June to October and the resort plays host to the southern hemisphere Winter Games in August.Home to a population of around 5,000,Niseko is

64、located on Japans northern island of Hokkaido and a two-hour drive from Sapporo,the islands largest city.Typical properties include two to three-bedroom condominiums between 100 and 150 sq m in size with average prices between US$500,000 and US$1.5 million.Such properties are targeted by second home

65、 buyers and investors alike.Domestic buyers make up around 70%of purchasers with Singaporean and Hong Kong buyers accounting for the remainder of demand.There are four key resorts:Annupuri,Niseko Village,Grand Hirafu,and Hanazono,each suiting different skiing abilities and age ranges.There are no re

66、strictions on foreign buyers in Hokkaido and the citys New Chitose Airport handles around three million international passengers each year,a figure set to grow as Nisekos becomes a fixture on the global winter sports calendar,the resort is due to host the Ski Jumping World Cup in 2023.Set to host th

67、e 2026 Olympic Winter Games,Cortina dAmpezzo sits in the heart of the Dolomites and within a two-hour drive of Venice.Significant investment in the resorts roads and infrastructure in the run up to 2026 is expected to attract more international investors to the resort.A luxury four-bedroom chalet in

68、 the heart of Cortina is available for 4.5 million while a two-bedroom apartment starts at around 1.5 million.Typical prime prices range between 15,000 and 20,000 per sq m.The centre of the resort and the Pecol area are the most desirable and command the highest prices.Cortinas accessibility is a ke

69、y draw for buyers from northern Europe and across Italy with regular flights to Venices Marco Polo Airport.Italian buyers account for the bulk of purchasers,many from Rome,plus Swiss and UK buyers remain active.SKI PROPERTY REPORT 202312As the world braces itself for a bumpy economic ride over the n

70、ext few years,buyers are keen to know how best to ride out the storm what type of property or resort will prove most resilient?W H AT D O E S A B U Y I N G O P P O R T U N I T Y L O O K L I K E I N T H E A L P S?NEW-BUILD HOMES IN FRANCE Some new homes in France come with a built-in advantage for pu

71、rchasers a potential 20%saving.If buying off-plan via a VAT-registered company or individual,buyers can receive a VAT rebate of 20%,provided they agree to let the property commercially with a registered management company,for a minimum of 20 years.If the property is rented for less than 20 years som

72、e of the VAT will be repayable on a pro rata basis.As a rule,three of the following four services must be provided:A reception for guests(i.e.an Airbnb key safe does not suffice Breakfast provision Linen included Regular cleaning and housekeepingBuying early in the development process is also recomm

73、ended enabling the buyer greater influence over the design and specification of the property,plus stage payments can be spread over a longer period of time.Plus,buyers purchasing new or off-plan also enjoy reduced notary fees.A CURRENCY PLAYInterest rates are rising around the world as central banks

74、 try to curb inflation.Higher interest rates lead to stronger currencies.But,with policymakers moving at different speeds,it creates opportunities for some buyers.The Eurozone is a laggard in this regard.The European Central Bank is doing a careful balancing act of keeping a handle on inflation with

75、out snuffing out the regions anaemic economic growth.Capital Economics forecasts Eurozone interest rates will reach a peak of 3%compared to 4.75%in the US and 5.0%in the UK.The US dollar has already seen strong growth against several currencies,including the euro.A US buyer looking to purchase in th

76、e French Alps in October 2022 enjoyed a 15%discount compared to a year earlier.With currencies across key emerging markets in Asia,the Middle East and Latin America also pegged to the US dollar,buyers in these markets currently enjoy a similar discount.After all,with risks come some opportunities.Ta

77、ke the pandemic,more new businesses were registered in the US,UK and France during the crisis in 2020 than the year before.But an opportunity can mean different things to different buyers.Capital appreciation may be the sole goal for some,reliable rental income a priority for others,some may want to

78、 protect their exit strategy,whilst others want to identify an affordable up-and-coming resort.Below we provide our take on the top five opportunities in the mountains this season.Do contact the team to learn more,their contact details can be found on the back page.12GET IN TOUCH Contact our Alpine

79、experts to learn which resorts are investing heavily in their ski and non-ski infrastructure.SKI PROPERTY REPORT 202313LAND BANKING Larger chalets on bigger plots,that can be divided and developed over time,present an opportunity for buyers looking to make a solid return on their investment,or even

80、cover their initial outlay entirely.French buyers need to pay close attention to the resorts local plan or Plan Local DUrbanisme(PLU),which will determine the status of the land and ensure it is not classified as agricultural land or within an avalanche zone.In Chamonix for example,Knight Frank sold

81、 an older style chalet on a plot of 550 sq m for 1.7 million.The buyer subsequently obtained planning consent for two further chalets with a construction cost of c.850,000 each and a resale value of 1.85 million each.FUTURE INVESTMENT Future buyers should pay close attention to the investment plans

82、of the big ski companies.Several have announced significant infrastructure projects to both protect against climate change and maximise tourist revenues which will inevitably influence future rental returns for second homeowners.Buyers are targeting resorts with ambitious long-term plans like that o

83、f the Compagnie du Mont Blanc which is investing 447 million in Chamonix and the Mont Blanc area,including the upgraded Plan Joran lift at Les Grand Montets.Megve has similar infrastructure upgrade plans.Much of the infrastructure in the pipeline is aimed at enhancing the year-round status of resort

84、s,whether by hosting sports events,music,film and food festivals or improving the provision,range and quality of non-ski activities such as MTB trails,paragliding,hiking routes etc.543SWISS RSIDENCES HOTELIRES While the principal law called Lex Koller sets out the rules and regulations on who can bu

85、y what type of property and where in Switzerland.A second law called Lex Weber,which was introduced in 2013,sets a 20%cap on the number of second homes permissible in each Swiss commune,thereby helping to reduce the proportion of Swiss properties left unoccupied.With most resorts above this level,th

86、e law allows all second homes already constructed to remain second homes in perpetuity,however,no new second homes can be built.All new constructions are therefore to be primary residences only.However,some second homebuyers in Switzerland are targeting a newly introduced hotel-style residence known

87、 as a rsidence hotelire.This style of new project is permitted under the Lex Weber regulation as the acquisition is considered a commercial investment,with a requirement that an owner must rent the property when not in use.SKI PROPERTY REPORT 202314C O L O R A D O S P O T L I G H TOff-market sales c

88、ontinue to grow,as inventory levels remain tight in Aspenollowing a slowdown in sales after the frenetic pandemic years,Aspen has continued to see a reduction in available stock.The number of new listings entering the market declined from 173 in Q3 2020 to 75 in Q3 2022.With demand outweighing suppl

89、y,this has pushed up the price of turnkey,luxury properties.Low inventoryThis sustained lack of inventory has pushed transactions down,with 135 sales agreed in the first ten months of 2022,less than half of the 325 sales recorded throughout 2021.The slowdown is also a reflection that the market is r

90、eadjusting,having experienced strong sales volumes during the pandemic,inevitably meaning year-on-year sales comparisons will be down.Due to the continued lack of available stock,prices remain robust and off-market sales have increased.Over 62%of Aspen sales were above US$5 million in the first ten

91、months of 2022,up from 39%in 2019,prior to the pandemic.The appetite from domestic US buyers has strengthened throughout 2022,with heightened interest from buyers in Chicago,Dallas,Houston and the East Coast.Downtown Aspen is seeing resurgent demand as the race for space which saw buyers target Red

92、Mountain,Starwood and McLain Flats during the pandemic starts to recede.To date,buyer appetite has yet to be dented by the mounting economic headwinds.Douglas Elliman,Knight Franks partners in the US,currently have 05003003502022-YTD202015Projected sales based on H1

93、2022ASPEN SALES HIT RECORD LEVELS IN 2021No of units soldSource:Douglas EllimanAspenSnowmass01,0002,0003,0004,0005,000SnowmassAspen2022202001220112010LUXURY PRICES IN ASPEN EXCEED$4,000 PER SQ FTUS$per sq ftSource:Douglas Elliman AT A GLANCELuxury prices in Aspen inc

94、reased 26%in 2022Over 62%of Aspen sales were above US$5 million in 2022Aspen sales volumes have dipped as stock levels have been depleted following strong sales volumes during the pandemicFSKI PROPERTY REPORT 20231510 properties pending over US$20 million,27 over US$10 million,and three over US$30 m

95、illion,and all have been agreed since the Federal Reserve started raising interest rates in March 2022.Few buyers in Aspen and Snowmass are heavily leveraged,therefore we expect forced sellers will be a rarity in the coming months.SnowmassThe lack of stock and price rises in Aspen has boosted intere

96、st in neighbouring destinations such as Snowmass and Basalt.The resort of Snowmass,only nine miles from Aspen,provides a wider range of affordable properties,while still boasting the benefits of mountain living.Here,over 59%of properties sold in the first nine months of 2022 were below US$4 million.

97、This provides buyers with a value option,with many making Snowmass their initial staging post before moving into Aspen.InvestmentFrom a development perspective,future opportunities still look slim which is likely to cushion prices in the area.The Lift 1A project on Aspen Mountains West Side was sold

98、 in March 2022 by the Gorsuch group for US$76 million with plans for over 320,000 sq feet of commercial space including,a 81-room hotel,a new chairlift,a ski lodge,museum and retail space.The iconic Aspen Mountain Club is also being overhauled and due to open in winter 2023/24.The five-acre site was

99、 purchased for US$52.6 million and once completed will comprise 30 new homes as well as a 60,838 sq ft club and spa.0%20%40%60%80%100%2022YTD202015$1m-$4m$4m-$5m$5m-$11m$11m-$20m$20m+SALES ABOVE$5M NOW ACCOUNT FOR 62%OF TRANSACTIONS IN ASPEN Luxury prices(US$per sq ft)AspenSnow

100、mass020406080100SnowmassAspen20222020002020212022NEW LISTINGS IN ASPEN DECLINE AFTER PEAKING IN JUNESource:Douglas EllimanSource:Miller Samuel/Douglas EllimanFIND OUT MORE To discuss your property requirements in Aspen,Snowmass or Basalt get in touch with

101、Jason Mansfield ColoradoJason Mansfield+44 20 7861 1199 Residential ResearchKate Everett-Allen+44 20 7167 2497 kate.everett-Media EnquiriesEmma Stanley-Evans+44 20 3967 7172 emma.stanley-French Alps Roddy Aris+44 20 7861 1727 Laetitia Hodson+44 20 7861 1083 Swiss AlpsAlex Koch de Gooreynd+44 20 7861

102、 1109 THE SKI PROPERTY REPORTNow in its fourteenth year,the Prime Ski Property Report provides an overview of prime market conditions across Knight Franks key ski destinations:The French Alps,The Swiss Alps,Aspen,Snowmass,Vail and Niseko.DEFINITIONS Where we refer to Prime Property this equates to t

103、he top 5%of each property market by value.Prime markets often have a significant international bias in terms of buyer profile.Knight Frank LLP 2022.This document has been provided for general information only and must not be relied upon in any way.Although high standards have been used in the prepar

104、ation of the information,analysis,views and projections presented in this document,Knight Frank LLP does not owe a duty of care to any person in respect of the contents of this document,and does not accept any responsibility or liability whatsoever for any loss or damage resultant from any use of,re

105、liance on or reference to the contents of this document.The content of this document does not necessarily represent the views of Knight Frank LLP in relation to any particular properties or projects.This document must not be amended in any way,whether to change its content,to remove this notice or any Knight Frank LLP insignia,or otherwise.Reproduction of this document in whole or in part is not permitted without the prior written approval of Knight Frank LLP to the form and content within which it appears.Knight Frank Research Reports are available