Savills Ski: Middle East buyers are rushing to the slopes to own Alpine retreats
Savills ranks 20 global resorts for their appeal to executive ‘sNOwMADS’, winter executive nomads looking for semi-permanent bases during the winter months
Demand for prime residential ski property has remained undeterred despite the impact of the pandemic on international travel. Across the 46 resorts tracked by Savills, prime residential asking prices grew, on average, by more than 20% in the last year and by over 30% since 2020.
Aspen and Vail take the top place in the Savills Ski Prime Index, with average asking prices reaching €38,500 and €37,900, respectively.
Verbier has climbed three places and is the most expensive prime Alpine resort, with an average asking price of €27,800 per square meter. Thanks to its dual-season appeal and international schools, Verbier attracts a diverse buyer base. A lack of stock and an increase in remote working are contributing to price growth.
Top 20 prime ski resorts
| Ranking (2022/2023) | Resort | Asking price per sqm | Ranking (2021/2022) |
| 1 | Aspen | €38,500 | 1 |
| 2 | Vail | €37,900 | 2 |
| 3 | Verbier | €27,800 | 6 |
| 4 | Val d’Isère | €27,800 | 4 |
| 5 | St. Moritz | €23,900 | 8 |
| 6 | Gstaad | €23,500 | 5 |
| 7 | Courchevel 1850 | €23,100 | 3 |
| 8 | Zermatt | €22,000 | 9 |
| 9 | Andermatt | €21,300 | 7 |
| 10 | Courchevel* | €20,100 | 11 |
| 11 | Méribel | €19,500 | 10 |
| 12 | Davos | €18,200 | 12 |
| 13 | Flims (Laax) | €16,700 | 13 |
| 14 | Crans Montana | €15,800 | 19 |
| 15 | Megève | €15,400 | 14 |
| 16 | Chamonix | €15,200 | 22 |
| 17 | Tignes | €15,100 | 33 |
| 18 | Klosters | €15,000 | 18 |
| 19 | Kitzbuhel | €14,500 | 16 |
| 20 | Villars | €14,400 | 24 |
Source: Savills Research
Note: Based on properties with asking prices greater than €750,000 with exchange rate as at September 2022.
*Includes Le Praz, Courchevel 1550 and 1650
Demand from affluent Middle East buyers is growing, according to Savills, with many countries in the region whose currencies are pegged to the USD especially benefiting from the currency appreciation.
Guy Murdoch, French Alps Manager of Savills Ski said: “We are seeing more Middle Eastern buyers in our markets. Potential buyers from this region tend to prefer chalets in more discreet locations within prime resorts, and usually, the preference is for brand-new properties, rather than from the secondary market. Interestingly, this is not always due to the financial incentives in place for new build properties in France, however more on account of personal taste. Resorts, where there are various non-skiing activities on offer (spas, swimming pools, luxury shops etc.), are most popular, such as Megève and Courchevel 1850. Switzerland is also alluring to Middle Eastern buyers, but it is more difficult to find the right product due to purchasing restrictions for non-Swiss residents.”
Executive sNOwMADs: The Winter Executive Nomad
The Savills study also ranked 20 global resorts for their appeal to executive ‘sNOwMADS’, winter executive nomads looking for semi-permanent bases during the winter months. The resorts have been ranked on their connectivity and ease of access, resilience to climate change, the prime residential market, and quality of life.
Whistler Blackcomb in Canada tops the table of the best ski resorts for an executive ‘snowmad’. Offering 8,000 acres of terrain for winter sports enthusiasts, plentiful snow, a year-round vibrant village, attractive prime property prices, and close proximity to Vancouver, British Columbia’s most famous resort is the ideal retreat for footloose executives. Zermatt, in Switzerland, ranks second, driven by its dual-season appeal and good connectivity. The resort of Val Gardena takes third place – this Italian resort is the closest of all 20 resorts to a large city and international airport.
Savills Ski agents report that just over 90% of chalet owners are staying for longer periods of time post the pandemic, and 60% of owners are now working remotely from their ski residence.
Commenting on the outlook, Jeremy Rollason, head of Savills Ski, said, “Despite limited stock, we anticipate that double-digit price growth is unlikely to continue into 2023, with growth more likely to plateau in certain locations. At the very top end of the market, where purchasers are more reliant upon equity and less dependent upon debt, as well as being a safe haven for capital, the impact of tightening monetary policy is likely to remain limited.”
