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Ski news: regeneration for Alpine resorts
With a wide choice of ski slopes for all levels, modern equipment and services, plus quality ski apartments and chalets, it’s no wonder the French Alps remain the most popular ski destination for the British. Several resorts are banking on such popularity, revealing major redevelopment works to modernise and regenerate the resorts, some of which have been running since the 1960s.
Although the skiing is a key driver for investors to buy properties in the Alps, it appears quality après-ski and entertainment, particularly fine dining, could also be a major incentive. With the Michelin Guide recently revealing its 2017 stars, the French Alps are certainly a hotspot for gourmets – Le 1947 au Cheval Blanc in Courchevel was the only restaurant to be awarded a third star this year and four other establishments in Savoie and Haute-savoie were given Michelin stars, two of which are in Courchevel too.
The glitzy resort of Val d’isère will be undergoing the largest redevelopment it has seen in years. Imagined and planned by property experts Athena Advisors, the programme will focus on the central area called ‘Le Coin’ and create a new shopping district, two three/four-star hotels, a bus station, new après-ski facilities including plenty of bars and restaurants, and a series of residential properties. Delivered by Alpine developer Jean-charles Covarel, the project should cost €200m and be completed by 2022.
Val d’isère’s property market has never been so dynamic, particularly for new-builds and high-end renovations. The price of such properties has increased by 18% since 2015 reaching €20,000/m2, according to Athena Advisors.
After celebrating its 50th anniversary, the resort of Avoriaz in Haute-savoie presented a €300m project to upgrade its equipment. The resort realised it needed to upgrade its facilities in order to cater to the rise in demand for luxury skiing residences and services.
The project will include an extension of a Pierre et Vacances residence and the construction of a new Club Med with the aim of adding 2,000 beds to its accommodation offer. The resort is also hoping to modernise its current ski-lift system and create junctions to link new residential properties. It is hoped the project will be finished by 2021-2022.
As a whole, Savoie-mont-blanc’s property market performed well in 2016. According to the local FNAIM (Fédération Nationale de l'immobilier), between June 2015 and June 2016, property transactions increased by 9.2% and prices for mountain properties also increased across Savoie and Haute-savoie, with an average price of €5,765/m2 for apartments and €9,100/m2 for chalets. Savoie-mont-blanc’s FNAIM also notes that the most popular properties are two to three-bedroom homes.
Le Coin regeneration project in Val d'isère
Avoriaz ski resort