PROPERTY
If your idea of winter-time heaven involves heading for the pistes, then you may well be in the market for a luxurious Alpine eyrie. GARY JONES scours Europe’s ritziest mountain resorts and fiVLs fi^M XZQmM XZoXMZtQMs
Off-piste living
The house-hunter battle cry of “location, location, location” is especially pertinent when selecting a luxury )lpine sSi property and can Je Peard ecPoinO o ٺ snow-dusted slopes from Kitzbühel to Cortina d’Ampezzo. A property’s price and potential rental return, as well as lifestyle factors (shopping, dining out) to be enjoyed while in residence, can vary greatly with country and resort.
According to the 2019 issue of the industry-respected International Report on Snow & Mountain Tourism, the number of annual “ski visits” globally has been relatively stable for almost two decades, Po^erinO at aJo]t million While the United States attracts more skiers than any other country (with close to 20 percent of the global total), the most favoured region is consistently the European Alps, with the “big four” nations of Austria, France, Italy and Switzerland together capturing an impressive 44 percent of all ski visits. That popularity makes the Alps an attractive destination for ski-property investment. This is especially true in what real-estate giant Savills calls the ¹primeº marSet defined as piste side properties ^al]ed at more tPan  Savills describes the top 25 percent of prime properties as “ultraprime”, and The Ski Report continues to explain in statistical detail tPat tPere are siOnificant ^ariations in demand Nor tPese e`cl]si^e residences, their market prices and potential returns on investment depending on location. Savills says the American town of Aspen currently ranks as the global ski resort with the highest ultra-prime prices (equivalent to €44,500 per square metre), with Vail (€32,900; also in the state of Colorado) taking third position. Both Aspen and Vail are most popular with domestic buyers. All other locations in the 2019-2020 ultra-prime top 10, however, are in the European Alps, with the French resort of Courchevel 1850 (in the reliably excellent Les Trois Vallées skiing region, and named for its altitude, which averages at 1,850 metres above sea level) currently placed second (€33,400). Courchevel 1850’s most luxurious chalets are favoured by international buyers, notably from Switzerland and Russia. They come not only for perfect snow but also for the exceptional choice of Michelin-star restaurants, including acclaimed Le Chabichou by Stéphane Buron, Le Kintessence, Baumanière 1850, Le Montgomerie, Le 1947 and Sarkara; and designer shopping courtesy of Louis Vuitton, Hermès, Valentino, Loro Piana, Prada, Cartier, Fendi, Dior and the likes. Val d’Isère (€29,300), also in France and similarly always in high demand due to its well-earned reputation for luxury, is placed fourth, swiftly followed by Switzerland’s St Moritz (a smidgeon under €29,300) and Verbier (€27,600), and then Courchevel (including the sister towns of Courchevel 1300, Courchevel 1550 and Courchevel 1650), Megève (France), Andermatt (Switzerland) and Méribel (France). Most owners don’t live in their ski properties but use them as occasional winter boltholes, and so potential rental return is often a smart investment consideration. 1n +o]rcPe^el Nor e`ample a top tier l]`]ry cPalet defined Jy Savills for this comparison as a detached, 4,000-square-foot, newly furnished property with six bedrooms, six bathrooms, valley or mountain views and spa access) might cost €12 million to buy. In the skiing high season, it could achieve a rental return of €100,000 a week. In Austria’s Tyrol, a similar chalet costing half that might pull in just €10,000 for the same peak-season rental period. That said, the medieval Tyrol village of Kitzbühel has long been fashionable with tPe Ret set 8otential J]yers Pere Jenefit not only Nrom a wide cPoice of stylish, sought-after chalets regularly coming to market, but also numerous gourmet restaurants, exclusive boutiques, alluring nightlife and other après ski diversions on the doorstep. Finally, investors in ski properties are advised to consider “resort resilienceº ]sinO fi^e Sey metrics – snow Y]ality snow reliaJility season lenOtP altit]de and temperat]re – to Oa]Oe tPe consistency oN a resort¼s sSiinO o ٺ erinO Over the past three years, the same six resorts have topped Savills’ Resilience Index. In order of their ranking for 2019-2020 they were Zermatt (Switzerland), Saas-Fee (Switzerland), Breuil-Cervinia (Italy), Vail, Aspen and Obertauern (Austria). It’s also worth noting the speed at which Andermatt, in central Switzerland’s picturesque Ursern Valley, appears to be racing up the Resilience Index, from 45th place in 2017 to its current seventh position. *orderinO tPe protected )]strian nat]re reser^e oN 0oPe Projected to be completed this year, and already proving a hit with green-minded buyers, the village-style resort will include 13 private chalets, 45 condominiums and a 77-room hotel, all designed by celebrated Italian architect Alberto Priolo with interiors by Sweden’s Martin Brudnizki fusing regional authenticity and local stone and wood witP contemporary AEair What’s more, each chalet comes with a limited-edition Porsche Smaller with three bedrooms but no less comfortable, Chalet Albert (for sale by Alpine Marketing at €3.6 million; alpinemarketing.com) nestles within walking distance of Kitzbühel’s buzzing, metropolitan centre and enRoys maOnificent ^iews oN tPe nearJy peaSs oN Hahnenkamm, Wilder Kaiser and Kitzbuehel Horn. Built in the typical Tyrolean style with a widely projecting roof to protect wooden Jalconies tPe cPalet also Jenefits Nrom open SitcPen a do]Jle OaraOe and a huge terrace with plentiful sunshine. “Austria, France, Italy and Switzerland together capture 44 percent of all ski visits” In the sought-after Quartier Nogentil of upmarket Courchevel 3niOPt .ranS SniOPtNranS com is o ٺ erinO a rare pacSaOe oN two beautiful, neighbouring chalets at €15.6 million. Built in traditional Alpine style and sumptuously decorated with warm, extensively wood-panelled interiors, Chalet Alaska (living area 3,900 square feet) and Chalet Anchorage (3,000 square feet) each boast fi^e Jedrooms and fi^e JatProoms deli^er e`ceptional ^iews oN tPe majestic Sommet de la Saulire and surrounding peaks, and are just a leisurely stroll from the much-favoured Pralong piste. Alaska’s indoor spa with heated indoor swimming pool, sauna and hammam (Turkish bath) will help ease aching muscles after days of high-octane adventures on the slopes. Anchorage’s master suite has its own private jacuzzi. Guests can also recharge batteries courtesy of the chalet’s wellness area with its own chromotherapy jacuzzi and steam room. Both properties feature large dining and living areas witP maOnificent stone fireplaces as well as spacio]s terraces Nor o ٺ piste entertaininO In the heart of the popular Swiss skiing destination of Villars-surOllon (generally known simply as Villars), Savills (savills.com) is o ٺ erinO tPe +Palet .le]r des 6eiOes at ! million ;wiss Nrancs (about HK$71.5 million). Set in 2,000 square metres of private landscaped grounds, this substantial (6,350-square-foot) residence overlooks the Rhône valley from an altitude of 1,258 metres. With seven bedrooms and six bathrooms, the recently built chalet is ideal for entertaining, with spacious reception rooms, luxurious li^inO areas la^isP Jedroom s]ites s]n filled Jalconies larOe terraces and wooded gardens. The creative layout enables the property to Je confiO]red as a si` Jedroom cPalet and a st]dio apartment or a fi^e Jedroom cPalet and a one Jedroom apartment 8op]lar witP Namilies >illars o ٺ ers a Oood ranOe oN sSiinO Nor all levels, two international boarding schools, an abundance of summer activities and Geneva airport just over an hour away. Also on sale by Savills, at €9.35 million, Chalet Kiliminjaro in Val d’Isère is a convenient, quintessentially Alpine chalet in the resort’s pop]lar 4a 4eOettab area 1t o ٺ ers easy access to more tPan Sm oN Oroomed pistes pl]s a wealtP oN cPallenOinO o ٺ piste r]ns Spread over four levels and totalling 4,198 square feet,the ski-in, ski-out chalet is traditional in design, incorporating locally quarried stone and Par^ested timJer 1t Joasts fi^e larOe Jedrooms and fi^e bathrooms (three en suite), meaning it can easily accommodate 10 O]ests 1t also Jenefits Nrom a sa]na a Oenero]s terrace witP Rac]bbi and a semi-professional kitchen. The open-plan dining-and-living space has cathedral ceilings, a fireplace Jalcony and P]Oe Jay windows deli^erinO JreatPtaSinO ^iews oN spectac]lar s]rro]ndinO OeoOrapPy