Ski resorts
Pieds-a-terre on piste
Sebastian Deckker
I HAVE just returned from a trip to the Alpine village of Megeve, situated in the heart of the Haute-Savoie, in the shadow of Mont Blanc, where I successfully introduced my three-and-a-half-year-old goddaughter to the pleasures of skiing. It occurred to me, while out there, that there has never been a better time to head for the hills and buy a place in the mountains.
According to the International Residential Department of FPDSavills (020 7824 9030), 'a nervous stock market and low interest rates have led many people to look at alternative investments, especially in overseas property offering both pleasure and profit'. Olivier Beumer, an associate, comments that much of this interest is focusing on the traditional 'short-haul' second-home markets, where the arrival of the euro, cheap mortgages and easy access via the Channel Tunnel, the TGV and low-cost flights have made owning property abroad easier than ever before. Beumer explains, 'France no longer feels "foreign-, and the use of mobile phones, email, satellite television, international brands and the widespread understanding of English allow Britons to genuinely feel "at home" in Europe.' Furthermore, with access to the Alps via Geneva, Lyon and Chambery, it is now possible to leave England before breakfast and be on the slopes by lunch.
Megeve was discovered in the early part of the 20th century by Baroness de Rothschild when she had decided to find a suitable resort in her home country to rival the extremely fashionable St Moritz. Megeve has now reinvented itself and is certainly 'a serious contender for the most stylish resort on the Alps'. FPDSavills are marketing a wonderful chalet at £995,000 (1,452,700 euros). The property, which has views towards Mont Blanc, has seven bedrooms, four bathrooms and a swimming pool. There is also a roof terrace, accessed from the first-floor living-room, and garaging for three cars.
Properties close to the pistes and lifts in the most exclusive resorts, like Val d'Isere or Courchevel, are still out of reach for most except for those with the deepest pockets. Simon Malster, of the ski-property specialists Investors in Property (020 8905 5511), comments that, 'although the mega-resorts continue to pull in the crowds, there is a definite niche for smaller, more traditional-style villages'. Malster can offer advice on all aspects of buying a property in France: instructing a note ire, who normally acts for both vendor and purchaser; purchase taxes, which can amount to 4,89 per cent of the agreed price if the property is more than five years old; local property taxes; taxe d'habitation and taxes foncieres, based on the value of the property; service charges and rental agencies, which typically take up to 20 per cent.
The growing wealth and changing aspirations of the 'baby boomers' and their children have led to big increases in recreation and leisure spending. Beumer further indicates that 'skiing in particular has benefited from this demographic trend, and the demand for high-quality skiing property offering good rental yield potential has been exceeding supply'.
FPDSavills has recently been appointed to handle property at new development in the French Alps. Intrawest, North America's largest resort real-estate company and ski-resort operator, responsible for resorts such as Whistler and Tremblant, is developing its first five-star European resort village in the renowned ski area of Les Arcs. The company spent two years searching for a suitable site and eventually identified Arc 1950, possibly the last remaining location for such a project in the Alps. The 'ski-in, ski-out' pedestrian village also has connections to La Plagne, creating 'one of the most extensive ski areas in the world'. Simon Malster describes it as 'Disney in the snow'. The first two phases have been completely sold out 'off plan' and the next phase will be released later this year. Prices start at £74,000 (108,000 euros).
Situated in the beautiful village of La Chapelle d'Abondance, a few minutes drive from Chatel and the Portes du Soleil ski domain, an apartment in Les Airelles is on the market for 00.822 (45,000 euros). At only 28 square metres, it is small but still perfectly adequate for a long weekend. For the more adventurous, the Chalet Bassachaux is a large detached property situated on the piste close to Chatel. Built in 1997, it is now used as a goat farm, and still maintains the stalls and cheese-making room on the ground floor. The basement and first floor need renovating, but this is reflected in the price of £181,500 (265,000 curos). Close by, in Les Gets, the Chalet Guillaume is a large four-bedroom property with a heated ski and boot room, a roof terrace and covered parking space. The situation is ideal, according to the agent. There are excellent views over Mont Cheq and the property is only 300m from the nearest ski lift. Les Gets is situated on a low mountain pass close to Morzine, with good lifts and pistes on both sides, and gentle nursery slopes on the edge of the village and higher up at Les Chavannes. Further details of these properties can be found on alpine-property.com.
The unremarkable old hamlet of Sainte Foy is on the main road from Bourg-St Maurice, linked with Paris and London Waterloo, to Val d'Isere — the single most popular destination for British skiers and snowboarders. Just above it is a resort of the same name, rumoured to be the best kept secret in the Alps. There are also connections to the 800 kilometres of pistes and 96 lifts that make up L'Espace Katy. The Chalets de Virage are 'built in traditional Savoie style by local craftsmen, and feature old beams, wood carving and original stone roofs' in order to blend in and maintain the charm of this expanding village, where some of the chalets are more than 100 years old. A four-bedroom property, one of the 12 under construction, is on the market with FPDSavills at £320,000 (467,200 euros). Facilities include a tennis court and heated outdoor pool. The chalets can be funded on a buyto-let basis. Purchasers who choose this option may reserve a number of weeks for their own use, and will be able to reclaim the VAT element of the purchase price — currently 19.6 per cent in France. Together with a guaranteed minimum income, it is not difficult to see why this option has proved so popular.
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