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Brits look for a place in the snow

Friday, 14 March 2008 12:00 AM

British investors looking for property abroad are looking for a place in the snow this winter, with Alpine destinations a particular favourite.

Alpine France, Italy and Austria all saw strong increases in interest, while Canada was also proving popular among those looking for property abroad.

The latest HiFX Global Property Hotspots report, which covers the period from January to March this year, also shows in summer destinations such as Spain and Cyprus is waning.

"The French Alps are still top for Brits seeking a place in the snow with France accounting for 26 per cent of all enquiries due to its close proximity and cheap airlines," explained Mark Bodega, director of HiFX.

According to HiFX prices are higher in well established resorts such as Meribel, Courchevel and Chamonix - but the rental yields also remain consistently high in these areas.

However, despite its present popularity, buyers are advised to look for property in the Alps during the summer when a greater choice of properties is available.

Prices are also an average of five to ten per cent cheaper during the off-season, according to HiFX.

"The more canny investors look for smaller villages which are just 'off the beaten track' and have recently been connected to large ski areas by ski lifts as they offer good scope for growth while offering a more authentic lifestyle," hinted Mr Bodega.

For investors looking to make a purchase in the snow HiFX has the following advice:

  • Don't dive in as soon as you return from your skiing holiday: The first three months of the year are the busiest time for the ski property market, but Savvy buyers should search for their place in the snow during the summer.
  • Look at the altitude of the resort to make sure that the investment is safe and reliable in the long term.
  • Make sure the resort has a good artificial snow making system.
  • Consider the currency risks associated with buying a property abroad - currency fluctuation can make a huge difference to the amount of money you pay (this is particularly important when buying off-plan).
  • Get information about the past few seasons in terms of snow conditions.
  • Find out how many weeks the resort is open in the winter and in the summer in order to establish a rental income plan.
  • Get the average occupation rate of the resort or the area for the past few years.

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