■ Diversifying demand: Skier numbers in the west are at a high plateau, or in some markets, decline. The most resilient Alpine resorts will be those that are able to diversify their demand base. This means attracting new, younger visitors (for a variety of activities) and tapping into growing Asian ski markets.
■ Rarity and exclusivity: The ultra prime resorts of the Alps have an established reputation as a destination for the world’s wealthy. Few global rivals have the cachet of the premier Swiss, French and Austrian destinations and we expect more demand from newly wealthy as they seek out the ‘right’ places to ‘be seen’.
■ Swiss stock constraints: the Lex Weber rule has put a cap on the size of the market for second home buyers at popular Swiss resorts. With no further prospect of additional stock, we anticipate upward pressure on prices for the best properties.
■ Austrian value: Austrian resort property still offers value in light of strong price growth seen in the rest of Austria in the last decade, particularly when compared to price points in French and Swiss resorts. We anticipate some price catch up as Austria draws an increasingly international audience.