Ski property in France - where's best to buy?
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If you're in the market for a French ski property, your thoughts will probably turn first to the Alps - and why not? The region's internationally renowned, well-established, widely reviewed resorts offer some of the world's best winter sports, with smart, custom-built property to match. The only snag is that property prices are often as breathtaking as the views.
For purists, only the Alps will do but canny snow home hunters are waking up to the fact that a ski property in the Pyrenees can provide a great value-for-money alternative, as well as plenty of snow. To help you make up your mind, we've reviewed the ski property market in both of France's best-known ski regions. Read on and wise up to the pros, the cons... and some dramatic differences.
The Alps
First, the good news: reaching this vast area is as easy as a green run. Take a direct, low-cost flight into Grenoble, Chambery or Geneva, followed by a coach, private minibus or hire car transfer. The nearest resorts are within 60 minutes' drive, the furthest are a couple of hours away. In winter, the direct Eurostar 'snow train' runs from London St Pancras to Moutiers, Aime la Plagne and Bourg Saint Maurice, while year-round rail options include the Eurostar service via Paris (arrive at Gare du Nord, transfer to Gare de Lyon) or Lille, combined with high speed TGV and intercity services.
For snow and ski quality, the Alps' higher altitudes mean there are more snow-sure areas and a longer season. There are no two ways about it: for the ultimate in snow sports, the Alps rule. Passionate skiers wax lyrical about the merits of vast, linked ski areas like Paradiski, Les Portes du Soleil and Les Trois Vallees, and the joy of never having to ski the same run twice. Similarly, for daredevils and thrill seekers the Alps' multitude of challenging black runs is where it's at.
If the snow sports are full-on, the apres-ski scene in some of the larger resorts is just as lively, with Val d'Isere, Les Menuires and Tignes renowned for their party scene. Relive your performance on the piste over a glass or three of vin chaud before tottering off to a fondue dinner in one of the many (pricey) restaurants, and then paint the town red until the small hours (it is not unusual to find bars and clubs rocking until 4am or later).
Compared with low-key ski areas in other parts of Europe, everything about the ritzier alpine resorts is just bigger and better: ski areas are longer and wider, restaurants are fancier, lift systems are slicker and quicker (thanks to computer-chip passes), and, in some spots, you can don a T-shirt, top up your tan and ski through the summer on a glacier.
And the bad news? World-class skiing doesn't come cheap. Upmarket resorts like Chamonix, Val d'Isere, Tignes, Courchevel and Megeve will quickly empty your pockets: homes here can cost a cool million euros - and that's just the starting price (MGM, for example, is selling two-bed leaseback apartments within a luxury four-star residence at Courchevel from €1,334,000). If you're insufficiently flush, move on to lower-profile spots such as Les Carroz or Chinaillon, where prices per square metre hover around the €5,000 to €5,500 (£3,500 to £3,800) mark; studios and apartments are more modestly priced in smaller village resorts like Samo‘ns or Morzine.
Regardless of resort, alpine property commands a premium compared to pretty much anywhere else except the French Riviera. However, agents and property experts agree that its value will hold or increase and, as an investment, it will more than stand the test of time. Because property values are reaching dizzy heights, wannabe investors need to look for good rental yields and capital growth as making back the initial outlay through holiday rentals alone is plain unrealistic.
Global warming and an awareness of its effects means that higher altitude resorts with ski-in, ski-out convenience (Flaine, Avoriaz, La Plagne) are finding favour, but buyers will need to budget from €4,500 (£3,100) per square metre for the smallest new build studio. On the refurbishment front, Savills International is marketing Le Centaure, a 52-unit leaseback development in snow-sure Belle Plagne (at 2,050 metres, it is France's third highest ski resort), with access to three peaks over 3,000 metres high. Studios start at €145,000 (£99,000) and are sold with a nine-year lease and 3.25 per cent guaranteed rental returns.
The Alps' unique selling point is its variety of property styles and locations: traditional villages at lower levels boast year-round activity and small hamlets have a certain charm and French authenticity that is sometimes lacking in the high altitude, high end, purpose-built resorts.
The Pyrenees
Straddling Spain and France, the less-assuming, pleasantly uncrowded resorts of the Pyrenees offer plenty of scope for the average winter sports fan. You want accessibly priced, family friendly skiing? You got it. Resale properties with character at reasonable prices? You got it. Pyrenean property values are markedly lower than their alpine counterparts, so buyers get more square metres for their money. In terms of property type, think old-fashioned chalets and charmingly retro hotels; new build developments are less prolific and as for bling - forget about it.
Facilities and amenities may not always be state-of-the-art, but they are improving by the year as the Pyrenees gain in popularity. What the region possesses is quiet charm. Resorts are less frantic and well-suited to family breaks. The aprs-ski scene is not exactly hot but the many sulphur springs lend themselves to post-ski relaxation. Resorts nearer the Mediterranean, like Font Romeu, offer year-round activity and the closer you get to the border, the stronger the Spanish influence in all things culinary and cultural.
This is the place for snow virgins and anyone else who takes a less than gung-ho approach to winter sports. More suited to laid-back fun than back-breaking black runs, the gentle slopes are perfect for cross-country skiing and snowboarding. If there's a drawback, it's that a combination of sun, lower altitudes and weather systems coming in from the Atlantic can make things somewhat slushy further down the mountains, but your average visitor won't be bothered - they're not here just for the snow, after all.
Unkindly dubbed "the poor man's Alps", the Pyrenees can be reached cheaply via low-cost flights into no less than five airports (Biarritz, Carcassonne, Pau, Perpignan and Toulouse), and buyers on a tight budget will find a wide selection of resale properties at comparatively low price points. Homes in the foothills within easy driving distance of the slopes are particularly good value, and can be rented out as a "winter sports plus summer sun" package: allow from €150,000 (£104,000) for a three-bedroom home in habitable condition. Prices rise the closer you get to the slopes: VEF is selling a three-bed renovated cottage in a village 20 minutes from the resort of Gourette, in the Pyrenees-Atlantiques for €255,200; in the same area, Latitudes is marketing a five-bedroom house with extensive grounds and mountain views for €275,600 (£191,570).
New build developments are less common than in the Alps, but around €145,000 will buy a one-bed leaseback apartment in Font Romeu; Latitudes is selling units at the Pic de l'Ours residence with guaranteed returns of up to four per cent and a maximum eight weeks personal use, from €128,575 for a one-bedroom apartment. Elsewhere, around €175,000 (£121,000) will buy a one-bed unit in a brand new residence with pool and health spa, in a popular resort with dual-season interest.
Read our other articles about buying property in France:
as well as overseas property news stories affecting the property market in France, the Homes Overseas Guide to Buying Property in France or view our range of property for sale in France.
First published in Homes Overseas Magazine January 2008.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.