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France
What began as a traditional mountain settlement of farmers,
Val d’Isere
grew rapidly after
the Second World War into one of Europe’s best known ski destinations. Snow sure, high
altitude and a rustic Savoyard vernacular, gives this likeable resort a unique atmosphere that is
impossible to replicate. A new ¤200m project at the base of the resort was announced in 2017.
This will include a total of 300 additional bed spaces, as well as commercial and retail areas.
Val d’Isere has long been at the forefront of infrastructure advance. From the installation of the
Funival Funicular in 1987 (2,425/hour capacity) to the recent upgrades to the Solaise Express,
the operators of Espace Killy have kept the resort at the cutting edge of ski lift technology. The
property market shows little sign of abating. Re-invigorated by the appointment of President
Macron, the French are now the dominant buyers, making up approximately 50% of buyers. UK
and Belgian buyers are still active, aided by historically low borrowing rates and an impending
review of the wealth tax.
No commentary would be complete without a mention of
Courchevel
. While in recent years
Courchevel (1850)
has been talked about in no other context other than a takeover by Russian
investors, it is clear that they are no longer the only players. They are still present, but the last
12 months has seen a resurgence of domestic demand by French investors, buoyed by the
business friendly rhetoric coming from The Elysee Palace. Despite the weakness of sterling,
British buyers have not deserted Courchevel or the Three Valleys and are extremely active,
especially in
Meribel
. A shortage of land availability is helping to sustain prices in both resorts.
The ¤65 Aquamotion water park that opened in 2016 has been well received and adds to the
seasonal variety of available activities. Courchevel very much retains its position as the king of
French resorts, at least when it comes to property prices (see table on page 47).
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