Ski-mad Brits leap into the unknown

MORE than a million of us head off for a break on the slopes every winter, and now it seems that many Brits are dreaming of taking the next step and owning their very own place on the piste.

But a shortage of property in the Alps has pushed up prices beyond the reach of many.

Elsewhere bargain hunters are looking to lesser-known markets such as Bulgaria and Andorra, while others are beginning to view the flight to North America as worth the fare.

Read on to see which country would be best for you:

Andorra

THIS tiny principality suffered from a severe case of bad street cred in the eighties, when it became known as the “poor man's Switzerland”.

But over the past 20 years Andorra has recovered some lost ground, thanks to some major investment in the slopes and the arrival of some good quality hotels.

It seems that we have forgiven the resort, and last year it was the setting for one in seven European ski holidays taken by Brits.

Roger Manns, of Tribune Properties, is selling studio apartments overlooking the slopes at El Tarter for £110,000. Two-bed, two-bath apartments start from £176,000 and chalets from £350,000.

Not bargain basement prices then, but Roger adds: “Andorra is not in the EU and its tax system is similar to Monaco, so a steady stream of buyers seeking income tax-free residency has fuelled demand and pushed prices up.” 

Bulgaria

BULGARIA has soared in popularity with British buyers over the past two years.

What started off as a trickle of bargain hunters has now developed into a full-blown multi-site market - and ski homes are really taking off.

Amar Sodhi of Avatar International sells property all over Bulgaria but says that it is the ski-resorts that are attracting the most attention at the moment.

In particular, buyers are drawn to the old town resort of Bansko, set in the Pirin mountains and a candidate for the 2014 Winter Olympics.

“Sales have been going through the roof there, particularly with new developments,” he says. “It's a very picturesque ski resort town that has always been quite popular. But in the past year massive improvements have been made to the infrastructure with ski lifts and a gondola station.

“Because of that prices in the area have rocketed. I remember someone advising me to buy some land there in March 2003, when it cost £17 per square metre. Now it's selling for anything between £70 and £105.”

Studios in Bankso start from £35,000. Amar is marketing The Monastery, a new apartment development with parking, security and on-site sauna, gym and bar, close to the gondola with prices starting from £53,000 for a one-bed.

Two-bed, two-bath apartments in the nearby award-winning Belle Vue Spa and Ski resort are for sale with Bulgarian Dreams for £77,000.

Canada

IT may take a little longer to get to than the Alps, but it does have some fantastic skiing and is very fashionable.

But while Whistler is far from cheap, there are alternatives for those who are prepared to go long-haul for their fun and are hoping for a sizeable return on their investment.

Sean Collins of Pure International is selling the Solara Resort in Canmore, a full-service Rocky Mountain resort 43 miles from Calgary Airport that boasts on-site golf, spa and shopping facilities as well as a 'downtown' area of restaurants and bars.

“Canada is a bit more of an adventurous purchase, than say Switzerland,” says Sean. “We are seeing a younger buyer, between the ages of 25 and 40 who hope to use their property for two or three weeks a year and then rent it out the rest of the time. It's an investment.”

Prices start from £160,000 for a one-bed apartment rising to £345,000 for a three-bedder and buyers are offered a guaranteed rental return of eight per cent for the first two years.

Over on the east coast Erna Low is marketing Tremblant Les Eaux III near Mont Tremblant, which has been voted best ski resort in eastern North America for the past seven years and attracts over two million visitors a year. The project, masterminded by Intrawest consists of apartments, townhouses and semis and prices start from £155,000 for a two-bed apartment.

But if it can only be Whistler then you could satisfy with owning just a share of a property. Erna Law is also selling a timeshare project in the resort called At Nature's Door.

For £135,000 you get a one tenth share of a three-bed apartment, which you get to use for five weeks a year. It might feel good to tell your friends that you are jetting off to your place in Whistler for a few weeks, but it could be a bit galling if the value of the place doubles over the next two years - you won't see a penny of the profits.

France

ZIGI Davenport, owner of the Alpine Apartment Agency, has been selling property throughout the French Alps for 20 years, and says that while prices have been rising, it remains as popular as ever.

She says: “I think that families with young children who are tied to school holidays are realising that by buying they will probably have paid for their holidays over a ten-year period just from increases in the property value, and the rental income they can get from three weeks in February pays their running costs for the year.”

Zigi partly blames the shortage of property in the Alps on tough planning restrictions in the region, adding: “Anywhere within a reasonable drive of Geneva Airport is going to be expensive, particularly around the Three Valleys which covers Meribel, Courchevel and La Tania.”

But while Zigi is selling an 'ultimate' chalet at the ultra-desirable Courchevel 1850 (the number refers to the height) for a cool £10m she is quick to add that other French resorts still offer good value for money.

On her books is a £53,000 studio flat in Chamonix with underground parking, which she says would rent out for between £200 to £400 a week during peak season.

“Les Portes du Soleil is also a good area, particularly the village of Chatel, which is right on the Swiss border and looks like something from Heidi,” she says.

“It is an hour from Morzine but is about a third cheaper, Verbier is an hour away too. Two-bed apartments start from £50,000, and you can pick up a two bedder on the slopes for £175,000, which would let really well.”

Switzerland

WHILE France remains ever popular, the past couple of years have seen a rise in interest in the once prohibitively expensive Switzerland.

Simon Malsters, managing director of Investors in Property, says that most buyers are surprised to discover that the price of Swiss property compares favourably to similar ones in French resorts, once they are compared on a like-for-like basis.

He says: “When you look at, say, a two-bed apartment in Switzerland the same money would get you three bedrooms in France. But they are both offer a total of 70 square metres of living space.”

If you are looking for value for money, you can immediately discount resorts like Verbier, where £500,000 is more first-rung than full-on-luxury in the two-bedroom apartment market.

Simon recommends Villars and Saas Fee as alternatives. Villars is 50 per cent cheaper than Verbier but scores well in terms of accessibility, skiing and nightlife and Simon is selling apartments in a new development, Chalet Rhodonite, just above Villars centre with two-bedders starting from £294,000 and three-beds from £389,000.

“Saas Fee is a definite place to watch,” adds Simon. “It's just over two hours from both Geneva and Milan airports and is in the next valley from Zermatt – it's almost a mini version of it. It's on a high altitude, has bags of charm and it also has attitude, with a lot going on apart from skiing, yet it is a lot cheaper than Villars.”

One project that Simon is marketing in Saas Fee is the refurbishment of several ten year-old chalets called Mountain Villas. A three-bed chalet would start from between £250,000 to £300,000.

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