The property boom in second homes seen throughout the UK is about to hit the slopes as demand for mountain properties soars.
YouGov research, commissioned by The Luxury Ski Show among high-net-worth individuals planning to buy ski properties in the next year, reveals that half (51 percent) say it’s harder to buy a mountain home now than it was pre-COVID. Despite this, demand isn’t dampening, and almost half (46 percent) said they would be willing to overpay to secure a ski property in the next 12 months.
In fact, on average, buyers would be willing to pay 29 percent more than the property’s asking price, with more than one in 10 (11%) even prepared to pay at least 50 percent more.
Staggeringly, the fierce competition is resulting in the majority (64 percent) of imminent ski property hunters now likely to engage in ‘gazumping’ – the underhand technique when a seller accepts a higher offer from a second buyer despite having a verbal agreement in place with someone else. And almost half (44 percent) said they are more likely to gazump now than they were pre-pandemic to get their hands on a ski property.
Not only are buyers prepared to pay more for the property of their dreams, but they’re willing to make their offer without even seeing the property. Half (52 percent) would buy a ski property without a viewing, with 41 percent admitting they are more willing to behave like this now than they were pre-pandemic.
This snowballing demand for mountain properties comes as the pandemic prompted people to reflect on their priorities and what is most important to them. A third (33%) said they would buy a property now, either as an investment or to use as a holiday home, just to avoid missing out.
The continued uncertainty surrounding foreign getaways were also cited as a motivator to buy, with 31 percent wanting to guarantee they have somewhere to go on holiday in the future, away from other people. A further 30 percent said they would purchase a ski property to ensure they have a backup holiday destination.
Lifestyle changes following the pandemic are having a similar influence. A quarter (26%) want to buy now as they have more flexible working patterns and working from home options, whilst one in five (21 percent) want to achieve a healthier and more balanced lifestyle.
When considering where to buy a mountain property, the Alps continues to reign supreme for buyers looking to invest. Val d’Isère (France), Chamonix (France), and Zermatt (Switzerland) all make the top three of the most desired locations for buyers. However, many are also looking further afield for snow sports with a quarter looking to buy in Aspen (USA) and 13 percent considering Niseko (Japan).
Jana Korpova-Harris, Director at Overseas Guides Company, organiser of the Luxury Ski Show, said: “Whilst we knew that the popularity of ski properties was on the rise, this research demonstrates just how unprecedented the current demand is. With many buyers willing to overpay to secure properties, and the act of ‘gazumping’ on the rise, competition for mountain homes has never been fiercer. With only a finite number of chalets available, particularly in Europe’s most popular resorts, those looking to secure a property in time for this year’s ski season will need to act quickly.”
To find out more about the luxury ski properties currently on the market, register to visit the virtual Luxury Ski Show here: https://www.theluxuryskishow.com/get-tickets-2021/