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Those looking at overseas property investments in areas such as the Swiss Alps
may have a somewhat more complex choice to make than in days of yore.
Where once it was a matter of finding attractive chalets in a snowy
location for the winter, much has changed.
For one thing, the
spectre of global warming has come to the fore. Figures from the Swiss
Association of Winter Sports Resorts has shown that the winter season
in the Alps has receded by 12 days since 1995. This means 12 days less
when a skier or snowboarder may wish to rent out a buy-to-let property in a resort before taking to the slopes.
Worse
still, the weather has become highly erratic. Steve Thomas, managing
director of Alpine Property Investments, said that many people had been
concerned about the wisdom of investing in Alpine resorts in the light
of the winter of 2006-07, when the mild weather left low-lying resorts
catastrophically short of snow.
Mr Thomas added: "The
unpredictability of the snow in the different resorts around the world
from year to year is currently leaving an open mind with the majority
of ski property hunters as well on global warming."
The
last two winters have shown this is a worldwide problem, not just an
Alpine one, with the mild European winter of 2006-07 coinciding with
record snowfall in North America and the situation reversing itself
this year.
Many people had found an obvious solution, he stated:
"Climate change has already become a factor in some clients' minds -
approximately 15 per cent - when they are looking to purchase a ski
property and these buyers are all looking to buy at altitude."
But
buying high is not the only new concern. Investors are now not just
looking for winter accommodation but places which are open all year
round, partly for their own use, Mr Thomas noted, but partly because
tourist boards were looking to develop year-round attractions. He gave
the examples of Les Diablerets and Leysin in Canton Vaud in Switzerland
as two locations whose family-friendly facilities had added to their
appeal.
The advantages of such investments are obvious: A longer
period in the year when tourists are in the area means longer periods
when rental property is occupied. Furthermore, the presence of
attractions other than winter sports means not everybody will vanish if
global warming inflicts more mild winters.
Such
diversification does not just happen in the Alps. In Scotland for
example, the Nevis Range ski resort uses its world championship
mountain biking track and cable cars to bring in tourists throughout
the year, transporting cyclists to the top of the track and giving
mountain climbers a major head start in Munro-bagging the 4,000 ft
peaks of Aonach Mor and Aonach Beag. A similar cycling facility is
planned for Glen Shee in the Cairngorms.
For investors in ski
property in the Alps, therefore, looking either for high altitude
locations where snow is guaranteed or diverse locations which are not
wholly reliant on the weather appear to be the keys to success.