1、REPORTSavills ResearchTH E S K I R E P O RTW O R L D R E S I D E N T I A L W I N T E R 2 0 2 3/2 433 Margaret StreetLondon W1G 0JD+44(0)20 7499 86443THE SKI REPORT 2023/24Jeremy RollasonHead of Savills Ski+44(0)20 7016 3753+44(0)7969 785 Twelve months ago,our crystal ball was crystal clear.After two

2、 years of vertiginous price growth in mountain resorts across Europe and North America,it was apparent that the market could not sustain continued increases of 15%(or more,in some cases)per annum.Our prediction that the market would split into two tiers with a flattening of the curve at the mid to l

3、ower end,and a continuation of price growth at the ultra-prime end duly transpired.Fast forward to autumn 2023 and our crystal ball is now a little hazier.In September 2023,for the first time in 15 meetings,the Bank of England chose not to raise interest rates.This pause for breath is likely to be e

4、mulated by both the Federal Reserve and the European Central Bank in the coming months,as they too reflect upon whether fiscal tightening has the desired effect of lowering embedded inflation.One thing is clear:higher interest rates have unquestionably deterred some potential buyers in the Alps.Inve

5、stor type buyers can no longer generate positive returns if they have more than a 50%loan-to-value mortgage.Even if they wanted to,British buyers,post-Brexit,still find it virtually impossible to find a mortgage product in France.Fortunately for developers and private sellers,there are plenty of oth

6、er domestic and European buyers to help sustain demand.At higher price levels,in excess of/CHF 3 million,the mortgage market is less of a factor.High-net-worth buyers are typically less reliant on debt and would ordinarily only use a bank loan to deploy capital elsewhere,or as a fiscal instrument to