Perfect retreats for skiers

Traditionally, autumn is the time when many people start planning winter ski breaks, but some ski lovers are going a little bit further and are buying their own properties in ski resorts. And it's not just the traditional destinations such as the French Alps which are hotspots for buyers; other European countries as well as Canada and the US are increasingly in demand.

Erna Low is a well-known tour operator specialising in skiing holidays but in recent years the company has started up a property arm and is fast becoming known for selling in ski destinations. It has a range of developments for sale in Europe, Canada and the US including Base Village at the foot of Colorado's Snowmass Mountain where the second phase of "ski-in ski-out" condominiums are about to be released.

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Erna Low's CEO, Joanna Yellowlees-Bound, has watched demand for property on the other side of the Atlantic grow: "Colorado has been a hot spot for families and Aspen itself has been voted as one of the best resorts for beginners, therefore making it accessible to a much wider market. UK buyers are now not afraid to invest in ski resort property outside Europe which would have been unheard of a decade ago."

But the company also recognises that certain European destinations will always hold lasting appeal for British buyers. In conjunction with Savills it recently announced two new developments in one of the most popular ski resorts, Val d'Isere. New property in this part of France is rare thanks to strict planning laws making the developments of La Residence Aquilla and La Daille unusual.

Aquilla, near to the Solaise and Bellevarde cable cars and the town centre, lies at the foot of the ski slopes. Thirty-eight one- to five-bedroom apartments are for sale from €650,000 (£464,000). La Daille is near Val D'Isere and is a gateway to the Espace Killy, which covers the whole resort, plus Tignes. All apartments have balconies and are being sold on a leaseback scheme offering returns of 4 per cent annually with prices starting from €220,000 (£157,000).

EU integration has opened up whole other countries for British buyers who have only recently been allowed to buy in destinations such as Austria and Switzerland. Chesterton International is currently selling several new Swiss developments including Les Chalets de Maries in Ovronnaz a "Swiss-style south facing chalet" where all apartments have mountain views, starting from £148,000. A shuttle bus runs throughout the winter bringing the slopes within a few minutes distance. Chesterton International is also marketing La Residence Le Loup Blanc in the resort of Anzère, near fashionable Crans Montana, where apartments start from £280,000.

Skiing holidays are always costly, and buyers are often concluding that, in the long run, buying a ski apartment works out cheaper than paying for family skiing holiday. Michael and Erika Cain from the Isle of Man recently bought an apartment at the Bell Tower in the ski resort of Bansko in Bulgaria through Avatar International. With two children aged four and seven, the couple plan on using the property themselves and believe it also offers great investment potential: "We are a young family with a love of winter sports and we first started to look for a property in a ski resort due to the expense of ski holidays for a family of four," says Michael.

And it's not only skiing which drew the Cains to this resort. Set in a National Park, activities such as golf, tennis and fishing give them plenty of holiday options throughout the year and the development also has its own health spa and restaurant. What's driving many buyers to this particular area is the hope that Bansko will receive a major investment, as it is a candidate for the 2014 winter Olympics. Several UK tour operators already promote Bansko and there are now eight-seater fast gondolas from the resort to the main area, as well as snow-making equipment. The Pirin Mountains are an adequate resort for most skiers but experts may prefer the challenges of some of the country's best downhill skiing at the nearby resort of Shiligarnika.

The Cains happily admit that their apartment's low price tag was their major incentive. "Bansko has to be the best value compared to any other European ski resort, with prices at less than half the cost per square metre than most Alpine regions." Prices for one bedroom apartments at the Bell Tower start from €39,244 (£28,000) and Michael adds, "My apartment was cheaper than a garage in London."

Low-cost skiing holidays are proving to be a big draw but many buyers also hope to let their properties. Some investors are torn between buying in a beach resort or a skiing location but investment specialist Assetz says that ski resorts produce better yields as they have year-round letting potential. The firm recently launched two developments in the resorts of Bansko and Borovets and says that buying here could produce year-round rentals with yields of up to 12 per cent, which they estimate is around double of what you can expect on the coast. Ten apartments in Borovets are due for completion in January 2006, priced from €76,961 (£52,236) for a studio and €78,897 (£53,524) for a one-bedroom apartment. A guaranteed rental scheme is available offering a yield of 9 per cent. Eleven apartments are for sale in Bansko, due to complete in March 2007, priced from €58,353 (£41,600) for a one-bedroom apartment, with "ski in ski out" access.

But as with any purchase, buyers must choose their resorts carefully. Buying properties which have "ski in ski out access" and buying in a high-altitude resort where a good season is guaranteed will bring both greater personal enjoyment as well as help to let the properties. Avatar International's Amar Sodhi believes that Bansko is the perfect choice: "Property prices here are much lower than those in the Alpine regions, so apartments have excellent letting potential and it has the best snow record and longest ski season of all the Bulgarian resorts."

Further information

Erna Low Savills: 020-7590 1624; www.ernalowproperty.co.uk

Chesterton International: 020-7201 2070; www.chesterton.co.uk

Avatar International: 08707 282 827; www.avatar-international.com. Assetz: 0161 456 4000; www.assetz.co.uk

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