Strong demand from wealthy domestic buyers, coupled with limited stock of luxury homes in the ski resort town of Aspen, Colorado, has pushed up prices so much it’s now ranked the most expensive ski resort worldwide, according to a Savills report Monday.
The average asking price of luxury homes, defined as the top 20%-30% of the priciest residential properties on the market globally, reached €42,200 per square meter (about US$4,451 per square foot) in 2018, the highest among the approximately 50 ski resorts tracked by Savills, a London-based global real estate service provider.
Aspen was ranked the third most expensive ski resort last year.
Aspen’s neighboring resort, Vail, landed the fifth place this year, with the average luxury home asking €28,850 per square meter.
"In the U.S, the market is almost entirely domestic, with just 6% of skiers being international," Jeremy Rollason, head of Savills Ski, said in the report. "Aspen and Vail command the highest values, attracting celebrities and hedge-fund managers."
Aspen and Vail also benefit from their high altitude, and consistently good snowfall, according to the report.
As ski resorts face challenges arising from global warming, they have been making concerted efforts to make themselves year-round destinations. Many resorts put on summer events, including golf tournaments, music festivals, horse shows, classic car events, zip-line tours and marathons, according to the report.
The second to fourth spots on this year’s top 10 list were St. Moritz, Switzerland (€33,310); Courchevel 1850 (€31,670) and Val d’lsere (€29,760), the last two of which are both in the French Alps.
Buyers of luxury homes in ski resorts use their properties for an average of four weeks, while renting them out for 11 weeks, according to Savills.
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