Oof! Not a good combination.
Wealth Bulletin: Regions with slopes less than 2,000m above sea level, including swathes of Germany, Austria, Italy, and Switzerland, will increasingly struggle to sell ski chalets, according to high end agent Knight Frank.
…In Austria, the snow line is likely to rise 200m to 300m higher over the next 30 to 50 years, according to a study by the University of Zurich.
Developers and buyers of luxury chalets are increasingly turning to the US and Canada rather than low-lying European regions, according to Nick Barnes, head of Alpine research at Knight Frank.
“Although prices of luxury ski chalets haven’t come down yet, sales have dropped off a cliff and we anticipate this will continue in some areas,” he says.
“But the more sophisticated regions will survive global warming through artificially preserving snow or restyling themselves as summer and winter destinations.”
St. Moritz as the new St. Barts?* Literally?
…You can get a luxury chalet in a trendy area such as Verbier, Switzerland, for between €800,000 ($1m) and €2m although prices are starting to trend down.
Nick Saw, director of skiing company Chamonix All Year, argues climate warming will benefit the highlands of Chamonix: “Buyers are looking for an area with some longevity, so will naturally favour regions that can survive climate change,” he says.
Good luck with that! When you find a region let us know.
* We can not bring ourselves to write St. Barths, with an h. Sorry.
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