Alpine attractions
戀戀山城
Being largely tourism-dependent, the holiday home market invariably suffers in any economic downturn. Yet a report by Savills Residentia Research and Alpine Homes suggests that boltholes in the snow may be bucking this trend.
For while the ski tourism industry has trended downwards of late, alpine destinations have found a new revenue stream in the form of summer visitors. “This enables property owners to benefit from dual season rental income,” Savills has found. Yolande Barnes, head of research at Savills UK, says that while the appetite for buying holiday homes generally across the globe has dropped, the proportion of those buying alpine property has risen from 3 per cent of all holiday homes in 2005, to 9 per cent in the 2009/11 period.
“Most buyers in the current economic climate are cash-rich, less mortgage-reliant, and tend to be motivated by lifestyle decisions when buying a holiday home, rather than being solely investment-motivated. These buyers are seeking to generate both long-term capital growth from their property as well as income from the ski tourism industry – most of which will probably subsidise the cost of their own use of the property. Importantly, ski resorts are increasingly becoming year-round destinations. This enables homeowners to extend their letting periods and benefit from additional income, strengthening the investment case.”
A survey of prospective buyers shows a fairly even distribution of interest in three European alpine markets: Switzerland, France and Austria. Barnes says that Austria offers buyers a lower priced entry point and the prospect of more attractive yields. “Switzerland remains the priciest destination and limited supply helps to support price performance. Swiss property is seen as a safe, steady investment, which is important to wealthy investors in this climate. France has seen some price correction but, as demonstrated by its high price point, is still highly sought after.”
While relatively few Alpine homes have been marketed in Hong Kong, Simon Malster, of Investors in Property, has held a number of presentations to clients in the city, locals and mainlanders. “They were more interested in spending their summers in the Alps than the winter, and some did not ski,” Malster says.
“They were particularly interested in a project we have by a lake in Austria and also a development in the dual season resort of Engelberg, Switzerland.”
They are lakeside Chalets and Kristal II, both in the Salzburg province of Austria. The chalets are in Hallstatt, a Unesco World Heritage Site because of its outstanding beauty. The second property comprises apartments in Kaprun, which has lakes and glaciers.
度假物業市場很大程度上依賴旅遊業的發展，但當經濟陷入衰退時，難免會受到一定拖累。不過，最近一份由第一太平戴維斯住宅研究部和Alpine Homes發表的研究報告表示，即使經濟疲弱，位於滑雪勝地的度假物業仍可能逆市而行。
近來滑雪旅遊業景氣雖然有所轉淡，但在雪山上的滑雪勝地卻能受惠於在夏季期間前來度假的遊客。第一太平戴維斯在其研究報告說，「度假別墅業主便能在冬夏兩季同時獲取租金收入」。英國第一太平戴維斯研究部主管Yolande Barnes說，即使全球買家對度假物業的需求有所減弱，但滑雪度假別墅的買家比例，卻從2005年只有約3%，增長至2009-2011年的9%左右。
「在目前的經濟環境中，大部分度假屋買家的現金都相當充裕，較少依賴按揭貸款，而他們除了從投資角度來衡量之外，較傾向以物業所在地的生活方式來作出決定。這些度假屋買家注重資產的長遠升值潛力以及由滑雪旅遊業所帶來的租金收入－業主更能以租金所得，補貼自己使用度假物業的部分成本，一舉兩得。重要的是，滑雪度假村正漸漸成為一年四季佳宜遊玩的旅遊勝地，度假屋業主能乘着這個趨勢，延長物業的出租期，增加租金收入，加強物業的投資功能。」
據一項針對準度假屋買家的調查顯示，他們對歐洲三大高山滑雪勝地的興趣大致相若：瑞士、法國和奧地利。Yolande Barnes表示，奧地利度假物業的入場門檻較低，而投資回報的增長前景也相對吸引。他續說：「瑞士依然是滑雪度假物業最昂貴的地方，但由於供應少，價格繼續高企。瑞士的物業因此常被視為安全和穩定的投資，在目前的經濟環境之中，此特質對富裕的投資者非常重要。在法國，雪山度假屋價格雖然出現了下調，但價格水平比過去仍然偏高，顯示仍然受買家追捧。」
在香港進行銷售推廣的阿爾卑斯山一帶的滑雪度假物業一向較少，但Investors in Property的Simon Malster已在香港舉行了多場投資推介會，向本港和國內客戶介紹當地的度假物業。Barnes說：「他們喜愛在夏季在阿爾卑斯山度過，尤甚於隆冬，雖然有些不會滑雪。」
Malster續說：「他們對我們一個位於奧地利的湖畔項目及另一位於瑞士英格堡、冬夏皆宜入住的度假村項目，特別感興趣。」奧地利的度假項目座落於薩爾茨堡省(Salzburg)，提供湖畔小木屋和低密度公寓，小木屋建於Hallstatt小鎮上，當地風光秀麗，已被聯合國教科文組織列為世界遺產；而另一個瑞士度假村項目則位於Kaprun，度假物業享有湖泊和冰川的天然美景。
