French & Swiss Alps Benefit As Brexit Kills Options For UK Property Buyers In Austria
Many UK buyers searching for a second home in the Alps this year have been surprised to learn that their dreams of owning in the Austrian Alps have been an unfortunate casualty of Brexit. Austria has only ever allowed EU citizens to own property and there is little appetite to make an exemption for the UK since it formally left the EU. There are certain ‘zweitwohnsitz’ (second home) properties available to non-EU buyers but these are few and far between and in high demand.
Even for EU citizens the rules are tightening across Austria and tough restrictions now govern what you can do with your holiday home. In most cases you are obliged to rent out your property when not using it personally. The result of this combined effect of Brexit and the tightening of the Austrian rules has resulted in many UK buyers now shifting their search to the Swiss and French Alps. Switzerland famously has never been in the EU and France has no restrictions stopping non-EU citizens buying property there.
The effect of Austria closing its borders to UK buyers has been felt most in the Portes du Soleil region of the French Alps, due to the fact it is the closest comparison to many of the popular Austrian resorts with great skiing, après ski and, most importantly, plenty of summer activities also on offer. The region is also a similar accessible price point to Austria where average UK buyer budgets were typically EUR 400,000 - 600,000. These buyers are now finding that this budget can buy a good sized 2 or 3 bedroom property in the popular dual season Portes du Soleil resorts such as Morzine, Les Gets and Chatel.
Giles Gale, MD of Alpine Property Finders comments: “Enquiries from the UK for Austrian property are down 90% this year, there is still a trickle from UK-based EU passport holders. Meanwhile, despite Macron’s recent travel restrictions, enquiries for ‘Austrian style’ resorts in the French Alps such as Les Gets and Chatel are up 50% this year.
Buyers are drawn to the lower lying villages of the Portes Du Soleil which have a traditional alpine charm to them. With their wide tree-lined pistes, plenty of summer activities and a good selection of lively bars and restaurants, these are the French resorts that most closely resemble some of their Austrian counterparts.”
In Chatel for example the new ‘Chalet Serenity’ has 1-bed apartments from EUR 308,100 and 2-beds from EUR 382,500 through Alpine Property Finders www.alpinepropertyfinders.com
Or in family favourite Les Gets, La Fermes des Pistes offers a range of 1 to 5 bedroom apartments, with great views and direct access to the Portes du Soleil ski area. Prices start at 425,000 Euros through Alpine Property Finders www.alpinepropertyfinders.com
Another resort that has caught the eye of British buyers is the high-altitude resort of Alpe d’Huez where buyers can find plenty of genuine ski-in ski-out property, which is a rarity in Austria. For example, the new Phoenix Spa Residence offers a range of 1-4 bedroom apartments right on the piste. Prices start at 419,000 Euros through Alpine Property Finders www.alpinepropertyfinders.com.
In Switzerland, the chocolate box village of Grimentz has been attracting many former Austrian buyers, for example Guerneres Lodge offers new build, ski in ski out apartments and chalets with hotel and spa services, some of the best high-altitude skiing in Europe at a competitive starting price of CHF627,100 through www.alpinepropertyfinders.com.
