Resort Sells Out in Six Weeks

Resort sells out in six weeks
Resort sells out in six weeks

Alpine Homes International, Savills’s ski property partner has sold its 14 unit ski resort in Austria within six weeks of launch.

The speed of sale is reminiscent of the good old days of 2006 and 2007 says Managing Director Jeremy Rollason:

“At the peak of the market we were selling this many properties every month. It’s unusual for this market. It’s nice to put all the ingredients together and have this level of success”.

He attributes the success to a time and energy invested in finding the right product.

“We spent a long time planning the project and ripped up the original designs. We eventually went for modern interiors with more traditional exteriors which appeals to the British market. The fact that is was ski-in, ski-out also made a big difference.”

The price of the development and strong rental potential also played a part in the sales success. “Prices started at €196,000 for 2 bed apartments. At 70% loan-to-value and with gross rental yields of around 6%, the properties wash their face in terms of the mortgage and running costs. It was a nine out of ten product”.

So what would make a ten out of ten product? “Cutting the price by 50%”, jokes Rollason. It seems nine out of ten is the best most of us can hope for in this market.

You can view the development here.