Interest in spain and cyprus ‘waning’?

Investors are shunning summer hotspots in favour of French winter retreats, claims HiFX....

The first three months of the year are usually the most profitable for the winter property market; however HiFX research has seen sales in typical investor strongholds tail off due to stretched finances and climbing property prices. March enquiries put France as the most popular destination to buy abroad, outpacing Spanish interest. Interest in Austria and Canada also grew by 30 per cent and 6 per cent respectively.

Mark Bodega, director at HiFX explained: “The French Alps are still top for Brits seeking a place in the snow with France accounting for 26 per cent of all enquiries due to its close proximity and cheap airlines. Prices are higher in well established resorts such as Meribel, Courchevel and Chamonix but the rental yields also remain consistently high."

Prices rapidly increasing

He continued: “The more canny investors look for smaller villages which are just ‘off the beaten track’ and have recently been connected to large ski areas by ski lifts as they offer good scope for growth while offering a more authentic lifestyle”

Frederic Chamouret, senior adviser at VEF added: “Property prices in the alps have increased by 90 per cent over the last four years as the whole area is a preserved natural park subject to strict French that limit the number of new constructions despite consistently growing demands. With Grenoble Airport now offering more flights to the UK and Ireland, local property prices are also rapidly increasing.”

Mr Bodega concluded: "Buyers should not rush into buying a winter property. It is important to check out homes in the summer months too and see what was covered up by the snow. Prices are also on average 5-10 per cent cheaper in the summer compared to January to March."