Switzerland has the highest property prices of the three markets, with homes in Geneva going for SFr2.3 million ($2.55 million) and homes in Zurich going for SFr1.8 million ($2 million), on average.

Trends in the luxury property market in such locations give a good indication of where the spending of high net worth and ultra high net worth individuals has been taking place. While the safe haven of Switzerland on the grounds of tax has been eroded in recent years, and the strong Swiss franc has made properties less accessible, such real estate continues to attract buyers.

“Despite the uncertainty that remains in the global economy and financial markets, tourism in the Alps is alive and well. The attraction of ski property ownership has never diminished, even though exchange rates may have put off some UK investors in the last 2-3 years,” Jeremy Rollason, managing director, Alpine Homes, said in the report.

“One thing is certain however and that is that prices are unlikely to fall any further. With sterling steadily strengthening against the euro and the Swiss franc, combined with low borrowing costs, now is probably the time to jump in,” he said.

Swiss franc

The high price of these properties has been curbed, Savills said, by the decision in September of the Swiss National Bank to cap the exchange rate of the Swiss Franc against the euro, which resulted in a roughly 10 per cent devaluation of the Swiss franc to non-Swiss investors. Buyer restrictions and the higher price points make this the most difficult Alpine market to access.

Research by Alpine Homes and Savills found that local agents have reported an above-10 per cent price growth in ski resorts since 2007. Most of this price increase has occurred in the last 12 to 18 months.

France’s status as the Alps’ most visited ski destination, with 76 million visitors in 2010, means that its property prices are high. A chalet can be purchased for €8,300/sqm ($11,300/sqm) and a ski resort apartment can be bought for €6,600/sqm ($9,000/sqm). House prices saw a decline between 2007 and 2009 but have been increasing, on average, since 2009.

Austria offers the easiest access to the Alpine market. Chalet asking prices average €3,700/sqm ($5,050/sqm) and apartments are €3,900/sqm ($5,325/sqm).

There has also been a steady increase in tourism in this country, with it rising 3 per cent between 2009 to 2010 to a total of 22 million visitors. This has been helped by the opening of ski resorts during the off seasons. From 2009 to 2011 ski properties comprised 9 per cent of vacation home purchases.

UK-based Savills has a network of 200 offices globally.