MARKET UPDATE VAL D ISÈRE. February 2017

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1 MARKET UPDATE VAL D ISÈRE February 2017

2 Val d Isère is one of the world s largest, most historic and internationally popular ski resorts. It was one of the first alpine villages with a dual season sports offering and its visitors continue to fill millions of beds each year. Over the past few years, considerable infrastructure investment has been poured into the resort s on-piste facilities. This, combined with substantial private and public investment which will see a significant proportion of the village regenerated, is expected to improve the resort's dual season offering even further, cementing its position in the small list of truly world class resorts.

Val d Isere A Giant Awakes Largest Ever Redevelopment of one of France s Mature Resorts Underway For the first time since skiing became a modern day, easily accessible past time, a large part of one

3 Val d Isere A Giant Awakes Largest Ever Redevelopment of one of France s Mature Resorts Underway For the first time since skiing became a modern day, easily accessible past time, a large part of one of the French Alps mature ski resorts is undergoing a complete redevelopment. Over the next five years, a 200m regeneration programme is taking place in the central Le Coin area of Val d Isère, creating a new shopping district, world-class hotels, bus station, ski infrastructure, leisure & après ski facilities and a series of residential properties. It s an exciting project to be involved in, comments Nicholas Leach, Partner at Athena Advisers. "We've worked with members of the development team from the start, even before the tender phase and now as the project enters its most important part working with the local businesses and owners the plans are really taking shape. Called Le Coin de Val, this substantial redevelopment project is being designed to bring life back to one of the village s more recent collection of buildings, which were built over the last 30 years or so. Around 25,000 sqm of space will be created in total, including two hotels (4* standard) along with the other commercial and residential spaces. Outside of the benefits to the resort s economy, with the adding of around 900 beds in total, the aesthetics of this part of the resort will be greatly improved, with no large buildings planned and everything to be created in line with the oldest parts of the village. Le Coin de Val Two 3+/4* hotels Shopping district Bus station Restaurants & bars Tourism centre Kindergarten Residential properties Val d Isère is changing. It s a beast that s realised she needs to wake up. Parts of Val d Isère are becoming a little dated and it is time to make the whole resort feel the same way as the historic centre. This will create a vibrant new pedestrian centre and lots of shops and facilities. It is also bringing many opportunities for real estate investors, within a market that rarely has new-build opportunities, so our list of international looking clients for new apartments here grows continuously. Charles-Antoine Siaelli Head of French Alps Operations

Charles-Antoine continues: "On average only one or two buildings are redeveloped each year, creating around 15-20 properties and when they go live, they sell very quickly.

The new residential apartments that are part of Le Coin de Val will see the same sort of demand, which will be intensified by the fact that the properties will be serviced by the hotels and will also

4 Charles-Antoine continues: "On average only one or two buildings are redeveloped each year, creating around properties and when they go live, they sell very quickly. Last year we sold 9 out of 10 of a new collection in just a few weeks, such is the demand. The new residential apartments that are part of Le Coin de Val will see the same sort of demand, which will be intensified by the fact that the properties will be serviced by the hotels and will also have their own leisure facilities." New Extension for the Front de Neige Part of the plan for Le Coin de Val includes extending front de neige (bottom of the piste) and bringing it down towards the roundabout, thereby creating a more public and open place for people to congregate. From here an underground moving walkway will connect with the lifts on the Solaise, providing more efficient access to the slopes for those coming from the northern end of the village.

5 Market Movements The market for well located new-build or significantly renovated apartments continues to be buoyant in Val d Isère. The consistent lack of supply and high demand from French, British and a melting pot of other international buyers means that Val d Isère is one of only two or three French resorts where a waiting list exists for specific types of property. As a result the prices for new-build or renovated properties of a sufficient quality have risen by almost 18% (17.7%) over the past two years, with high specification apartments now arriving to the market at around the 20,000 per square metre mark. New-build chalets are even rarer and therefore prices here can reach 25,000 per square metre and higher, especially if they are ski-in ski-out. Another reason for the high demand in Val d Isère s new-build and renovation market is the cost required for refurbishment. Whilst resale properties can be found at lower prices and costs for improvements can be financed, the investment required to bring the property up to a modern day standard can be substantial and can often spread across two ski seasons. This has pushed international buyers towards new-build. VAL D ISÈRE PRICE GROWTH NEW-BUILD/RENOVATED APARTMENTS ,000/sqm +18% ,000/sqm

Val d Isère s New Solaise Investments The news on the Le Coin redevelopment work comes after substantial improvements to the famous Solaise slopes.

6 Val d Isère s New Solaise Investments The news on the Le Coin redevelopment work comes after substantial improvements to the famous Solaise slopes. The highlights of the multi-million euro investment include a brand new high-speed 10-person télécabine and a new visitors centre at the top of the lift. The new télécabine whisks up to 3,600 skiers per hour to 2550m in just 7 minutes. Each cabin is wifi-ready enabling people to post their snowbound exploits in between runs and there is more than one VIP Cabin with transparent floors, enabling passengers to see the mountain pass underneath them. The new visitors centre has an indoor picnic area that is open to all and looks out across the stunning mountain landscapes, as well as a café and exhibition spaces, which are changed throughout the year. Other facilities include a new children s area and beginner's slope, serviced by a carpet escalator. Future plans also include an adrenaline fuelled snow-tubing course where those brave enough hurtle themselves down the mountain on nothing but a rubber ring. New 91 cabin gondola Includes 2 cabins with glass floors Increases capacity by 40% 7 mins journey time to 2,550m 3,600 passengers per hour N0 of pylons reduced to 16 5 new trees planted for every 1 removed 3 new magic carpet lifts 1 new visitor s centre

7 Val d Isère The charming village of Val d Isère sits nestled within the Espace Killy, one of the Alps' most dynamic ski terrains. Thanks to an extensive lift network, the village is connected with over 300 kilometres of piste and the neighbouring mountain town of Tignes. While Tignes has a robust reputation as a destination for serious skiers, its Val d Isère, with its cobbled streets, chalet architecture and vibrant après ski culture, that s regarded as one of the chicest spots in the Alps. Located at 1,550m in altitude and just 5km from the border with Italy, Val d Isère is easily accessible, connected via road and train network to Geneva, Lyon and St Etienne airport. A regular host of world-class ski championships, including Olympic events, Val d Isère combines challenging runs with a fantastic range of gentle slopes suited to both beginners and intermediate skiers. Its versatility makes it an all round favourite; come high-season, its legendary après-ski spots, like La Folie Douce, draw a glamorous international crowd, while top restaurants require booking weeks in advance. Yet while in recent years, the array of boutique hotels, five-star restaurants, trendy bars and designer shops has been on the rise, it hasn t tainted the magic of this intimate alpine town. It s not hard to see why Val d Isère s legion of loyal devotees continues to grow. VAL D ISÈRE INTERESTING FACTS 19% of the pistes in Val d Isère are ranked green, for beginners A fresh new snowpark was installed back in lifts, including 6 gondolas & 4 cable cars The town has a permanent population of 1,700 people The lifts take more than 2,000 people an hour up the mountain It is the home of Jean-Claude Killy, whom the Espace Killy mountain range (Val d Isère + Tignes) was named after

Athena Advisers Established in 2003 and today led by three partners, Athena Advisers is an international sales network and property

From alpine chalets to sleek town houses, beach houses and everything in between in France, London, Lisbon and soon other

With multiples consultants on the ground in every destination, we are both an advisory and a concierge specialising in property and

8 Athena Advisers Established in 2003 and today led by three partners, Athena Advisers is an international sales network and property investment advisory that specialises in attracting new-build and renovation development projects in key prime markets. From alpine chalets to sleek town houses, beach houses and everything in between in France, London, Lisbon and soon other destinations, we handpick our product portfolio very carefully, considering profitability but also lifestyle appeal. With multiples consultants on the ground in every destination, we are both an advisory and a concierge specialising in property and lifestyles, simplifying access to property investments and providing local insights. 45 Holmead Road, London SW6 2JD +44 (0) info@athenaadvisors.com athenaadvisers.com

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