Courmayeur attracts new residents

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Courmayeur attracts new residents

Following a positive summer season, anti-COVID measures took their toll. Yet the demand for property is high, particularly from residents of Lombardy

Housing market paralysis or a constantly rising trend in Courmayeur? It was a question that we had to ask estate agents following the COVID restrictions imposed by the Decree of the President of the Council of Ministers (Dpcm), which blocked the start of the skiing season during the Christmas holidays. “Generally speaking, during the first lockdown last spring and throughout the summer season, the market did not slow down, confounding estate agents’ fears”, explains Angelo Aresu, President of the Aosta Valley Italian Federation of Professional Estate Agents (Fiaip) in an interview with Ville&Casali. “On the contrary, demand has been high and the large numbers of tourists looking to buy during July and August made for a good summer season. However, the autumn closures, coupled with the establishment of the ‘red zone’ throughout the entire Northwest and the uncertainty surrounding the opening of the ski resorts, has seriously paralysed the property market. In addition, many winter rental agreements, which were signed in August and September, have been terminated”.

It can therefore not be disputed that tourism in the Aosta Valley has been heavily affected by the anti-COVID measures. “The economy has suffered a dramatic blow due to forced closures, with no tourists or homeowners”, confirms Cinzia Raboni of Downtown Real Estate of Courmayeur. “Yet the market here is dynamic, there is demand and there is no shortage of supply, including new interesting housing developments that I mainly deal with and that are attracting the attention of demanding clients. Clients who are looking for a particular type of property, taking advantage of the economic incentives of tax bonuses". However, the crux of the issue “is that everything has slowed down because people are unable to move, because of the Decree of the President of the Council of Ministers (Dpcm) or other legislative decrees that continue to block us. The uncertainty, and I do not just mean economic, is certainly not conducive to making important decisions”.

Light at the end of the tunnel

Nevertheless, there is reason for optimism. “We believe that Courmayeur has an intrinsic strength thanks to a multitude of factors, not least the love for the area that both residents, as well as visitors who only live here for certain periods of the year, share. Fortunately, tourism during the summer showed positive signs of growth; clients realised that you can live here all year round thanks to smart working, and that we enjoy a privileged location. We are therefore confident looking to the future because the approach to purchasing a second home has changed. It is not just the winter and the skiing season that is so loved, but also the plethora of colours, flavours and smells of the spring, summer and autumn”.

Gianluca Filippi, local License Partner of Engel & Völkers Italia, also shares this optimistic view: “Property viewings have fallen in recent weeks, yet the volume of sales, as well as property prices, have not been affected. Courmayeur remains the queen of the valley, with prices peaking at (and even exceeding) 12 thousand euros per square metre. Almost 90% of our clientele are from Lombardy. In Valdigne (upper part of the Aosta Valley that includes Courmayeur, La Salle, La Thuile, Morgex and Pré-Saint-Didier), the tourist property market is mainly made up of fellow Italians, which is set to grow still further”. Everyone is looking for large apartments with a high quality finish and lots of outdoor space, with gardens or panoramic terraces, as well as chalets and detached houses.

According to the Aosta Valley Italian Federation of Professional Estate Agents (Fiaip), the most popular property is now a four-room apartment, ideal for housing a family in complete comfort, while the classic two-room apartment has fallen out of demand. Fully renovated properties are preferred, while interest in energy efficiency and curbed service charges is growing. We are talking about properties that sell for in excess of 10 thousand euros per metre, with prices peaking in the centre and in the central cable car area (Plan Chécrouit), as well as in recent years in the nearby village of Dolonne, which attracts top prices thanks to its sports facilities. Finally, the area stretching from Parco Bollino to the bottom of Villair Inferiore, as well as Pussey, are highly sought-after.

Published on Ville&Casali february 2021

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Courmayeur attracts new residents

Following a positive summer season, anti-COVID measures took their toll. Yet the demand for property is high, particularly from residents of Lombardy

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