From sun to snow, why Portugal is emerging as a hub for French Alpine property investment

Originally published on The Portugal News

Whilst the Serra da Estrela - Portugal’s own skiing area - offers a taste of ski adventure for the growing ski-savvy crowd relocating to Lisbon, it’s no longer enough. Iconic ski destinations like the French Alps, just a short flight away, are now emerging as targets for property investors based in Portugal.

Last year, Athena Advisers saw a 40% increase in Alpine property enquiries from people based in Portugal, from a mix of largely American, British, French and Portuguese nationalities. With the net wealth of Portuguese households reaching €855 billion in 2023, a 6% increase from 2022 and a 28% rise compared to 2019, it’s easy to see why Portugal’s affluent population is creating new investment trends.

Lisbon’s growing wealth is reshaping Europe’s property investment map. Sun and snow might seem worlds apart, but alpine living and surfing, for example, share a lot: the eagerness to create family memories, the connection with nature, the thrill of adventure, the love of gastronomy, the list goes on. This movement reflects a blend of lifestyle aspirations and strategic financial planning, reinforcing Portugal's role as a pivotal player in the European investment landscape.

David Moura-George Managing Director at Athena Advisers

Americans living in Portugal eyeing a cheaper time on European slopes

Portugal has seen a flood of Americans in recent years, with their numbers growing 239% from 2017 to 2022, reaching nearly 10,000 according to Global Citizen Solutions. While Lisbon’s sunny charm is a draw, many of these expats still crave the thrill of skiing and, perhaps unexpectedly, France can offer this at a much lower price.

A day’s ski pass in the top North American resorts can go north of $300, whereas in France, even in the big resorts, a day pass is rarely more than €70.

“Cuisine is a big thing too: I’d rather be eating some Savoyard cuisine in the sun rather than pizza and fries next to the slopes,” continues Moura-George. Alpine property prices in both France and North America can often reach north of €40,000 per square metre, but with more choice in ski resorts and ski areas, France has a much wider range of opportunities. “Each resort is a micro-market, where the prices can change a lot from street to street,” adds Moura-George. “We’ve helped people invest up to €60m in a chalet in Val d’Isère before and this price level is very active across the Alps. But there is also massive value and investment potential in other resorts, where prices for well-located new alpine properties in highly regarded villages can start from around €7,000 per square metre.”

RSVP to join us in Lisbon: 30 Jan 6pm

To celebrate this trend, Athena Advisers is hosting an event on the 30th of January in Lisbon to dive deeper into the growing connection between Portugal and European property markets like the French Alps.

RSVP is required - don’t miss the chance to join the conversation.