They used to be the ultimate in frivolous property ownership but these days, mountain homes are a judicious investment and not just for those with fur-lined wallets. Capital values are booming near the weekend-friendly hub of Geneva with buy-to-let investors scrambling to enjoy the profits of an Alpine address. But while France continues to dominate the market, changes to property law in neighbouring Switzerland have prompted buyers to take a fresh look at the country’s cuckoo-clock charms. The previously complex system of quotas on foreign purchase has been streamlined, although certain restrictions still apply.

Mountain homes are a judicious investment
and not just for those with fur-lined wallets

“Federal Swiss law releases only 1,440 permits a year to foreigners and only in certain cantons,” explains Simon Malster of Investors in Property, “stating that you can only use the property for six months of the year without a resident’s permit. It’s understandable though, as the rules are designed to keep property speculators out and prices at a level that locals can afford.” Rentals, he adds, are lucrative, using local agents or specialists like Interhome (www.interhome.co.uk), which has affiliates throughout Europe. Annual running costs can be covered even taking into account agency commission and cleaning (around 15%), with a three- bedroom apartment in a popular resort like Crans Montana netting around €2,000 a week peak season.

The charming Villars
Chalet Les Mazots is
one of Chamonix’s
original chaletsBuy in Villars in the canton of Vaud and you’ll have a posse of Formula One stars including David Coulthard and Jacques Villeneuve as neighbours. Located in the Vaudoises Alps, yet just 90 minutes from Geneva, this resort with its state-of-the-art ski facilities has steered clear of package tourism. Prices of traditional chalets and larger apartments have risen by 20% in the last year and rental returns are healthy. The same canton includes the town of Château d’Oex, whose trump card lift-pass offers access to skiing at Gstaad, Saanenmoser, and the Diablerets glacier.

During peak times the popular
resort, Crans Montana, enjoys
a net profit of €2,000 a week
Overseas Homesearch has restored the 15th-century La Soldanelle residence, which overlooks the Pays-d’Enhaut Valley into 21 luxury apartments. Prices are from €212,000 for a one-bedroom apartment. Not to be outshone, Lake Geneva’s Valais canton next door boasts Switzerland’s premier dual season resort, Crans Montana, complete with PGA standard golf course alongside its superb ski facilities. Situated on a sun-soaked plateau overlooking the Rhone Valley and around a two-hour drive from Geneva, the resort’s well-heeled charm incorporates 26 of the most modern cable railways serving 160 kilometres of challenging terrain. The re-sale market offers the best value, two-bedroom properties starting at €110,000 and three-beds from €130,000.

Nearby Nendaz in the 4 Valleys has a clutch of hi-spec new builds, but for ease of access to Portes du Soleil, picturesque Champery is hard to beat. The resort’s on-mountain appeal can be summed up in three words: The Swiss Wall, one of the steepest mogul runs in Europe. Unspoilt, with the tightness of the valley restricting over development, one- bed apartments are a steal at €120,000 with four-bed chalets starting at €450,000.

Over the lake in neighbouring France, prices have doubled in the last year and a half in big-name resorts such as Chamonix, Les Deux Alpes and Meribel. Average rental yields of between 6-9% are not uncommon, one-bed apartments proving an easy let to holiday companies seeking high-volume rentals. More interesting perhaps, are new 'socio- economic trends’ identified by the chamber of French notaires. “People’s expectations are changing,” explains Gareth Jefferies of Alpine Properties.

“Buyers, like tourists, are increasingly getting into the whole mountain experience, and are beginning to realise the beauty of investing in a region that has no off-season.” Seasoned ski buffs are also upgrading for a higher bath to bed ratio, giving an added attraction to the baby-boomer market.

Prices have doubled in the
last year and a half in Chamonix

La Clusaz, the weekend retreat of the Geneva city set is reportedly enjoying a well-deserved surge of attention, old Savoyard farming chalets in the outlying hillside and slope-side studios are in vogue and in demand. “The resort’s thick forestry has arrested any potential over- development,” says Tizi Salta of Property France Italy, “and the varied ski runs from 2,600 metres guarantee late skiing through to the end of April.”

Less image-conscious and the perfect entry point into the Grand Massif circuit, is Samoens. Located just 50 minutes from Geneva, this workaday village is full of colourful locals rather than seasonal chalet staff with numerous skiing opportunities linked to Les Carroz, Morillon and the international resort of Flaine. Property values have been given a boost with the addition of a £5million high-capacity telecabine which opened in 2003, whisking skiers up to the higher plateau of Saix in just eight minutes. “Prices compare favourably with neighbouring Portes du Soleil,” says Jefferies, “and 80%-plus occupancy rates peak season keep the rental market buoyant.” Two-bed chalets in December command anything from €650 a week.

'Buyers are increasingly getting
into the whole mountain experience’

For sheer showcase prestige however, Val d’Isere remains top of the pile; a lively village with an exceptional snow record and the best lift-served, off-piste terrain in Europe. Prices here, like social status, rise with altitude – the cost of a detached chalet running into the €1million mark – but worth it, if you like your winter sports served with a little Michelin-starred fine dining. New build projects are rigorously vetted but developments like l’Alquila, marketed through Pierre & Vacances Property Investments pass the taste test with flying colours.

Located at the foot of the ski slopes, stylish one-bed apartments start at €650,000 rising to €1.6million for a four-bedroom penthouse. Grab one while you can.