Big thaw on ski property market
The effects of global warming are yet to be felt in the UK some would say but Britons could lose out on property investment abroad if the latest report is correct.
According to recent environmental research, far reaching climate change in the future is expected to push the snowline up globally in the coming years.
UK property owners who have invested in chalets and flats in ski resorts for both personal use and for investment purposes to let for income may fnd they are out of pocket. Experts are warning of a long term shortage of snow in low-lying ski resorts - generally found in Europe and very popular with British investors.
Scientists estimate that a rise in temperature of just 1.8C will shorten the snow cover in parts of France; ski resorts above 1,500 metres could change from an average 170 days to 135.
One large resort in the French Alps is dominated by British purchasers who own almost 70% of the available accommodation. Developers are helping to provide year round facilities to maximise rental income.
Advice to prospective investors is to purchase at high altitude!