With the euro and Swiss franc falling in value against the Hong Kong dollar, winter holiday homes in Europe are becoming more affordable for SAR buyers. The Hong Kong dollar has strengthened by 10 per cent against the euro from June last year, and last month, by 20 per cent against the Swiss franc. A fall in the value of the Swiss franc against the euro and sterling since autumn has helped increase home-buying activities at its Alpine resorts, says Jeremy Rollason, managing director of Alpine Homes estate agency. 'Alpine Homes in association with Savills has seen a noticeable increase in interest in Switzerland during the last two months,' says Rollason, 'We have negotiated the sale of three properties in the last two weeks and this level of activity was not prevalent three months ago.' Before the Swiss franc's fall in September, property sales collapsed 60 per cent from their peak four years ago, because the strong currency made homes more expensive for overseas buyers. According to the Knight Frank Ski Resort Property Index, prices were static in the Swiss resorts of Gstaad and Zermatt in the 12 months to June. The index shows the market was strongest at French resorts, especially Meg?ve, where prices rose 4 per cent. New holiday home schemes include more than traditional skiing communities. In the Swiss spa town of Leurkerbad, 30 apartments and a hotel are being built at the world's first spa residential community, 51 Residences. Spa facilities at its 900 square-metre Banya Experience Spa include thermal water pools, crystal steam bath and ice fountain. Scheduled for completion in 2015 the apartments start in price at HK$23.5 million. The Swiss resort of St Moritz has the most expensive homes in the Alps, a Savills Residential Research survey shows. Resale values for chalets and apartments in the resort average HK$176,000 per square metre. The cheapest was Bad Gastein in Austria, at HK$23,350 per square metre. New developments appearing in Switzerland include Andermatt Swiss Alps, a ski-resort of 490 apartments, 25 villas and six hotels being built by Egyptian developer Orascom. The development includes a 700-seater concert hall, shops and golf course for summer visitors. Prices start at HK$130,000 per square metre.