WHILE the Perth property market is starting to show signs of improvement it seems real estate in the Arctic is already doing well.
North American property portal Zillow reported the value of Santa’s North Pole home had risen 6.5 per cent since last Christmas and was valued at US$710,559 (AU$935,450.92).
Described as a toy-lovers paradise, the three-bedroom, two-bathroom log home was built in the 1800s, but includes modern amenities after a 2013 renovation.
Special features include a floor-to-ceiling river-rock fireplace and a well-appointed kitchen with a hot cocoa tap and oven with 12 different cookie settings.
Santa’s 10.11ha property also includes a state-of-the-art toy workshop, garage space for an all-weather sleigh and stables for the reindeer.
The home can be viewed at zillow.com/santas-house and the listing includes a 3D walking tour of three homes in the Elf Village.
Zillow chief marketing officer Jeremy Wacksman said it was no surprise that one of the most valuable residential properties in the Arctic rose almost 7 per cent in the past 12 months.
“When Santa’s house first appeared on Zillow a lot of kids were asking about the elves and where they live,” he said.
“We’re thrilled that this year, millions of kids around the world can explore not just Santa’s house in the North Pole, but also the homes of some of his most trusted helpers.”
To calculate the estimate of Santa’s home, which is not on the market, Zillow looked at comparable homes in remote locations and applied a Santa premium.
It forecasts that the value of the home will appreciate another 7 per cent over the next year.