Contents

• Introduction

• Market overview

• Further insights

• 20 years of ski

• Webinar recording

Celebrating 20 years of the Savills Ski Report.

We have been reporting on the second home markets in the Alps and Europe since 2006, making this the 20th anniversary of our Ski Report. During this period, significant milestones included the 2008 global financial crisis, an ensuing credit crunch, the decoupling of the Swiss franc from the euro (2015), a ban on the construction of new second homes in Switzerland (2016) and the departure of the United Kingdom from the European Union (2021).

We have also witnessed the third wave of globalisation, or hyperglobalisation, driven by technological innovation and the growth of communication networks. It is the latter, and the rapid evolution of artificial intelligence, that is likely to define the next two decades.

For now, it is scarcity and equity that define and influence property markets in the Alps and mountain resorts globally. Today, wealthy buyers value lifestyle, comfort and exclusivity and are willing to pay for it. For the sixth year in a row, Aspen continues to defy gravity by leading ultra-prime pricing at an average price of €68,900 per square metre. By contrast, 20 years ago, top prices in Aspen were closer to €10,900 per square metre. This is reinforced by 20-year prime price growth in the United States averaging an impressive 228%, compared to 197% in France and a more conservative 95% in Switzerland. Later in the report, we compare Aspen and Gstaad (The World’s Leading Ski Destinations), which makes for fascinating reading.

A phenomenon that has emerged in Europe in the last decade and is only likely to continue is the advent of the branded residence in Alpine resorts. Arguably, this started with The Chedi opening in Andermatt in 2014, but has since proliferated with Six Senses Courchevel & Crans-Montana and The W Hotel Residences in Verbier. Aman Resorts recently opened Aman Rosa Alpina in San Cassiano, Mandarin Oriental is planned to open in Cortina in time for the Cortina d’Ampezzo Winter Olympics in January 2026, and The Four Seasons is selling just six residences in The Park Gstaad (2026 opening). We sense that Val d’Isère will soon be following suit.

Overall, prime prices are up 3% year-on-year, with ultra-prime prices accelerating at 9%. At this rate of growth, ultra-prime markets would take not 20 years, but almost half that to double again. Do not bet your ski chalet against it.

Market overview

As skier numbers soar, how are resorts adapting to rising demand and shifting seasons?

The 2024-25 season marked the third consecutive year of exceptional performance for the global ski industry. Visitor numbers have consistently exceeded pre-pandemic benchmarks, signalling a structural evolution in consumer demand and a revitalised enthusiasm for Alpine experiences. According to the latest available data from Laurent Vanat, the sector recorded over 366 million skier visits worldwide, a compelling testament to its enduring appeal and resilience across international markets.

As ever, snow conditions and weather patterns remain the primary drivers for ski tourism. As skiing is the cornerstone of many mountain economies, generating significant revenue through tourism and associated services, these factors are crucial for resorts to manage and track. In response to climate pressures, the industry is increasingly pivoting towards a four-season model, with destinations investing in infrastructure that supports year-round activity and, consequently, long-term sustainability. Such investment ranges from upgraded lift systems to advanced snowmaking technologies, all aimed at enhancing operational efficiency and meeting the expectations of a growing skier base.

North America remains the global leader in skier visits, with the United States accounting for 61.5 million ski visitors in 2024–25, according to the National Ski Areas Association. This represents a 1.7% increase year-on-year and the second-best season on record after 2022–23. While the number of resorts has consolidated, the region’s performance now exceeds historical benchmarks, reflecting a more agile and demand-responsive industry. Investment into infrastructure is increasing in North American ski markets, with $560.7 million committed for infrastructure projects such as new lifts and upgrades over the 2025–26 season.

Europe’s ski market is shaped by both domestic and international visitors, with France, Austria and Italy ranking just behind the United States in terms of skier volumes. Switzerland has reported that the 2024–25 season was the country’s strongest ski season in 15 years, with an estimated 26.3 million skier days. Summer demand in European destinations continues to gain momentum, prompting global hospitality brands to secure strategic footholds in key ski markets. Notable recent activity includes Aman’s debut in San Cassiano in the Dolomites, Mandarin Oriental’s forthcoming opening in Cortina d’Ampezzo ahead of the 2026 Winter Olympics, and Four Seasons’ planned arrival in Gstaad in time for winter 2026. All this signals a broader shift towards year-round positioning in traditionally winter-centric locations.

In the Asia-Pacific region, growth has been particularly pronounced. Rising disposable incomes, increased tourism flows and a growing enthusiasm for winter sports have all contributed to the expansion. Japan remains a top-five destination globally, while China posted a record-breaking season of 26 million skier days for the 2024–25 season. Australia also reported one of its best seasons to date, supported by exceptional snowfall. China’s strategic investment in ski infrastructure and its efforts to cultivate a domestic ski culture are positioning the country as a major player in the global market, with resorts catering to a wide range of skill levels.

Further insights from the Savills Ski Report, below:

20 years of ski

This year marks the 20th anniversary of the Savills Ski Report. Over the last two decades, we have tracked the ups and downs of the ski market, beginning in the Alps and expanding our coverage and commentary to include resorts across the globe.

Looking back, the 2005–06 season was a formative time for Alpine property markets. Austria opened its doors to foreign investment, sparking a wave of interest and price growth. France and Switzerland continued to mature as luxury destinations, with expanding infrastructure and evolving buyer expectations. Exchange rates for buyers from the United Kingdom were especially favourable during this period. The season also marked the beginning of a more globalised and investment-oriented approach to ski real estate, a phenomenon that would accelerate in the years to come.

The Swiss franc has more than doubled in value during the last 20 years against sterling, with the euro having also appreciated against the British pound by around 30% over the same period.

In the intervening years, the prime residential markets in ski locations have experienced the same fluctuations as the wider economy, from the turbulence of the global financial crisis to the post-pandemic boom and subsequent moderation in pricing. Through all of these changes, the appeal of owning prime residential ski property has remained, and demand has consistently competed with limited supply.

In the past two decades, luxury has become the dominant narrative in many leading ski resorts. Buyers are increasingly drawn to high-specification homes offering wellness and leisure amenities, private concierge services, and preferably direct access to the slopes.

This has elevated pricing in some of the most popular destinations such as Aspen, St Moritz and Courchevel 1850, where prime prices have increased by an average of 200% since 2006. However, across all prime ski markets studied, average prime prices have increased by 150% in two decades.

Buyers in many ski markets have become more global over the period. While domestic buyers remain active, many resorts – especially the ones which do not restrict foreign buyers – have seen a surge in international interest from buyers from across Europe, North America and the Middle East.

Since the first iteration of the Ski Report, climate change has moved to the forefront of the agenda for many ski resorts with its inevitable ramifications for ski property. As snowfall patterns become less predictable, resorts have responded by diversifying their offering and investing in sustainable snow creation infrastructure. Investment in summer activities, such as hiking trails, cycling routes and wellness centres, has repositioned many destinations as year-round lifestyle hubs. Buyers now place greater value on properties that offer four-season utility, not just winter sports access. This has increased the appeal of resorts which have been able to diversify into true year-round destinations.

• SWITZERLAND

Switzerland stands out as the most stable performer. With a 7% increase over the last year and a 20% rise over five years, the market has shown resilience in the face of global uncertainty. However, its 10-year growth of just 19% reflects a more mature market, where price appreciation has slowed despite strong fundamentals. Over the full 20-year horizon, Swiss ski property has nearly doubled in value (+94%), underscoring its role as a safe haven for capital rather than a vehicle for aggressive growth. This is consistent with Switzerland’s tightly regulated property market, limited supply and enduring appeal to ultra high net worth individuals seeking discretion and security.

• THE UNITED STATES

The United States, in contrast, presents a more dynamic and volatile profile. Short-term figures are negative (-1% over one year and -2% over five), likely reflecting recent corrections following a period of very high demand. Yet the medium- and long-term data tell a different story: an 83% increase over 10 years and 228% over 20. These figures point to deep structural demand, driven by domestic affluence, lifestyle migration and the increasing appeal of mountain living. The United States’ ski property market has clearly benefitted from broader trends in second-home ownership and the rise of remote working, positioning it as the top performer in long-term capital appreciation.

• AUSTRIA

Austria, meanwhile, has faced headwinds, recording an 11% decline in the past year and a 7% drop over five years. Its 10-year growth of 34% and 20-year rise of 95% are respectable but modest compared to its peers. Austria’s more restrictive foreign ownership laws and relatively lower price points are likely contributing to its subdued performance. While it remains attractive to domestic buyers and value-seeking investors, its growth trajectory suggests limited upside without structural reform or increased international demand.

• FRANCE

France offers perhaps the most compelling turnaround story. Despite a 10% decline in the past year, likely linked to broader European economic weakness, its five-year growth of 31% and 10-year rise of 58% signal strong recovery and renewed investor interest. Over 20 years, French ski property has appreciated by 197%, second only to the United States. This reflects the enduring appeal of the French Alps, bolstered by infrastructure investment, international accessibility and a diverse buyer base. France’s ability to combine lifestyle appeal with long-term capital growth makes it a strategic market for globally mobile investors. Noticeably, unlike Austria or Switzerland, there are few, if any, buying restrictions.

For investors and analysts alike, these trends highlight the importance of understanding not just headline growth figures, but also the underlying market dynamics that drive them. Timing, regulation, and buyer behaviour all play critical roles in shaping the trajectory of ski property markets, and will continue to do so in the years ahead.

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