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While the pace of price growth has moderated, average prime ski property prices across our markets still rose by 3% over the past year.
Prime Prices
Despite continued economic uncertainty, prime ski property markets have demonstrated notable resilience. Unlike mainstream housing markets, where debt plays a central role, buyers in this segment tend to rely more heavily on equity. This distinction has helped to insulate the market from interest rate volatility and broader financial pressures. While the pace of price growth has moderated since the post-pandemic surge, average prime ski property prices across our markets still rose by 3% over the past year.
In many resorts, supply constraints continue to underpin and influence pricing. Limited availability of prime stock, coupled with sustained demand for mountain living, has created upward pressure on values. The appeal of Alpine destinations is multifaceted, with access to nature, clean air, outdoor recreation and the lifestyle associated with mountain living all contributing to buyer aspiration. The ongoing prevalence of remote working and a globally mobile buyer base has only amplified this trend, with many purchasers seeking second homes that double up as places of work and recreation.
Although prices remain 4% below their 2022 peak, they are still 12% higher than in 2021, and 27% above pre-pandemic levels. For many buyers, acquiring a prime ski property is not just a financial decision, but an emotional one. These homes often serve as long-term family assets, blending investment value with personal attachment.
Currency fluctuations have also played a role in shaping market dynamics. Over the past year, the United States dollar has weakened against the euro, making ski properties in the United States more competitively priced in euro terms. However, prices in local currencies have remained stable, reflecting underlying market strength.
Aspen
Aspen continues to lead the Savills Prime Price League, maintaining its top position for the fifth consecutive year. With average asking prices exceeding €35,000 per square metre, Aspen’s appeal is rooted in its year-round lifestyle offerings, world-class skiing, and exclusivity. The resort comprises four distinct ski areas (Aspen Mountain, Aspen Highlands, Buttermilk and Snowmass) and attracts a global high net worth clientele. Strict zoning regulations and limited development capacity have helped to sustain high price levels.
Val d’Isère
Val d’Isère ranks second overall and holds the top spot in France, with prime prices averaging €32,500 per square metre. Known for its high-altitude skiing and extensive terrain, Val d’Isère remains one of the most sought-after destinations in the Alps. It consistently ranks in the top tier of the Savills Ski Resilience Index, ranking third in 2025. Its enduring popularity is driven by its skiing credentials, its joie de vivre, and its reputation as a luxury residential market.
GSTAAD
Gstaad, Switzerland’s most expensive ski resort, takes third place in the Prime Price League, with average prime asking prices of €30,700 per square metre. Development is tightly controlled, preserving the architectural integrity of the town and supporting pricing. Buyers into Gstaad prize the market for its high levels of exclusivity, discretion and luxury amenities, making it one of the top destinations in Switzerland for prime ski property.
CORTINA D’AMPEZZO
Cortina d’Ampezzo, co-host of the 2026 Winter Olympics alongside Milan, has seen a notable uplift in its prime residential market. Prices have risen by 7% year-on-year, reaching €15,900 per square metre. The global spotlight on Cortina is expected to continue driving interest and price growth in the wider region of the Dolomites as infrastructure improvements and comparative value enhance its appeal to international buyers. Italy’s flat tax regime is also helping to attract residents seeking domiciliation, at the top end of the market.
NISEKO
Niseko, located in Hokkaido, Japan, is also a notable mover in this year’s Price League. With a resident population of just 4,000, Niseko has emerged as Asia’s premier ski destination. Renowned for its light, powder snow and international visitor base, the resort has seen prime property prices climb by 3% over the past year to €11,800 per square metre. Niseko’s evolution into a globally recognised resort reflects broader trends in the Asia-Pacific region. Ski tourism and residential investment are both on the rise, with other Japanese ski resorts, including Furano and Hakuba, seeing increasing attention and interest.
The Savills Ski Prime Price League offers a comparative snapshot of leading global ski resorts, ranking them by average asking price per square metre for prime residential property. For this analysis, Savills defines prime as properties priced above €750,000.
Ultra-prime residential market
The top 10 global ski resorts for ultra-prime residential pricing have remained largely consistent over the last two years, though some repositioning has occurred within the rankings. Aspen continues to lead the league, with average ultra-prime asking prices reaching €68,900 per square metre. The Colorado resort has seen sustained demand from both domestic and international ultra high net worth individuals, reinforcing its status as a premier winter base.
Swiss resorts dominate the upper end of the market, accounting for half of the top 10. Gstaad ranks highest among them, with average prices at €51,500 per square metre. However, headline figures only tell part of the story. In Switzerland, many of the most desirable properties transact off-market, bypassing public listings entirely. These discreet sales often command prices ranging from €40,000 to over €75,000 per square metre, reflecting the scarcity and exclusivity of ultra-prime stock.
French resorts also feature prominently, making up a third of the Savills Ultra-Prime Price League. Val d’Isère and Courchevel 1850 lead the French market, with top-tier properties frequently exceeding €40,000 per square metre. Méribel can also now achieve similar values for the very best chalets and penthouses. Both destinations continue to attract affluent buyers seeking high-altitude skiing and luxury living.
Vail remains a consistent performer, ranking fourth this year, with average ultra-prime prices at €45,400 per square metre. While broader housing markets in the United States have slowed under the weight of elevated interest rates, the ultra-prime segment has proven more resilient due to its lower reliance on traditional mortgage financing.
Across all top-tier resorts, supply constraints remain a defining feature. Whether due to zoning regulations, limited land availability, or preservation policies, new inventory entering the market remains minimal. This persistent imbalance between demand and supply continues to support elevated pricing, reinforcing the exclusivity and long-term value of ultra-prime ski property.
Outlook
We have compared the prime residential property market outlook for ten key Alpine resorts over the coming year, using four key indicators. Resilience to climate change, openness to international buyers and volume of supply in each location all factor into the analysis. Proximity to transport is also considered, but to a lesser extent.
Aspen, in the United States, offers the strongest outlook of all the markets covered. With low levels of supply, an openness to foreign buyers, and a high resilience rank, this Colorado location is poised to have a strong year ahead.
Swiss resorts account for nearly half of the locations in our outlook this year, and the country continues to be highly attractive to the global market. Demand outstrips supply in all of the resorts covered, which is likely to support price growth in the near term. Foreign buyers should be aware of buyer restrictions in the country, which vary from canton to canton and can have a notable effect on property markets, depending on the location.
If you’re considering a move, whether buying, selling or renting, our team would be delighted to assist with your ski property enquiries.
Read the other articles within The Ski Report below
