Contents

• Wealth Trends for Ski Resorts

• Comparing Aspen and Gstaad

Wealth Trends for Ski Resorts

Once seasonal retreats, these Alpine enclaves are now positioning themselves as strategic year-round lifestyle and investment destinations as part of wider property portfolios. From Savills Spotlight on Wealth Trends for 2025, we have ranked the most attractive ski resorts to HNWIs.

At the core of their popularity is the quality of life. First-ranked Aspen offers year-round activity, from world-class skiing to summer hiking and cultural programming. Swiss locations in the top five – Zermatt, Gstaad, Verbier and St Moritz – offer strong family and legacy environments, as well as extended ski seasons.

Lifestyle infrastructure is expanding across ski markets. Private members’ clubs such as 67 Pall Mall have established satellite locations in resorts such as Verbier, offering curated social environments. Luxury brands are following suit, with LVMH and Kering investing in retail footprints and branded residences. Aman has recently opened a luxury hotel in San Cassiano, further reinforcing the alignment between ski markets and global luxury ecosystems.

Health and wellness are also central to the appeal. Buyers value access to private health clinics, clean air, green space and high-quality sports facilities. These attributes, combined with a strong sense of community, make resorts like Gstaad particularly attractive. The understated nature of wealth in these locations, where anonymity is respected and paparazzi are rare, adds to their desirability.

Despite the lifestyle appeal, relocation remains complex. Switzerland requires residency for property acquisition above a modest size threshold, and its regulations vary by canton. France imposes a wealth tax, and inheritance tax can reach 50 percent unless structured through Special Purpose Vehicles (SPVs). Italy offers a more favourable fiscal environment, including a €200,000 flat tax for new residents, making it an attractive option for domiciliation by HNWIs.

The motivation to buy is multifaceted. While a love of the mountains and outdoor lifestyle remains central, buyers are increasingly focused on capital preservation and long-term value. Real estate in ski resorts is both a lifestyle asset and a mechanism for wealth retention. Properties in prime locations often serve as multi-generational assets, held through family offices or trusts. Succession planning is now embedded in the acquisition process, with properties often purchased in the names of children or through family offices. Inheritance tax mitigation and strategic divestment are often considered before contracts are signed.

Privacy is another critical factor. Many ski resorts are designed to accommodate discretion, with gated communities, low population density and infrastructure tailored to private aviation. This makes them ideal for individuals who value seclusion and discretion, without sacrificing access or service.

From an investment perspective, Alpine real estate benefits from constrained supply and high demand. Geographic limitations and strict zoning regulations restrict development, supporting long-term capital appreciation.

No longer just seasonal playgrounds, ski resorts are permanent fixtures in the portfolios of global HNWIs, valued for their privacy, stability and long-term potential.

Comparing Aspen and Gstaad

In the world of ultra-prime Alpine real estate, Aspen and Gstaad stand as two of the most coveted destinations for HNWIs. Both rank in the top five of the HNW Hotspots Index for ski locations, and each offers a compelling blend of exclusivity, prestige, and long-term value.

ASPEN

Aspen’s property market is defined by scarcity. Strict zoning laws and geographic constraints limit new development, creating a supply-demand imbalance that precipitates price growth. In 2025, prime properties in Aspen averaged €35,100 per square metre, while ultra-prime homes reached €68,900 per square metre. This pricing reflects the quality of inventory and also the pace at which it moves. Properties in Aspen are often sold above asking price, with buyers competing for access to a lifestyle that blends mountain sport with cultural sophistication.

Aspen offers world-class skiing, a rich cultural calendar including the Aspen Music Festival and the Food and Wine Classic, and a social scene that attracts a global following. The town’s infrastructure is tailored to the needs of UHNWIs, with private aviation access, concierge services, and wellness-focused amenities.

GSTAAD

Gstaad offers a serene and highly private environment that appeals to families and individuals focused on long-term capital preservation and discretion. Ultra-prime properties in areas such as Oberbort command over €51,500 per square metre, placing Gstaad among the most expensive markets in Europe. Yet transaction volumes remain low, and ownership structures are often long-term, with properties held through family offices or trusts for multi-generational use.

The Swiss regulatory framework, including Lex Koller exemptions, allows for foreign ownership under strict conditions, reinforcing the exclusivity of the market. Development is tightly controlled, preserving the architectural integrity of the town and ensuring that Gstaad retains its traditional Alpine character. This understated Swiss enclave includes over 200 kilometres of ski terrain, with Michelin-starred dining and elite private schools such as Institut Le Rosey contributing to its appeal. The car-free village centre and emphasis on privacy enhances Gstaad as a top destination for global HNWIs.

Aspen and Gstaad embody two distinct yet equally compelling expressions of luxury real estate. Aspen is dynamic, lifestyle-driven, and socially vibrant, appealing to buyers who prioritise seasonal energy and experiential living. In contrast, Gstaad offers a more discreet, heritage-oriented environment, attracting those focused on long-term wealth preservation and legacy. In a global market increasingly shaped by lifestyle preferences and climate resilience, Aspen and Gstaad continue to define the upper echelons of Alpine property investment.

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}