The Savills Ski prime price league compares current asking price per square metre for prime ski property in more than 40 resorts globally. Broadly, the top resorts have avoided seeing a fall in average asking prices compared to 2019. In fact, the asking price per square metre for the top 10 most expensive resorts saw an average annual increase of 7.2%. This suggests values have held steady and even increased, despite the impact of the pandemic.

The average prime residential values in ski resorts can match, or even exceed, those of major cities. Prime values in Courchevel 1850 and Val d’Isère are both higher than in Paris, for example, by around 60% and 30% respectively. Values in Saas Fee are comparable with Lisbon while values in the Italian resort of Cervinia are comparable with Madrid.

1. Courchevel 1850, France

The French resort village tops our prime price league for the second year in a row, with prime asking prices standing at €25,300 per square metre. Famous for its luxury hotels and glamorous restaurants, as well as an enviable variety of skiing as part of the Three Valleys, Courchevel 1850 is a haven for wealthy international buyers, including British, Russian and Swiss. Average asking prices have increased by 10% compared with last year.

2. Aspen, USA

The leading Colorado resort ranks second at €22,100 per square metre. One of the best-known skiing destinations in North America, Aspen is popular among wealthy domestic buyers. The resort has a well-established luxury market and one of the highest valued residential property markets in the US, with prices per square metre comparable with major US cities, such as New York.

3. Val d’Isère, France

Prime asking prices in Val d’Isère stand at €20,700 per square metre, a 2% increase from last year. Limited supply, recent seasons of good snowfall, and low borrowing rates have helped drive price increases over the past year, with quality, new build schemes selling well. These factors, along with strong domestic demand, should help sustain values over the coming year, although a tapering in price increase is anticipated. As well as having strong domestic demand, the resort is also popular among British, Dutch and Benelux buyers.

4. Verbier, Switzerland

At €19,500 per square metre, Verbier is the highest value Swiss resort, just ahead of Gstaad. International demand comes from a diverse range of nationalities, with French, Dutch and Scandinavian buyers among the largest international buyer groups. Average asking prices fell slightly (-3%) over the past year, although domestic demand does remain cautiously strong and active, if not price sensitive. An ever-strong Swiss Franc is also acting as a ceiling to asking prices, given the international appeal of the resort.

5. Gstaad, Switzerland

Gstaad has overtaken Andermatt and St Moritz in the prime price league from last year, now ranking as the second highest valued Swiss resort. Average prime asking prices stand at €18,800 per square metre, slightly below Verbier (-3%). Ultra-prime prices can achieve several multiples of this figure. Supply levels are tight in the well-known Swiss resort, which has high international appeal, with several luxury hotels, an array of boutique shops and private schools.

Resort profiles: a selection of those in demand

13. Kitzbühel, Austria

Kitzbühel is one of Austria’s highest valued resorts for prime residential property (second only to Lech). Average prime asking prices stand at €13,200 per square metre. Values have risen here over the past year, driven mainly by interest from Germany, where up to 80% of the buyers originate. Supply remains tight and, with limited land availability, we anticipate further rises during the next 12 months.

20. Cortina D’Ampezzo, Italy

Cortina D’Ampezzo is Italy’s highest valued destination for prime ski property, with average asking prices at €12,000 per square metre, holding steady from last year. The town is popular among wealthy Italians, but prime property prices are still well valued compared with some of its Swiss and French peers. It is part of the Dolomiti Superski circuit, with access to 1,200km of piste.

32. Saas Fee, Switzerland

Saas Fee, a traditional resort village high in the Swiss Alps, is one of Switzerland’s lower valued resorts for prime residential property, standing at €8,600 per square metre. The resort’s high altitude (1,800m) makes for reliable snowfall and it’s one of the highest ranked resorts in Savills Resilience Index. The resort is particularly popular among Scandinavian and Dutch buyers.

34. Niseko, Japan

One of Japan’s most famous resorts, Niseko is known for its après-ski, lively bars, restaurants and karaoke spots. The Japanese town is home to international hotel brands as well as branded residential schemes, such as the Park Hyatt Niseko Hanazono Residences. Niseko attracts buyers from other Asian markets such as Singapore and Hong Kong. Prime residential prices remain well valued in a global context at an average of €7,900 per square metre.

Top 10 ultra-prime property prices

The top 10 most expensive resorts for ultra-prime property remains largely unchanged compared with last year. Aspen once again ranks top. Courchevel (Le Praz, 1550 & 1650) and Andermatt have fallen out of the top 10 but remain in the top 20. They were replaced by Swiss resorts, Gstaad and Crans-Montana. Domestic demand in these Swiss resorts has remained strong.

French resorts rank second, third and fourth. Courchevel 1850 remains in second place, while Val-d’Isère has moved up one place to third. Méribel now ranks fourth, up from tenth last year. Values in Méribel have been driven by a lack of supply and strong domestic demand. Ultra-prime values here have increased from €23,000 per square metre last year.

During the previous downturn, top-end destinations were more resilient. In the ultra-prime residential markets, there is often very limited availability of stock, which is a major driver of prices. Going forward, this should help to support prices in this niche market segment.

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