Prime ski residential property broadly avoided asking price falls over the last year, in common with wider global residential trends. This is despite the limits to international tourism and travel restrictions implemented in response to the Covid-19 pandemic.

Purchasers have had time to reconsider their lifestyle choices during the pandemic. With increased levels of remote working bringing more flexibility to where people call home, many have taken the opportunity to escape to the mountains.

Of the 44 resorts tracked in the Savills Ski Prime Price League, prices grew on average by 5.1% in the last year. Constrained supply in many ski resorts, a release of pent-up demand as restrictions have gradually eased, as well as investment in new resort infrastructure, have all contributed to this growth.

Five standout risers

• 1st: Aspen, USA

The world-renowned US resort of Aspen turns 75 this season. It also tops the Savills Ski prime price league, beating its European competitors to first place. Predominantly a domestic market, prime asking prices stand at €29,500 per square metre. Property here offers space and privacy, and demand accelerated as wealthy domestic buyers sought homes with access to outdoor pursuits in the wake of the pandemic.

• 10th: Méribel, France

Accommodating skiers of all abilities, Méribel has broken into the top ten prime resorts with asking prices of €16,200 per square metre. Boasting 200 lifts and central to the world’s largest ski area, Les Trois Vallées, Méribel has long proved attractive to French and British skiers. From dog-sledding and horse-drawn sleigh rides in the winter to fishing in Lac de Tuéda in the summer, this resort lends itself to buyers looking for a dual-season resort.

• 13th: Flims (Laax), Switzerland

Asking prices in Flims increased by 17% between 2020 and 2021 to €13,100. With international demand from a diverse range of nationalities, including Dutch, Scandinavian and French buyers, Flims has also seen 3% growth in ultra-prime asking prices. Infrastructure development to improve the resort’s dual-season offer, such as the recent opening of the ‘Path of the Dragon’ – the world’s longest treetop walkway – are also contributing to the resort’s rising appeal.

• 21st: Grimentz, Switzerland

With an increase in asking prices of 17%, to €11,200 per square metre, Grimentz is a rising star of the Swiss Alps. Asking price growth has been fuelled by rising demand coupled with a lack of new development in the area. This historically wealthy village, located 40km from Sion Airport, attracts visitors from around the world and is predicted to be a particular beneficiary of the easing of global travel restrictions.

• 25th: Zell am See, Austria

With average prime asking prices reaching highs of €10,000, and buyers now significantly outnumbering available stock, Zell am See has reportedly seen its busiest year for the last decade. The resort offers wellness retreats, sports and activities 365 days a year and is well located for natural attractions such as the Werfen Ice Caves and Krimml Waterfalls. Located in the centre of the Austrian Alps, south of Salzburg and east of Kitzbühel, Zell am See is popular among Austrian, German and Scandinavian buyers. Following the UK’s departure from the EU in January 2020, British buyers are no longer permitted to purchase residential property in Austria, unless under rare circumstances.

High life: The top 10 ultra-prime resorts

Aspen once again tops our ultra-prime price index. This resort, along with second-placed Vail, has benefitted from resilient domestic demand. Vail in particular has invested significantly in infrastructure – and with a further $320 million of spending planned over the next year, it is no surprise that the resort is commanding strong prime residential prices.

Verbier ranks third, followed by Courchevel 1850 in fourth position. Both retain their appeal to wealthy international buyers with ultra-prime asking prices exceeding €30,000 per square metre, in spite of international travel restrictions in the last year. Looking at the rest of the top 10, French resorts now account for half of the top spots.

Saint Moritz in Switzerland has moved up three places to fifth. Here, strong demand has resulted in a seller’s market for ultra-prime property.

The highest climbers were Courchevel* and Chamonix, both new entrants to the top 10. These French resorts attract mainly European buyers, notably the British, Dutch and Swiss, as well as domestic purchasers. The combination of high altitudes, reliable snowfall, luxury retail, excellent amenities and top restaurants make Courchevel* and Chamonix attractive purchase destinations.

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