Prime residential ski property demand has remained undeterred despite the impact of the pandemic on international travel. The economic headwinds of rising inflation and subsequent tightening of monetary policy, as central banks across the world increase interest rates, are yet to be felt within this specialist market segment. Compared with wider property market trends, ski property buyers are generally more reliant upon equity than debt to fund their purchases.

The price growth seen in the ultra-prime market during the last year has filtered through to the prime market. The unwavering appeal of the mountains, lifestyle and open spaces, attracts those seeking to retreat from urban life.

Prime ski residential property is an attractive store for accumulated wealth, as well as a sentimental, life-aspiration purchase for many. Across the 46 resorts that we track in our index, prime residential asking prices grew by more than 20% in the last year on average and over 30% since 2020. This is more than double the average national house price growth over the same period for skiing nations. Increasing prices were driven by pent-up demand and a lack of stock, with average prime listings falling 28% year on year and by 25% since 2020.

Stand out risers

• BAD GASTEIN, AUSTRIA (37th)
  
  Bad Gastein rose two places from 2021. Competitively priced in comparison to Zell am See and St Anton, its prime residential market saw an increase in demand over the past two years. 137 miles of piste with access to four sister ski areas: Bad Hofgastein, Dorfgastein, Graukogel and Sportgastein, as well as autumnal yoga and numerous high-altitude thermal spas, Bad Gastein offers a healthy variety of activities for visitors.

• NISEKO, JAPAN (31st)
  
  Niseko was fully operational during the pandemic as ski resorts were exempt from national restrictions. Experiencing a revival in investment, including two pipeline branded residential schemes, the creation of mountain villages and the enhancement of facilities, Niseko is reasserting its title as a world-renowned skiing location. Despite international travel restrictions, its average prime asking prices have increased by more than 5% compared to 2021/22, rising three places in the prime index.

• CHAMONIX, FRANCE (16th)
  
  Average prime asking prices in Chamonix are contending with Swiss resort Crans-Montana as a severe lack of supply for prime property drives the top end of the residential market. Climbing six places to 16th, the French resort initially shut down in the immediate wake of the pandemic, but transactional volumes increased in 2021/22 upon the previous year and in comparison to pre-pandemic levels, as purchasers sought refuge in the mountains.

• CRANS-MONTANA, SWITZERLAND (14th)
  
  Situated high above the Rhône Valley, hosting two Michelin-starred restaurants and multiple residences offering ski-in and ski-out, Crans-Montana also features a world-class golf course that hosts a European round of the PGA Tour. Unsurprisingly all of which appeal to the international skier and the clientele of Six Senses, which is opening the Six Senses Crans-Montana this year. Crans-Montana’s prime asking prices have grown to €15,800 per square metre, demanding more than prime residential real estate in European cities such as Milan and Rome.

• ST MORITZ, SWITZERLAND (5th)
  
  Ranking fifth, St Moritz is the ski rendezvous destination for international jet setters. The Corviglia mountain and St Moritz ski area – the birthplace of Alpine winter sports and a winter tourism destination for over 150 years, is also home to the world’s first yoga slope – Paradiso. With altitudes of up to 3,300m, this Swiss resort has climbed three places in the Savills Prime Index since 2021/22.

• VERBIER, SWITZERLAND (3rd)
  
  Verbier has climbed three places and is the most expensive prime Alpine resort with an average asking price of €27,800 per square metre. Two international schools, gourmet restaurants and dual-season appeal are driving prime price growth and a thriving rental business. Agents are reporting a lack of stock and the increase in remote working are also contributing to growth. Verbier attracts a diverse buyer base; most notably recent purchases have been made by buyers closer to home, including those from the UK, Scandinavia and Benelux countries.

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