Ski resorts which have a strong resilience to climate change, are open to international buyers and have a high volume of supply offer best prospects of real estate investment, according to s new report from Savills.
Jeremy Rollason, head of Savills Ski, says that long-term thinking is now central to purchasing decisions. ‘I would never put a high net worth under pressure to buy a discretionary asset. I think they buy these assets very much for the long term, but at the same time, I think the investment environment is benign for mountain homes – it has been for the past two or three years, and we don’t see it changing for the foreseeable future. I think there remains an opportunity for both medium and long-term capital appreciation.’
Over the past 20 years, average prime property prices across surveyed ski destinations have increased by 150 per cent, a new report has found, as demand rises for ultra-prime homes in resorts and year-round mountain living.
The 20th edition of the Savills Ski Report found that wealthy buyers now place greater value on lifestyle, comfort and exclusivity, and are increasingly willing to pay for it. Prices could double over the next decade, with Aspen and Swiss resorts showing particularly strong prospects.
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The Savills report found that long-term growth has defined the ski property market, despite short-term performance varying across regions. Switzerland remains the most consistent destination, with prices up 7 per cent over the past year and 20 per cent over five years. Over the past decade, growth has been more moderate at 19 per cent, which reflects a mature and stable market. Across the full 20-year period, however, Swiss ski homes have almost doubled in value, rising by an average of 94 per cent.
The US presents a more volatile picture. Although recent figures show a short-term decline, prices have increased by 84 per cent over ten years and a staggering 228 per cent over two decades – the strongest long-term gain among all markets tracked.
France has seen one of the most notable recoveries. A 10 per cent fall in the past year contrasts with five and ten-year growth of 31 and 58 per cent respectively, which suggests renewed investor confidence. Over 20 years, French ski property values have climbed by 197 per cent, second only to the US.
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At the top end of the market, Aspen continues to lead the Savills Ultra-Prime Price League for the seventh year in a row, with average asking prices reaching €68,900 per square metre. Swiss resorts account for half of the top 10, led by Gstaad at €51,500 per square metre. French destinations remain strong contenders, with Val d’Isère and Courchevel 1850 among the highest-priced resorts in Europe.
So, what does this mean for UHNWs? The report suggests that prime ski properties remain in high demand, with limited supply and strong interest from international buyers helping to support prices. Aspen looks particularly attractive, with low inventory, openness to foreign buyers and strong resilience to climate change, making it a favourable market for investment.
Rollason notes that while climate matters, it is not the only driver of value. ‘If you are looking to buy a second home in the Alps for skiing, then you are for sure likely to be heading to a high altitude resort. But there are also anomalies where some high-value locations still command very high prices despite not sitting at high altitude or benefiting from long ski seasons. A very good example of that is Gstaad.’
Swiss resorts also show a positive outlook, with demand exceeding supply in many locations, which is likely to sustain price growth. However, potential buyers should be aware that rules on foreign ownership vary by canton and can influence market opportunities.
Rollason adds that lifestyle and infrastructure increasingly shape decisions among UHNWs. ‘For UHNWs, lifestyle is key. It is about the community, the feeling of safety and having things to do other than skiing. A surprising number of people who buy second homes in the Alps don’t even ski.’
