Luxury mountain property is experiencing an exceptional period. Sustained international demand, the scarcity of quality supply in the most sought-after resorts and the rise of four-season activities are fuelling sustained price increases. The Swiss Alps, which have been popular with UHNWI for generations, retain their top spot.
1. Swiss Alps — Crans-Montana, Verbier, Gstaad, Zermatt, Saint-Moritz
The Swiss Alps constitute the world's leading luxury mountain property market. Verbier, Gstaad, Crans-Montana, Zermatt and Saint-Moritz represent five complementary destinations, each with its own identity and a loyal clientele for generations. Prices were broadly stable in 2023, a sign of great market maturity.
2. Cortina d'Ampezzo, Italy
Cortina d'Ampezzo, the "Queen of the Dolomites", will co-host the 2026 Winter Olympics alongside Milan. This prospect has already driven significant property price increases. The Italian resort has an exceptional ski area in the majestic setting of the UNESCO-listed Dolomites.
3. French Alps — Megeve, Chamonix-Mont-Blanc, Courchevel, Meribel
The French Alps remain sought-after destinations not only for skiing but also for their unique setting and high-end infrastructure. Many mountain destinations have expanded their offering beyond skiing, with summer activities such as hiking, mountain biking, golf and other outdoor sports. This makes these places attractive all year round.
4. Colorado, USA — Aspen, Vail & Telluride
Aspen-Snowmass, Vail and Telluride represent the triumvirate of American luxury skiing. These three resorts combine exceptional ski areas, refined lifestyle and one of the world's most expensive real estate markets. Aspen is the most popular and expensive in the United States, with luxury property prices that rival the top Alpine resorts.
5. Cerro Catedral, Patagonia, Argentina
Cerro Catedral, near Bariloche in Patagonia, is the largest ski resort in the southern hemisphere. This atypical destination attracts international clients in search of adventure and authenticity in an exceptional natural setting. Its property market remains very affordable compared to the major Alpine resorts, offering significant capital appreciation potential.