The world’s leading ski destinations are entering the 2025–26 seasons with renewed momentum. What once looked like a temporary post-pandemic revival has evolved into a sustained shift driven by climate resilience, constrained supply, lifestyle migration and a rising class of international buyers who increasingly treat mountain property as both a financial asset and a year-round living choice. Across the Alps, North America and Japan, prices continue to rise, but the growth is highly uneven. Some iconic resorts are cementing their dominance while others are emerging as surprise contenders ahead of 2026.
For nearly two decades, ski homes have been among the most reliable luxury property investments. Prime values across key markets have climbed roughly 150 percent, with ultra-prime destinations such as Aspen, Courchevel and St Moritz approaching 200 percent. Even in 2024 — when many national housing markets cooled due to higher interest rates — leading alpine destinations still posted positive growth. According to the latest Alpine Index, prices across major French and Swiss resorts rose by around 3 percent, driven by severe supply shortages and expanding year-round demand. At the same time, climate change has pushed investors to favour high-altitude, snow-secure resorts like Val d’Isère, Vail and Zermatt, which now carry a measurable resilience premium.
France and Switzerland Extend Their Lead in the Luxury Segment
The French Alps are experiencing one of their strongest periods of demand in over a decade. While France’s national housing market softened, ski-resort prices across 71 destinations rose by more than 1 percent in 2024, proving the deep disconnect between ordinary residential trends and ultra-prime alpine markets. Val d’Isère, Méribel, Courchevel, Megève and Chamonix remain the anchors of the French luxury ski belt, supported by international buyers and supply profiles that simply cannot expand.
Nowhere is this more visible than in Méribel, where next-generation developments have reset pricing benchmarks. At Antarès, a new ultra-luxury residence built on the site of a former Club Med, apartments sell for around €30,000 per square metre. A 265-square-metre duplex rents for about €20,000 per week during peak season — levels once found only in Courchevel 1850. Nearby, the new Falcon residence averages around €23,000 per square metre, while standard three-bed apartments across the resort now trade near €18,000 per square metre. Both Val d’Isère and Megève have recorded price increases of around 30 percent over five years, underscoring the stability of demand.
Across the border, Switzerland’s elite destinations — Gstaad, St Moritz, Verbier and Andermatt — continue to outperform. They combine strict planning laws, high liquidity and year-round appeal. Gstaad now averages roughly €30,700 per square metre, with the most exclusive schemes surpassing €40,000 per square metre. St Moritz stands between €30,300 and €33,250 per square metre and continues to attract buyers from across Europe, the US and the Middle East. Verbier, long known for its blend of nightlife and top-end chalets, has reached nearly €25,000 per square metre. For most international buyers, these prices place the Swiss Alps alongside London, Zurich and central Paris in the hierarchy of global prime property.
Italy’s Dolomites Rise on Olympic Tailwinds
Italy, too, is undergoing a structural shift — driven largely by the upcoming 2026 Winter Olympics in Milan–Cortina. Cortina d’Ampezzo, historically glamorous but underinvested, is experiencing a revival as infrastructure upgrades and hospitality redevelopments accelerate. Road improvements, new luxury hotels and a fresh wave of residential schemes are reshaping the market just as demand returns.
Prime values in Cortina now stand at around €15,900 per square metre. While this places the resort below Courchevel or Gstaad, the gap is precisely what appeals to investors. It mirrors the trajectory of the French Alps during the early 2000s, when relatively affordable centres underwent sustained re-rating. Neighbouring Breuil-Cervinia — one of Europe’s most snow-secure resorts — has also attracted buyers prioritising altitude and long seasons. Italian agents report a rise in well-capitalised domestic buyers from Milan and Turin, as well as increasing interest from German, British and US clients who see long-term value in the Dolomites’ unique terrain and year-round tourism potential.
North America Splits: Aspen Dominates While Alternatives Thrive
The North American ski-property market is moving at two speeds. Aspen remains the world’s most expensive ski resort, setting new global benchmarks almost annually. Prime asking prices average around €35,100 per square metre, and the typical single-family home sells for roughly $18 million (≈16.2 million euros). Trophy properties often exceed $100 million (≈90 million euros). In the best neighbourhoods, price-per-square-foot levels of $4,000–5,000 (≈€43,000–54,000 per m²) are not unusual. Limited land, stringent zoning and decades of uninterrupted global demand keep Aspen in a category of its own.
But that same exclusivity is fuelling a shift. Some long-time owners are cashing out and relocating to mountain towns that offer both luxury and authenticity without the hyper-premium atmosphere. Steamboat Springs, Jackson Hole and especially Breckenridge are benefitting from this migration. Breckenridge, once overshadowed by Vail and Aspen, is now among Colorado’s most dynamic markets. Entry-level properties begin around $2 million (≈1.8 million euros), while high-end homes range from $4–5 million (≈3.6–4.5 million euros). Prices of roughly $1,000 per square foot (≈€9,700 per m²) make it attractive for buyers priced out of Aspen yet still seeking reliable snow and a lively town centre.
Vail, for its part, remains one of the world’s most climate-resilient resorts. Condo prices of $1,600–1,800 per square foot (≈€15,500–17,400 per m²) reflect both its altitude and its long seasons. Demand continues to come from domestic US buyers and global families seeking a snow-secure mountain base.
Japan’s Powder Belt Becomes a Global Investment Story
Japan has quietly become one of the world’s fastest-growing ski property markets. Niseko and Hakuba now attract buyers from Australia, Hong Kong, Singapore, Europe and North America, creating a uniquely global landscape that few alpine regions can match.
Niseko’s Hirafu-zaka district saw prices increase fourteen-fold between 2014 and 2020. Growth has since stabilised but remains strong at 5–10 percent annually. In Kutchan, the area that serves Niseko, land prices continue to rise by 7–12 percent a year depending on zoning. Yet the market remains significantly cheaper than Europe’s elite resorts — roughly 60 percent below Courchevel on average. A high-quality chalet with views of Mt Yotei may list for around ¥160 million — about $1.09 million (≈980,000 euros). For global buyers accustomed to eight-figure European and American price tags, Niseko still looks undervalued.
Hakuba, meanwhile, is building its reputation as a year-round adventure hub. Its Olympic legacy, proximity to Nagano and expanding hospitality sector have created strong rental demand. International visitor numbers have surged following Japan’s full reopening, fuelling a new cycle of renovation and small-scale development.
What Buyers Prioritise Heading Into 2026
Across all regions, the same three forces now shape investor decisions.
The first is scarcity. In the Alps and Colorado, strict zoning and limited buildable land keep supply permanently tight. Almost every top-tier resort faces a long-term housing shortage that strengthens pricing power even in softer economic climates.
The second is climate resilience. High altitude, orientation and snow-retention capacity increasingly determine where buyers will commit capital. Resorts such as Zermatt, Val d’Isère, Vail and Val Thorens consistently rank among the safest bets in a warming climate.
The third is year-round functionality. The modern ski buyer wants more than a place to visit for two winter weeks. Resorts with strong summer seasons — offering hiking, biking, spas, gastronomy and co-working — now outperform those relying solely on snow.
Final Perspective
The ski property markets gaining momentum ahead of 2026 are defined by altitude, scarcity and long-term resilience rather than hype. From the Olympic-fuelled revival in Cortina to the entrenched strength of the French and Swiss flagships, and from the two-speed dynamics in Colorado to Japan’s powder-driven opportunities, the hottest destinations of the next cycle reflect a deeper structural shift. Mountain property is no longer a winter luxury — it is a year-round asset class, and the buyers shaping it are thinking beyond geography and seasons toward security, lifestyle and long-term value.
