According to the "Ski Report" published by Savills for the eighteenth time this year, on average, across the Savills Ski Prime Price League table of the top twenty resorts, prices for prime residential property fell by approximately -4% for the year. However, this fall is from record levels, after prices rose more than 20% in the 2021/22 season. While down slightly from their 2022 highs, values remain on average 20% above 2021 levels and 41% above pre-pandemic prices.
Taking first place in the Savills “Ski Prime Price League” is Aspen, consistently ranked as the top ski destination in the United States. Asking prices for prime residential property average over €35,000 per sqm, up by 2.3% from 2022. The Colorado town also tops the Savills ultra-prime ski destinations rankings as well as the Savills Ski Resilience Index. The French ski resort Val d’Isère moves from a fourth to the second place with average prime prices of €27,700 per sqm.
Jeremy Rollason, Head of Savills Ski, says: “Val d’Isère has the highest potential for capital appreciation this coming year. The market is hugely undersupplied and is completely open to foreign buyers. It’s one to watch in the year ahead.” The French ski resort Courchevel 1850 has edged up the rankings from 7th to 5th place. High demand has boosted prime prices by over 15% over the last year and average asking prices now stand at €26,500 per sqm. The only Italian ski resort to make the top twenty is Cortina D’Ampezzo in the Dolomites. Hosting the Winter Olympics in 2026, the town has seen prices increase by 6% yearly. The Canadian ski resort Whistler Blackcomb has jumped from 37th place to 18th. Renowned and celebrated for its vast terrain, this ski resort, the largest in North America, is known for its reliable snowfall and facilities.
„When it comes to the very top tier of properties in the most sought-after resorts, which includes about 5% of the most expensive properties in each of the evaluated ski destinations, Aspen’s ultra-prime property is priced at €83,500 per sqm on average, some 43% more expensive than Vail in second place,“ says Lenka Pechová, Senior Research Analyst at Savills. „Swiss locations account for half of the ultra-prime destinations, with Verbier seeing price growth of 27% compared to 2022. For some locations, such as Gstaad, the most desirable properties often transact without ever coming to market. These off-market transactions can achieve up to €75,000 per sqm, well above listed prices,“ adds Lenka Pechová.
Climate change remains a significant factor affecting ski markets. Resorts are increasingly investing in snowmaking technology to ensure consistent cover, but uncertainty over future natural snow and ski conditions means destinations at higher elevations may have an advantage in coming years. The Savills Ski Resilience Index, now in its sixth year, ranks 62 ski resorts using five metrics to determine their conditions' quality reliability and ability to cope with climate challenges.
“Last season saw unpredictable weather resulting in low snowfall in some locations and record-breaking levels in others. As a consequence, we have seen more jostling for position than in previous years”, says Kelcie Sellers, associate, Savills World Research. Two US resorts in Colorado claim the top spots for the year, with high levels of snowfall last year propelling Aspen and Vail ahead of perennial number one, Zermatt, which comes third in this year’s index. Sustainability is a key concern for the ski industry and resorts are under pressure to adopt even more environmentally responsible practices, from reducing energy consumption to promoting eco-friendly transportation options, such as the Ski Train in Europe. Looking ahead, those ski markets that can effectively communicate, and demonstrate, their commitment to sustainability may also have a competitive edge.
