2025-2026年滑雪地产市场报告（英文版）

自

REPORT

SavillsResearch

THE

SKIREPORT

WINTER2025-26

savills

THESKIREPORT2025-26

FOREWORD

JEREMYROLLASONHeadofSavillsSki

CONTENTS

2-3

MarketOverview

Asskiernumberssoar,howare

resortsadaptingtorisingdemandandshiftingseasons?

4-7

20YearsofSki

Twodecadesofsnow,slopesand

primeproperty.Wechartthepeaksandthevalleys.

8-9

PrimePrices

Aspenleadsagain,butwho’sgainingground?

10-11

Ultra-Prime&Outlook

The€68,900question:wherenextforultra-prime?

12-15

SkiResilienceIndex

Snowfall,altitudeandtheclimatechallenge.Whichresortsarebestequippedtoweatherthestorm?

16-17

WealthTrendsforSkiResorts

Fromslopestosuccessionplanning-whyHNWIsaredoublingdownonskihomesasprimeinvestments.

18-19

AspenvsGstaad

Twoicons,twophilosophies.Whatsetstheseultra-primetitansapart?

Celebrating20yearsoftheSavillsSkiReport.

WehavebeenreportingonthesecondhomemarketsintheAlpsandEuropesince2006,makingthisthe20thanniversaryofourskireport.Duringthisperiod,significantmilestonesincludedthe2008global

financialcrisis,anensuingcreditcrunch,thedecouplingoftheSwissfrancfromtheeuro(2015),abanontheconstructionofnewsecond

homesinSwitzerland(2016)andthedepartureoftheUnitedKingdomfromtheEuropeanUnion(2021).

Wehavealsowitnessedthethirdwaveofglobalisation,or

hyperglobalisation,drivenbytechnologicalinnovationandthegrowthofcommunicationnetworks.Itisthelatter,andtherapidevolutionofArtificialIntelligence,thatislikelytodefinethenexttwodecades.

Fornow,itisscarcityandequitythatdefineandinfluenceproperty

marketsintheAlpsandmountainresortsglobally.Today,wealthy

buyersvaluelifestyle,comfortandexclusivityandarewillingtopay

forit.Forthesixthyearinarow,Aspencontinuestodefygravityby

leadingultraprimepricingatanaveragepriceof€68,900persquaremetre.Bycontrast,20yearsago,toppricesinAspenwerecloserto

€10,900persquaremetre.Thisisreinforcedby20-yearprimeprice

growthintheUnitedStatesaveraginganimpressive228%,comparedto197%inFranceandamoreconservative95%inSwitzerland.Laterinthereport,wecompareAspenandGstaad(page18),whichmakesforfascinatingreading.

AphenomenonthathasemergedinEuropeinthelastdecadeandis

onlylikelytocontinueistheadventofthebrandedresidenceinAlpineresorts.Arguably,thisstartedwithTheChediopeninginAndermatt

in2014,buthassinceproliferatedwithSixSensesCourchevel&

Crans-MontanaandTheWHotelResidencesinVerbier.AmanResortsrecentlyopenedAmanRosaAlpinainSanCassiano,MandarinOrientalisplannedtoopeninCortinaintimefortheCortinad’AmpezzoWinter

OlympicsinJanuary2026,andTheFourSeasonsissellingjustsixresidencesinTheParkGstaad(2026opening).Wesensethat

Val-d’Isèrewillsoonbefollowingsuit.

Overall,primepricesareup3%year-on-year,withultraprimepricesacceleratingat9%.Atthisrateofgrowth,ultraprimemarketswouldtakenot20years,butalmosthalfthattodoubleagain.Donotbetyourskichaletagainstit.

1

23

THESKIREPORT2025-26

SLOPES

STAY

STRONG

THESKIREPORT2025-26

NORTHAMERICA

NorthAmericaremainsthegloballeaderinskiervisits,

withtheUnitedStatesaccountingfor61.5millionskivisitorsin2024-25,accordingtotheNationalSkiAreasAssociation.

Thisrepresentsa1.7%increaseyear-on-yearandthesecond-bestseasononrecordafter2022-23.Whilethenumberofresortshasconsolidated,theregion’sperformancenowexceedshistorical

benchmarks,reflectingamoreagileanddemand-responsiveindustry.InvestmentintoinfrastructureisincreasinginNorthAmericanskimarkets,with$560.7millioncommittedfor

infrastructureprojectssuchasnewliftsandupgradesoverthe2025-26season.

EUROPE

Europe’sskimarketisshapedbybothdomesticandinternationalvisitors,withFrance,AustriaandItalyrankingjustbehindthe

UnitedStatesintermsofskiervolumes.Switzerlandhasreportedthatthe2024-25seasonwasthecountry’sstrongestskiseasonin15years,

withanestimated26.3millionskierdays.SummerdemandinEuropeandestinationscontinuestogainmomentum,promptingglobalhospitalitybrandstosecurestrategicfootholdsinkeyskimarkets.NotablerecentactivityincludesAman’sdebutinSanCassianointheDolomites,

MandarinOriental’sforthcomingopeninginCortinad’Ampezzoaheadofthe2026WinterOlympicsandFourSeasons’plannedarrivalin

MARKETOVERVIEW

Gstaadintimeforwinter2026.Allthissignalsabroadershifttowardsyear-roundpositioningintraditionallywinter-centriclocations.

T

he2024-25seasonmarkedthethirdconsecutiveyearofexceptional

ASIAPACIFIC

performancefortheglobalskiindustry.Visitornumbershaveconsistentlyexceededpre-pandemicbenchmarks,signallingastructuralevolution

inconsumerdemandandarevitalisedenthusiasmforalpineexperiences.

IntheAsia-Pacificregion,growthhasbeenparticularly

pronounced.Risingdisposableincomes,increasedtourismflowsandagrowingenthusiasmforwintersportshaveallcontributedtotheexpansion.Japanremainsatop-fivedestinationglobally,whileChinapostedarecord-breakingseasonof26millionskierdaysforthe2024-25season.Australiaalsoreportedoneofits

bestseasonstodate,supportedbyexceptionalsnowfall.China’sstrategicinvestmentinskiinfrastructureanditseffortsto

cultivateadomesticskiculturearepositioningthecountryasamajorplayerintheglobalmarket,withresortscateringtoawiderangeofskilllevels.

AccordingtothelatestavailabledatafromLaurentVanat,thesectorrecordedover366millionskiervisitsworldwide,acompellingtestamenttoitsenduringappealandresilienceacrossinternationalmarkets.

Asever,snowconditionsandweatherpatternsremaintheprimarydriversforskitourism.Asskiingisthecornerstoneofmanymountaineconomies,generating

significantrevenuethroughtourismandassociatedservices,thesefactorsare

crucialforresortstomanageandtrack.Inresponsetoclimatepressures,the

industryisincreasinglypivotingtowardsafour-seasonmodel,withdestinationsinvestingininfrastructurethatsupportsyear-roundactivity,andconsequently,

long-termsustainability.Suchinvestmentrangesfromupgradedliftsystemsto

advancedsnowmakingtechnologies,allaimedatenhancingoperationalefficiencyandmeetingtheexpectationsofagrowingskierbase.

45

THESKIREPORT2025-26

YEARSOF

Thisyearmarksthe20thanniversaryoftheSavillsSkiReport.Overthelasttwodecades,

wehavetrackedtheupsanddownsoftheskimarket,beginningintheAlpsand

expandingourcoverageandcommentarytoincluderesortsacrosstheglobe.

L

ookingback,the2005-06

seasonwasaformativetimeforAlpinepropertymarkets.

Inthepasttwodecades,luxuryhas

becomethedominantnarrativein

manyleadingskiresorts.Buyers

areincreasinglydrawntohigh-

specificationhomesofferingwellnessandleisureamenities,private

conciergeservices,andpreferablydirectaccesstotheslopes.

ThishaselevatedpricinginsomeofthemostpopulardestinationssuchasAspen,StMoritzandCourchevel1850,whereprimepriceshave

increasedbyanaverageof200%

since2006.However,acrossall

primeskimarketsstudied,averageprimepriceshaveincreasedby150%intwodecades.

Buyersinmanyskimarketshave

becomemoreglobalovertheperiod.Whiledomesticbuyersremainactive,manyresorts–especiallytheones

whichdonotrestrictforeignbuyers–haveseenasurgeininternational

interestfrombuyersfromacrossEurope,NorthAmericaandtheMiddleEast.

SincethefirstiterationoftheSki

Report,climatechangehasmovedtotheforefrontoftheagendafor

manyskiresortswithitsinevitableramificationsforskiproperty.

Assnowfallpatternsbecomeless

predictable,resortshaveresponded

bydiversifyingtheirofferingand

investinginsustainablesnowcreationinfrastructure.Investmentinsummeractivities,suchashikingtrails,

cyclingroutesandwellnesscentres,hasrepositionedmanydestinations

asyear-roundlifestylehubs.Buyers

nowplacegreatervalueonpropertiesthatofferfour-seasonutility,not

justwintersportsaccess.Thishas

increasedtheappealofresortswhichhavebeenabletodiversifyintotrueyear-rounddestinations.

Austriaopeneditsdoorstoforeign

investment,sparkingawaveof

interestandpricegrowth.Franceand

Switzerlandcontinuedtomatureas

luxurydestinations,withexpanding

infrastructureandevolvingbuyer

expectations.Exchangeratesfor

buyersfromtheUnitedKingdomwereespeciallyfavourableduringthisperiod.Theseasonalsomarkedthebeginningofamoreglobalisedandinvestment-

orientedapproachtoskirealestate,aphenomenonthatwouldaccelerateintheyearstocome.

TheSwissfranchasmorethandoubledinvalueduringthelast20yearsagainststerling,withtheeurohavingalso

appreciatedagainsttheBritishpoundbyaround30%overthesameperiod.

Intheinterveningyears,theprime

residentialmarketsinskilocationshaveexperiencedthesamefluctuationsas

thewidereconomy,fromtheturbulenceoftheglobalfinancialcrisistothe

post-pandemicboomandsubsequentmoderationinpricing.Throughallof

thesechanges,theappealofowning

primeresidentialskipropertyhas

remained,anddemandhasconsistentlycompetedwithlimitedsupply.

Overthelast20years,primeresidentialpropertyinkeyski

marketshasundergoneacomplexevolution,shapedbyregulatory

environments,shiftingbuyerdemographicsandbroader

macroeconomiccycles.

THESKIREPORT2025-26

150%

Averageprime

200%

Averageprime

2X€32,700

OverthetwodecadesUSprimeski

priceincrease

priceincreasein

oftheSkiReport,thepropertyprices

acrossskilocations

Aspen,StMoritzand

numberofmarketspeakedin2022

analysedbySavills

Courchevel1850over

analysedhasdoubledatanaverage

in20years

thepasttwodecades

of€32,700persqm

AVERAGEPRIMEASKINGPRICE(€PERSQUAREMETRE)

AustriaFranceSwitzerlandUnitedStates

€35,000

Averageprimeaskingprice(€persquaremetre)

€30,000

€25,000

€20,000

€15,000

€10,000

€5,000

€-

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Source:SavillsResearch

Note:Averageprimepropertypriceacrossallskimarketssurveyed

SKI

THE

REPORT

2025-26

SKI

THE

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2025-26

SWITZERLAND

THEUNITEDSTATES

PRIMEPRICEGROWTHFORSKIPROPERTYBYCOUNTRY,2006-2025

TheUnitedStates,incontrast,presentsamoredynamic

andvolatileprofile.Short-termfiguresarenegative(-1%

overoneyearand-2%overfive),likelyreflectingrecent

correctionsfollowingaperiodofveryhighdemand.Yetthemediumandlong-termdatatelladifferentstory:an83%

increaseover10yearsand228%over20.Thesefigurespointtodeepstructuraldemand,drivenbydomesticaffluence,

lifestylemigrationandtheincreasingappealofmountain

living.TheUnitedStates’skipropertymarkethasclearly

benefittedfrombroadertrendsinsecond-homeownershipandtheriseofremoteworking,positioningitasthetop

performerinlong-termcapitalappreciation.

Switzerlandstandsoutasthemoststableperformer.With

1yeargrowth5yeargrowth10yeargrowth20yeargrowth

a7%increaseoverthelastyearanda20%riseoverfive

TheUnitedStates

-1%-2%83%228%

years,themarkethasshownresilienceinthefaceofglobaluncertainty.However,its10-yeargrowthofjust19%reflectsamorematuremarket,wherepriceappreciationhassloweddespitestrongfundamentals.Overthefull20-yearhorizon,Swissskipropertyhasnearlydoubledinvalue(+94%),

underscoringitsroleasasafehavenforcapitalrather

197%

58%

31%

-10%

(bFrance

thanavehicleforaggressivegrowth.Thisisconsistent

withSwitzerland’stightlyregulatedpropertymarket,

limitedsupplyandenduringappealtoultrahighnetworthindividualsseekingdiscretionandsecurity.

-7%

34%

95%

Austria

FRANCE

AUSTRIA

-11%

Austria,meanwhile,hasfacedheadwinds,recordingan11%declineinthepastyearanda7%dropoverfiveyears.

Its10-yeargrowthof34%and20-yearriseof95%are

respectablebutmodestcomparedtoitspeers.Austria’s

morerestrictiveforeignownershiplawsandrelatively

lowerpricepointsarelikelycontributingtoitssubdued

performance.Whileitremainsattractivetodomesticbuyersandvalue-seekinginvestors,itsgrowthtrajectorysuggestslimitedupsidewithoutstructuralreformorincreased

internationaldemand.

Franceoffersperhapsthemostcompellingturnaround

7%

20%

19%

94%

Switzerland

story.Despitea10%declineinthepastyear,likelylinkedtobroaderEuropeaneconomicweakness,itsfive-yeargrowthof31%and10-yearriseof58%signalstrongrecovery

Source:SavillsResearch

andrenewedinvestorinterest.Over20years,Frenchskipropertyhasappreciatedby197%,secondonlytotheUnitedStates.ThisreflectstheenduringappealoftheFrench

Alps,bolsteredbyinfrastructureinvestment,internationalaccessibilityandadiversebuyerbase.France’sabilityto

combinelifestyleappealwithlong-termcapitalgrowthmakesitastrategicmarketforgloballymobileinvestors.Noticeably,unlikeAustriaorSwitzerland,therearefew,ifany,buyingrestrictions.

Forinvestorsandanalystsalike,thesetrendshighlighttheimportanceofunderstandingnotjustheadlinegrowthfigures,buttheunderlyingmarketdynamicsthatdrivethem.Timing,regulation,andbuyerbehaviourallplaycriticalrolesinshapingthetrajectoryofskipropertymarkets,andwillcontinuetodosointheyearsahead.

67

THESKIREPORT2025-26

THESKIREPORT2025-26

ASPEN

PRIMEPRICES

Vald’Isèrerankssecondoverallandholdsthetopspot

inFrance,withprimepricesaveraging€32,500persquaremetre.Knownforitshigh-altitudeskiingandextensive

terrain,Vald’Isèreremainsoneofthemostsought-after

destinationsintheAlps.ItconsistentlyranksinthetoptieroftheSavillsSkiResilienceIndex,rankingthirdin2025.

Itsenduringpopularityisdrivenbyitsskiingcredentials,itsjoiedevivreanditsreputationasaluxuryresidentialmarket.

AspencontinuestoleadtheSavillsPrimePriceLeague,

maintainingitstoppositionforthefifthconsecutiveyear.Withaverageaskingpricesexceeding€35,000persquaremetre,Aspen’sappealisrootedinitsyear-roundlifestyleoffering,world-classskiing,andexclusivity.Theresort

comprisesfourdistinctskiareas(AspenMountain,AspenHighlands,ButtermilkandSnowmass)andattractsaglobalhighnetworthclientele.Strictzoningregulationsand

limiteddevelopmentcapacityhavehelpedtosustainhighpricelevels.

GSTAAD

Gstaad,Switzerland’smostexpensiveskiresort,takes

thirdplaceinthePrimePriceLeague,withaverageprimeaskingpricesof€30,700persquaremetre.Developmentistightlycontrolled,preservingthearchitecturalintegrityofthetownandsupportingpricing.BuyersintoGstaadprizethemarketforitshighlevelsofexclusivity,discretionandluxuryamenities,makingitoneofthetopdestinationsinSwitzerlandforprimeskiproperty.

NISEKO

VALD’ISÈRE

T

heSavillsSkiPrimePriceLeagueoffersacomparativesnapshotofleadingglobalskiresorts,ranking

thembyaverageaskingpricepersquare

metreforprimeresidentialproperty.Forthisanalysis,Savillsdefinesprimeaspropertiespricedabove€750,000.

Despitecontinuedeconomicuncertainty,

primeskipropertymarketshave

demonstratednotableresilience.Unlike

mainstreamhousingmarkets,wheredebt

playsacentralrole,buyersinthissegmenttendtorelymoreheavilyonequity.This

distinctionhashelpedtoinsulatethemarketfrominterestratevolatilityandbroader

financialpressures.Whilethepaceofpricegrowthhasmoderatedsincethepost-

pandemicsurge,averageprimeskipropertypricesacrossourmarketsstillroseby3%

overthepastyear.

Inmanyresorts,supplyconstraints

continuetounderpinandinfluence

pricing.Limitedavailabilityofprime

stock,coupledwithsustaineddemand

formountainliving,hascreatedupward

pressureonvalues.TheappealofAlpinedestinationsismultifaceted,withaccesstonature,cleanair,outdoorrecreation

andthelifestyleassociatedwithmountainlivingallcontributingtobuyeraspiration.

Theongoingprevalenceofremoteworking

PRIMEPRICESPERSQUAREMETRE

CORTINAD’AMPEZZO

Cortinad’Ampezzo,co-hostofthe2026WinterOlympicsalongsideMilan,hasseenanotableupliftinitsprime

residentialmarket.Priceshaverisenby7%year-on-year,reaching€15,900persquaremetre.TheglobalspotlightonCortinaisexpectedtocontinuedrivinginterestand

pricegrowthinthewiderregionoftheDolomitesasinfrastructureimprovementsandcomparativevalue,enhanceitsappealtointernationalbuyers.Italy’sflattaxregimeisalsohelpingtoattractresidentsseekingdomiciliation,atthetopendofthemarket.

Niseko,locatedinHokkaido,Japan,isalsoanotablemover

inthisyear’sPriceLeague.Witharesidentpopulationofjust4,000,NisekohasemergedasAsia’spremierskidestination.Renownedforitslight,powdersnowandinternational

visitorbase,theresorthasseenprimepropertyprices

climbby3%overthepastyearto€11,800persquaremetre.Niseko’sevolutionintoagloballyrecognisedresortreflectsbroadertrendsintheAsia-Pacificregion.Skitourism

andresidentialinvestmentarebothontherisewith,

Austria●CanadaFrance●Germany●Italy.JapanwNorwaySwitzerlandUnitedStates

Aspen Vald'Isère Gstaad StMoritzCourchevel1850

Verbier Andermatt Lech Zermatt Méribel Saas-FeeGrindelwald Vail KitzbühelCourchevelFlims(Laax) DavosTignes

Cortinad'Ampezzo

Crans-Montana StAntonMayrhofen Megève KlostersChamonixEllmau

€35,100

€32,500

€30,700

€30,300

€30,100

€24,900

€23,700

€23,100

€21,400

€21,100

€21,100

€18,600

€18,300

€18,000

€17,500

€17,100

€16,800

€16,200

€15,900

€15,100

€15,000

€14,600

€14,400

€14,300

€13,200

€12,700

€12,100

€11,800

€11,600

€11,200

€11,000

€10,800

€10,600

€10,200€9,700

€9,500

€8,900

€8,800

€8,700

€8,500

€8,200

€7,500

€6,600

€6,400

WhistlerBlackcomb NisekoGrimentzVillars

Breuil-CerviniaAltaBadia

Garmisch-Classic

ValGardena-GrödenChampéry KvitfjellMorzine

ZellamSeeGeilo

Nendaz LaPlagne MorginsBadGasteinFurano

otherJapaneseskiresorts,includingFuranoandHakuba,seeingincreasingattentionandinterest.

andagloballymobilebuyerbasehasonlyamplifiedthistrend,withmanypurchasersseekingsecondhomesthatdoubleupas

placesofworkandrecreation.

Althoughpricesremain4%belowtheir

2022peak,theyarestill12%higherthanin2021,and27%abovepre-pandemiclevels.

Formanybuyers,acquiringaprimeski

propertyisnotjustafinancialdecision,

butanemotionalone.Thesehomesoften

serveaslong-termfamilyassets,blendinginvestmentvaluewithpersonalattachment.

Currencyfluctuationshavealsoplayedaroleinshapingmarketdynamics.Overthepast

year,theUnitedStatesdollarhasweakenedagainsttheeuro,makingskipropertiesin

Source:SavillsResearch

Note:Basedonpropertieswithaskingpricesgreaterthan€750,000withexchangerateasofAugust2025.CourchevelincludesLePraz,1550&1650

theUnitedStatesmorecompetitivelypricedineuroterms.However,pricesinlocal

currencieshaveremainedstable,reflectingunderlyingmarketstrength.

89

THESKIREPORT2025-26

ULTRA-PRESIDEN

RIME

TIALMAR

mostdesirablepropertiestransactoff-market,bypassingpubliclistingsentirely.Thesediscreetsalesoften

commandpricesrangingfrom

€40,000toover€75,000persquaremetre,reflectingthescarcityand

exclusivityofultra-primestock.

Frenchresortsalsofeature

prominently,makingupathirdof

theSavillsUltra-PrimePriceLeague.

Vald’IsèreandCourchevel1850leadtheFrenchmarket,withtop-tier

propertiesfrequentlyexceeding

€40,000persquaremetre.Méribelcanalsonowachievesimilar

valuesfortheverybestchalets

andpenthouses.Bothdestinationscontinuetoattractaffluentbuyersseekinghigh-altitudeskiingand

luxuryliving.

KET

Vailremainsaconsistentperformer,rankingfourththisyear,withaverageultra-primepricesat€45,400per

squaremetre.WhilebroaderhousingmarketsintheUnitedStateshave

slowedundertheweightofelevated

interestrates,theultra-prime

segmenthasprovenmoreresilient

duetoitslowerrelianceontraditionalmortgagefinancing.

Acrossalltop-tierresorts,supply

constraintsremainadefiningfeature.Whetherduetozoningregulations,

limitedlandavailability,or

preservationpolicies,newinventoryenteringthemarketremainsminimal.Thispersistentimbalancebetween

demandandsupplycontinuesto

supportelevatedpricing,reinforcingtheexclusivityandlong-termvalueofultra-primeskiproperty.

T

hetop10globalskiresortsforultra-primeresidentialpricinghaveremained

largelyconsistentoverthelasttwoyears,thoughsomerepositioninghasoccurredwithintherankings.

Aspencontinuestoleadtheleague,

withaverageultra-primeasking

pricesreaching€68,900persquare

metre.TheColoradoresorthasseen

sustaineddemandfrombothdomesticandinternationalultrahighnetworthindividuals,reinforcingitsstatusasapremierwinterbase.

Swissresortsdominatetheupper

endofthemarket,accountingforhalfofthetop10.Gstaadrankshighest

amongthem,withaveragepricesat€51,500persquaremetre.However,headlinefiguresonlytellpartofthestory.InSwitzerland,manyofthe

TOP10ULTRA-PRIMESKIRESORTS,BYULTRA-PRIMEPRICEPERSQUAREMETRE

France

Switzerland

UnitedStates

COURCHEVEL1850

GSTAAD

ASPEN

VAIL

VALD'ISÈRE

€68,900

€52,100

€51,500

€45,400

€42,600

MÉRIBEL

GRINDELWALD

STMORITZ

VERBIER

ANDERMATT

€42,400

€42,250

€41,200

€33,400

€36,700

Source:SavillsResearch

1011

Note:Basedoneachmarket’stopavailablepricesandnumberofcurrentlistingspermarket

THESKIREPORT2025-26

SKIMARKETOUTLOOK

ehavecomparedthe

W

primeresidentialpropertymarketoutlookfor10key

Alpineresortsoverthecomingyear,usingfourkeyindicators.Resilience

toclimatechange,opennessto

internationalbuyersandvolumeof

supplyineachlocationallfactorintotheanalysis.Proximitytotransportisalsoconsidered,buttoalesserextent.

Aspen,intheUnitedStates,offersthestrongestoutlookofallthemarkets

covered.Withlowlevelsofsupply,anopennesstoforeignbuyers,andahighresiliencerank,thisColoradolocationispoisedtohaveastrongyearahead.

Swissresortsaccountfornearlyhalfofthelocationsinouroutlookthis

year,andthecountrycontinuestobehighlyattractivetotheglobalmarket.Demandoutstripssupplyinallof

theresortscovered,whichislikely

tosupportpricegrowthinthenear

term.Foreignbuyersshouldbeawareofbuyerrestrictionsinthecountry,

whichvaryfromcantontocantonandcanhaveanotableeffectonpropertymarkets,dependingonthelocation.

SKIMARKETOUTLOOK

VeryundersuppliedModeratelyundersuppliedBalancedsupplyCompletelyopen(foreignbuyersanddomesticbuyersarenotvieweddifferently)*

Openbutwithahighlevelofrestrictionsonforeignbuyers

ANDERMATT

COURCHEVEL

ZELLAMSEE

COURCHEVEL

VERBIER

MORZINE

SAAS-FEE

ASPEN

GSTAAD

1850

VAIL

1650

PRIMEPRICES2025(€PSM)

€35,100

€23,700

€24,900

€8,900

€30,100€18,300€30,700€8,800€21,100€17,500

RESILIENCERANK

4

22

18

33

13

1

59

50

8

13

LEVELOFSUPPLY

OPENNESSTOINTERNATIONALBUYERS

OUTLOOK

Source:SavillsResearch

*OnlynewornewlybuiltpropertyinAndermattisexemptfromforeignbuyerrestrictions

1213

THESKIREPORT2025-26

RES