Expensive properties on the Alps

According to the new Knight Frank Alpine Property Report 2026, the real estate market in the Alps remains strong in the luxury sector, with an average increase of 23% in the prices of prime properties over the last five years. This growth is driven by increased demand for year-round stays, remote working, and the desire for a lifestyle closer to nature. According to the Knight Frank Alpine Property Index, which tracks price trends in the Alps, the leader in the rankings is Andermatt (+14.6%), followed by Davos (+10%) and Cortina d'Ampezzo (+10%).
Cortina d'Ampezzo remains the leading Italian market with values ranging between €19,500 and €21,500 per square meter, still 30-40% lower than St. Moritz, but expected to rise with the 2026 Winter Olympics. "The 2026 Olympics will consolidate Cortina's position as Italy's answer to St. Moritz. The best investors are already moving, ahead of the peak in values," emphasizes Marino Piccolotto, partner at Knight Frank in Cortina.
The location saw a 10% price increase in 2025, ranking third in the index, after Andermatt and Davos. The increase was driven by the scarcity of properties: only 47 luxury properties were listed in the last 18 months, confirming an extremely limited supply that supports further appreciation.
Other important reasons include infrastructure investments: over €1.7 billion in infrastructure projects and growing interest from international buyers, especially from the UK and the US. Key projects include the enhancement of railway connections and the redevelopment of the Milan–Cortina route, which will reduce travel time, as well as the reopening of the Cortina–Dobbiaco railway line.
"With Cortina d'Ampezzo at the forefront and global attention on the Milan-Cortina 2026 Olympics, Italy is now positioning itself as one of the most interesting destinations for international investors and buyers seeking authentic luxury and growth potential. The favorable regulatory environment – with a €200,000 flat tax for new high-income residents and capital gains tax exemptions for primary residences – makes the country even more competitive in the European Alpine landscape," the report states.
The study highlights a profound transformation: the Alps are no longer just a winter destination but a four-season investment. The growth of summer tourism, interest in outdoor and wellness activities, and the increase in permanent residents – 73% of HNWIs (high-net-worth individuals) surveyed would consider living in the mountains year-round – are redefining the concept of a second home.
Among the emerging trends: sustainability is becoming central to buyers' decisions, with 47% of those surveyed considering climate resilience a key factor. Locations like Val Thorens, Val d'Isère, and Zermatt lead the Alpine Sustainability Index.
New urban planning regulations have emerged, such as in Chamonix, where the "one in, one out" principle means no new tourist or vacation properties can be built unless replacing an existing property.
44% of HNWIs are looking for properties under €2 million, proving that the Alpine market is not exclusively the domain of the super-wealthy.
Source: Knight Frank Research 2026.
Founded in the UK in 1896, Knight Frank is one of the world's leading independent real estate agencies, headquartered in London, with a network of 487 offices in 53 countries employing over 20,000 people.