2025-2026年滑雪地产市场报告_13页_7mb

Summary of the Savills Ski Report - Winter 2025-26

Core Content

The Savills Ski Report for the 2025-26 winter season highlights the evolving dynamics of the global ski property market, focusing on prime and ultra-prime residential properties in the Alps and Europe. It marks the 20th anniversary of the report, offering a historical perspective on market trends, resilience, and investment opportunities across key destinations.

Main Points and Key Insights

Market Overview

• Global Ski Industry Growth: The 2024-25 season saw a third consecutive year of strong performance, with over 366 million skier visits globally, surpassing pre-pandemic benchmarks.
• Climate Adaptation: Resorts are increasingly adopting a four-season model to ensure long-term sustainability, investing in infrastructure like snowmaking systems and lift upgrades.
• Regional Performance:
  • North America remains the leader in skier visits, with the US accounting for 61.5 million visits in 2024-25.
  • Europe is shaped by both domestic and international demand, with France, Austria, and Italy trailing the US in skier numbers.
  • Asia-Pacific has shown significant growth, driven by rising disposable incomes, increased tourism, and the rise of winter sports.

Key Market Trends

Price Growth and Supply Constraints

• Prime Price Increase: Across all studied ski markets, prime property prices have increased by 150% over the past 20 years.
• Ultra-Prime Growth: Aspen, St Moritz, and Courchevel 1850 have seen 200% price growth since 2006.
• Aspen's Dominance: Aspen continues to lead in ultra-prime pricing, with an average of €68,900 per square metre.
• Currency Impact: The US dollar has weakened against the euro, making US ski properties more competitive in euro terms.

Branded Residences

• The concept of branded residences has gained traction in Alpine resorts, with examples including:
  • The Chedi in Andermatt (2014)
  • Six Senses Courchevel & Crans-Montana
  • The W Hotel Residences in Verbier
  • Aman Rosa Alpina in San Cassiano (opened 2025)
  • Mandarin Oriental in Cortina (planned for 2026)
  • The Four Seasons in Gstaad (planned for 2026)
• These developments reflect a broader trend towards year-round lifestyle hubs.

Market Performance by Region

United States

• Prime Price Growth: 228% over 20 years, driven by domestic affluence and lifestyle migration.
• Ultra-Prime Pricing: Aspen leads with €68,900 per square metre, and Vail ranks first in the Ski Resilience Index with 285 inches of snow.
• Market Volatility: Short-term data shows a -1% annual decline, but long-term appreciation remains strong.

Switzerland

• Stability and Resilience: Switzerland has shown consistent growth, with a 7% annual increase and 20% over five years.
• Ultra-Prime Pricing: Gstaad leads with €51,500 per square metre, but many ultra-prime properties transact off-market, with prices ranging from €40,000 to over €75,000.
• Regulatory Environment: Tight regulations and limited supply have kept prices high, though Gstaad dropped 35 places due to reduced snowfall.

France

• Strong Recovery: Despite a -10% annual decline, France's prime prices have grown by 197% over 20 years.
• Val d'Isère ranks second overall with €32,500 per square metre, and it climbed into the top three of the Resilience Index with 934 cm of snowfall.
• Lifestyle Appeal: France's mix of lifestyle and capital growth makes it an attractive market for global investors.

Austria

• Moderate Growth: Austria has seen a -11% annual decline, with a 34% increase over 10 years.
• Regulatory and Climate Challenges: Restrictive foreign ownership laws and warmer temperatures have impacted snowfall and market performance.
• Market Volatility: Several key resorts, including Ischgl and Obergurgl, dropped significantly in the Resilience Index.

Switzerland vs. France vs. US

• US Prime Prices: Peaked at €32,700 per sqm in 2022.
• France Prime Prices: Showed a 197% increase over 20 years.
• Switzerland Prime Prices: Showed a 94% increase over 20 years.
• Aspen vs. Gstaad: Aspen's ultra-prime prices have surged to €68,900 per sqm, while Gstaad's prime prices are at €30,700 per sqm.

Ski Resilience Index 2025-26

• Top 5 Resilient Resorts:

  • Vail (USA) – Highest resilience, with a five-month season and consistent snowfall.
  • Zermatt (Switzerland) – Second place, benefiting from Matterhorn Glacier Paradise.
  • Val d'Isère (France) – Third place, with 934 cm of snowfall and strong late-season snow.
  • Aspen (USA) – Fourth place, known for its exclusivity and year-round appeal.
  • Breuil-Cervinia (Italy) – Fifth place, with high altitude and glacial terrain.

• Resilience Drivers:

  • Altitude and snow retention are key factors in resilience.
  • Geographic positioning and snow-bearing systems enhance a resort's appeal.
  • Climate volatility is a growing concern, especially for lower-altitude resorts.

Wealth Trends for Ski Resorts

• HNWIs (High Net Worth Individuals) are increasingly investing in ski homes as prime assets.
• Lifestyle Migration and remote work have amplified demand for second homes that serve both as residences and workspaces.
• Global Mobility: Buyers from Europe, North America, and the Middle East are showing increased interest in international ski markets.

Outlook for the Future

• Ultra-Prime Markets are expected to continue their strong growth trajectory, with Aspen leading the way.
• Climate Adaptation is critical for long-term sustainability, with resorts investing in snowmaking and year-round infrastructure.
• Branded Residences are becoming a major trend, offering luxury, exclusivity, and convenience.
• Regulatory and Supply Constraints remain significant factors in pricing and market dynamics.
• Investor Caution: The report warns against betting on ski chalets due to rapid price growth and limited supply.

Conclusion

The Savills Ski Report underscores the resilience and growth of the global ski property market, driven by climate adaptation, luxury demand, and investment trends. While North America leads in both skier numbers and price appreciation, Europe continues to evolve, with Switzerland and France showing strong fundamentals and Italy benefiting from the 2026 Winter Olympics. As the market becomes more globalised and exclusive, understanding regulatory frameworks, supply dynamics, and climate resilience will be essential for investors.