Luxury ski resorts withstand the crisis: the top 10 most expensive residential markets and Romania's place

Although the economic context remains uncertain, luxury ski resort property markets have remained surprisingly stable. In contrast to the mass residential segment, where lending plays an essential role, purchases in the “prime” area are mostly made with own funds.

Properties in ski resorts have become more expensive. Photo Gstaad

The prices of “prime” and “ultra-prime” properties in ski resorts increased in 2025 by 3% and 9% respectively compared to the previous year.

The ski resort of Aspen in Colorado, United States of America, leads the list of the most expensive properties, with a price of 68,900 euros per square meter in the “ultra-prime” segment and 35,100 euros per square meter in the case of “prime” real estate, according to the Savills Ski Prime Price League index, which analyzes properties priced above 750,000 euros. The next two places are Val d'Isère (52,100 euros/m2, respectively 32,500 euros/m2) and Gstaad (51,500 euros/m2, respectively 30,700 euros/m2).

“Rarity and equity are the elements that define and influence the Alpine and mountain resort residential markets globally. Today, high net worth buyers value lifestyle, comfort and exclusivity and are willing to pay for it all”, said Jeremy Rollason, Head of Savills Ski, in The Ski Report, Winter 2025-261.

Despite persistent economic uncertainties, the prime ski property markets have demonstrated remarkable resilience. Unlike mainstream residential markets, where credit plays a central role, buyers in this segment tend to rely much more on equity. This helped insulate the market from interest rate volatility and broader financial pressures.

Although prices remain 4% below the peak reached in 2022, they are still 12% higher than in 2021 and 27% above pre-pandemic levels. For many buyers, purchasing a “prime” property in a ski resort is not only a financial decision, but also an emotional one. These homes often function as long-term family assets, combining investment value with personal attachment.

Swiss resorts dominate the 'ultra-prime' market

The top 10 ski resorts globally in terms of “ultra-prime” residential prices have remained almost unchanged over the past two years. Swiss resorts dominate the upper end of the market, accounting for half of the positions in the top 10. However, the aggregate numbers tell only part of the story. In Switzerland, many of the truly desirable properties are traded off-market, bypassing public listings entirely. These discrete transactions often fetch prices between €40,000 and over €75,000 per square metre, reflecting the rarity and exclusivity of the 'ultra-prime' stock.

French resorts also feature prominently, accounting for a third of the Savills Ultra-Prime Price League. Val d'Isère and Courchevel 1850 lead the French market, with high-end properties frequently exceeding the €40,000 mark per square metre.

In all top resorts, supply constraints remain a defining feature. Whether it's urban regulations, limited land availability or conservation policies, new developments entering the market are few and far between. This persistent imbalance between supply and demand continues to support high price levels, reinforcing the exclusivity and long-term value of “ultra-prime” ski properties.

What is the situation in Romania?

From the experience of ski destinations in the Alps, highlighted by the Savills Ski Report, the price increase in the “prime” and “ultra-prime” residential segments began with the entry, from 2015, of the large hotel chains in this segment. These investments were due to the growing interest of tourists, who then wanted to purchase properties in the respective resorts, which led to a significant increase in demand and, by implication, prices, in the face of relatively limited supply.

Although the current market climate does not yet allow Romania's mountain destinations to fully transition to the genuine “ultra-prime” or “prime” segments, these areas continue to show strong development potential.

“In the residential segment, prices in ski areas, such as Brașov or Sinaia, are currently between 3,000 and 4,000 euros, far from the Top 10 residential markets in ski destinations, but relatively close to resorts such as Furano or Bad Gastein”, explains Oana Popescu, Partner & Head of Residential at Crosspoint Real Estate, Savills International Associate in Romania. “The elements that led to the growth of the residential market in ski destinations in the Alps are also appearing in the profile segment in Romania, with an increase in the interest of tourists2, with investments already made and with over 1,000 hotel rooms planned in the next period in the mountain areas”added Oana Popescu.

The investments announced by the big hotel chains stand out especially in the Brașov area. Following the inauguration of the Swissôtel last year, Hyatt Regency recently announced that it will modernize the famous Aro Palace, and brands such as Kempinski, Mercure, Marriott, Hilton and Ibis have also announced investments in the area's hotel segment. Encouraging signals also come from other mountain resorts in Bucegi, such as Sinaia, where the Cota 1400 Hotel has recently entered into an extensive renovation process.