Gstaad is the most expensive holiday home market in the Alpine region. Courchevel, Kitzbühel, and Cortina d’Ampezzo are the priciest destinations in the other countries analysed. For the coming quarters, prices are expected to continue rising, especially in Swiss and Italian destinations, the survey shows.

The five most expensive holiday property markets in the Alpine region are all in Switzerland. Gstaad tops the list, with upscale holiday homes averaging around SFr25,000 ($32,000) per square metre. The Engadin/St Moritz area ranks second, with prices at about SFr24,000 per square metre. Verbier, Andermatt, and Zermatt complete the top five, with average prices starting at SFr21,000 per square metre.

The most expensive location in the French Alps is Courchevel, where prices for upscale holiday homes are around €20,000 per square metre. Kitzbühel leads the ranking in Austria, with prices around SFr15,000 per square metre. Cortina d’Ampezzo, which has a price level of about SFr12,000 per square metre, is the most expensive destination in the Italian Alps.

Further price increases
Growing Alpine tourism, the Olympic Winter Games, and lower financing costs in 2025 have fuelled price rises in mountain regions. In Europe’s top destinations, Alpine holiday homes became nearly 4 per cent more expensive last year – a faster pace than the previous year, but still below the boom years of 2021 to 2023. The strongest increases were seen in top destinations in Switzerland and Italy, each with nearly 6 per cent. In Austria, prices rose by just over 3 per cent, offsetting declines from previous years. In France’s top destinations, however, growth slowed significantly, reaching only about 1 per cent in 2025.

Alpine holiday homes remain in demand – not least among young professionals who work remotely and value the quality of life in the mountains. More frequent heatwaves are adding to the appeal of Alpine retreats, even as long-term snow reliability may continue to decline. Rising life expectancy also makes purchasing attractive for older buyers.