View from the top: 2026’s mountain property market trends

Cortina d'Ampezzo’s appeal is on the rise.

Cortina remains predominantly an Italian market, with demand driven largely by families from the regions of Veneto, Lombardy, and major cities.

But the international buyer pool is beginning to widen. “There is growing interest from international HNW clients keen to have a base in the Dolomites,” says Marino Piccolotto, owner of Abitare Cortina, Knight Frank’s partner in Cortina d’Ampezzo.

Demand is focused on turnkey properties in the best locations. “The forthcoming Mandarin Oriental Cristallo, due to open in 2027, will add further weight to Cortina’s international luxury credentials,” says Knight Frank’s Andrew Blandford-Newson.

“The Olympics have had a clear impact on the market,” says Piccolotto. Prime apartments now command between €18,000 ($20,900) and €21,000 ($24,300) per sq m, while new or renovated chalets can exceed €25,000 ($29,000) per sq m.

Queenstown is holding steady.

Queenstown’s property market is holding firm, with steady price growth and solid sales activity over the past year.

The market is still largely domestic, although Australian demand is growing. And the Active Investor Plus Visa is now opening the market to a small but growing pool of international buyers. While residential property is generally restricted to New Zealand, Australian and Singaporean citizens, qualifying investor visa holders can now purchase one home above NZ$5m.

“US buyers have been particularly evident above this price point and Queenstown Lakes is a key market attracting these buyers, but it’s still early days for the scheme,” says Stacy Colburn, CEO of Bayleys Queenstown.

At the top end, supply is tight. Properties above NZ$20m ($11.8m) rarely trade on the open market, while Chris Farhi, Head of Insights at Knight Frank’s strategic partner Bayleys, says buyers spending more than NZ$5m ($2.9m) are typically looking for “highly-spec’d trophy homes or private estates”.

Niseko is riding the wave.

Japan’s ski property market is attracting a new wave of international capital, with Niseko at the forefront.

“Demand is particularly strong from Australia, Hong Kong and Singapore, while the weak yen has made Japanese property increasingly competitive for overseas buyers,” says Edward Fairweather, Partner and Knight Frank’s Japan specialist.

Niseko is also becoming a more sophisticated luxury destination. International investment has brought five-star accommodation and better lift infrastructure. It also offers exceptional powder, relatively low-density skiing, and a very different feel from European resorts.

“You can go down a ski run, and have the place to yourself,” says Makoto Okuyama-Hall, a consultant at Knight Frank. Most resorts also have hot springs – a significant draw for those buyers now seeking a wellness-led lifestyle.

There are no restrictions on foreign ownership, but local knowledge is key. Much of Japan’s ski real estate trades off-market and relationships with local owners can be as important as the formal buying process.

Increasingly, purchasers are looking for larger ranch-style properties, offering privacy and acreage, alongside amenities such as guest houses and space for padel courts and dirt bikes.

Warwick points to neighbourhoods such as Red Butte, Meadowood and Double Bar X that are attracting growing interest as buyers look beyond Aspen’s traditional prime enclaves.

Liam Bailey is Global Head of Knight Frank’s Research Department, leading the firm’s global research strategy and overseeing projects across the UK and international markets.