How the 2026 Winter Olympics is reshaping Cortina d’Ampezzo’s property market

A uniquely Italian Alpine lifestyle

“Cortina was a very chic and fashionable place back in the 1970s and 1980s, a symbol of glamour and wealth in Italy,” says Mark Harvey, Knight Frank’s Head of International Residential. “And while it slightly fell out of favour for a while, it’s always been a fantastic destination for nature lovers.”

Often called the “Queen of the Dolomites”, it is nestled in a wide bowl‑shaped valley and part of the Dolomiti Superski domain with 1,200 km of slopes. Meanwhile the surrounding Dolomites offer a fantastic backdrop for climbing, hiking and other outdoor activities throughout the seasons.

A wave of top‑tier hospitality brands including Mandarin Oriental, Egnazia and Accor are reshaping the local hotel scene, while its gastronomic status is underlined with top establishments such as Al Camin and Tivoli, which recently gained a Michelin star.

Despite this attention, Cortina retains a village‑like charm. “It still has a relaxed atmosphere and authentic feel when compared to some of the larger, more well‑known resorts,” adds Harvey. “There’s also something romantic about the fact that the most convenient airport is Venice Marco Polo. You can go from skiing to exploring the city.”

A growing trend of year-round Alpine living

These qualities, along with its milder climate, make Cortina well placed to benefit from the growing trend for year‑round Alpine living. Combined with Italy’s flat annual tax on all foreign income for eligible residents, it makes a compelling choice for those seeking out a more low‑key Italian lifestyle.

“There’s been a gradual change in behaviour. Even five years pre‑Covid people were very polarised - they would spend their winter skiing and summers in the Mediterranean,” says Harvey. “Cortina is a classic example of where you are seeing the change taking place. Within Italy there are destinations which remain very seasonal, whereas Cortina has a host of activities across the seasons that makes it very appealing for longer stays.”

The Olympic effect on property prices

The Alpine Property Report outlines that Cortina commands €19,500-€21,500 per sq m for prime properties - 30-40% below comparable offerings in St Moritz or Courchevel. “While a premium destination, it still offers relative value,” explains Harvey.

Constrained supply, driven by the area’s strict UNESCO protection, further sets the conditions for appreciation. Apartments are easier to find closer to the centre, meanwhile larger chalets are in high demand and short supply, making them all the more sought after.

“The Winter Olympics has brought a huge amount of recent investment into the area, not only in infrastructure but attracting top hotels and establishments to the resort, who are vying for the limited real estate that is available,” says Harvey. “This is generally a precursor of a strong property market. And once the razzmatazz has died down, people will continue to appreciate the ongoing infrastructure improvements and the legacy that the Winter Olympics has left on the area.”