Where to invest in the Alps: the resorts offering an elevated lifestyle and long-term potential

In recent years, the Alps has emerged as one of Europe’s most resilient lifestyle and investment destinations - as Knight Frank’s latest Alpine Property Report attests. The Alpine Property Price Index, which tracks prime prices across leading resorts, now stands 23% higher than five years ago, underscoring a new era of confidence in mountain living.

This renewed appeal is driven in part by rising demand for year-round living in the mountains, a trend accelerated by the pandemic and the widespread shift toward flexible, remote working. For prospective buyers, whether seeking long-term lifestyle value or rental income, this multi-season focus should be front of mind, says Alex Koch de Gooreynd, Partner at Knight Frank specialising in the Swiss Alps.

“If you want to rent out your Alpine property you can typically expect a yield of around 2-3%, so it’s important to consider it as much a lifestyle investment as a purely financial one,” he advises. “Look for an area with an already established rental market, and prioritise resorts with strong summer seasons where activity continues all year round.”

Résidence Le Guépard, Crans-Montana, Valais, Switzerland. Guide price CHF 950,000

Where to invest in the Swiss Alps

Koch de Gooreynd highlights Villars-sur-Ollon, Verbier and Crans-Montana as standout resorts for year-round living, thanks in large part to their renowned international schools and the well-developed communities that surround them. Crans-Montana, in particular, is seeing renewed momentum following its acquisition by US operator Vail Resorts, which plans to invest around CHF 30 million over the next five years.

Andermatt leads the Alpine price rankings in the report with 14.6% annual growth, also boosted by investment in the region from the company. “It’s a particularly interesting market because the developer is able to control the number of properties released. With limited stock and growing demand for both summer and winter rentals, the potential for returns is significant,” he notes.

In the German-speaking regions, he is seeing rising interest in Klosters. “It’s a little more traditional, but it’s becoming increasingly attractive, with more clients looking at it,” he says. “St. Moritz, meanwhile, is a true year-round resort with a large permanent community, and it’s absolutely beautiful.”

4 bedroom house for sale in Lenzerheide, Graubünden, Switzerland. Guide price CHF 2,200,000

What to buy when investing in the Swiss Alps

Convenience remains a key factor for both personal enjoyment and rental appeal. “Whether you prefer to be near the slopes is personal choice, but generally a chalet in a peaceful location with easy access to shops and restaurants, and with a great view, will always be desirable,” he says. “I’d also recommend ensuring the property has a lockout cupboard or storage area for skis and equipment to make life easier.”

On-site wellness facilities can be a welcome bonus, particularly in larger chalets. However, for those planning to rent out their property or who expect to be away for long periods, an apartment with access - either through attachment or partnership - to a neighbouring high-end hotel with a spa can be a smart option. “This gives you and your guests access to luxury amenities without the cost and responsibility of maintaining them year-round,” he adds.

3 bedroom apartment for sale in Méribel, Savoie, Rhône-Alpes, France. Guide price €6,770,000

Where to invest in the French Alps

Laetitia Hodson, a Partner in Knight Frank’s International team, notes that in France, higher-altitude resorts, where the ski season is longer and snow conditions are more reliable, have shown resilience. “Val d’Isère and the resorts of the Three Valleys ski area, such as Courchevel, Méribel and St-Martin-de-Belleville, have all performed strongly,” she says. “For buyers considering up-and-coming destinations, Val Thorens and Alpe d’Huez offer relative value compared with other high-altitude resorts, along with the potential for stronger yields.”

5 bedroom chalet for sale in Chamonix-Mont-Blanc, Haute-Savoie, Rhône-Alpes, France. Guide price €7,000,000

Year-round living is also reshaping demand across the French Alps, with leading resorts investing heavily to broaden their summer and multi-season appeal. “Chamonix excels in offering the perfect blend - access to exceptional skiing alongside a wealth of activities in the summer months,” she says. Nearby, Argentière will benefit from the new lift at Les Grand Montets, an important infrastructure upgrade that will enhance the area’s appeal, while Morzine is benefiting from significant investment aimed at strengthening its year-round offering.

Over in Italy, she highlights Cortina as “one to watch”, noting that preparations for hosting the Winter Olympics are likely to deliver long-term benefits for buyers entering the market now.

5 bedroom chalet for sale in Saint-Martin-de-Belleville, Savoie, Rhône-Alpes, France. Guide price €2,900,000

What to consider when investing in the French Alps

The shift toward year-round living means buyers increasingly want flexible, functional space, with home offices in high demand and dedicated parking proving an important draw. For those focused on long-term investment potential, Hodson also recommends paying close attention to the property’s DPE (Diagnostic de Performance Énergétique) - the French equivalent of an EPC.

4 bedroom chalet for sale in Les Houches, Haute-Savoie, Rhône-Alpes, France. Guide price €1,800,000

“If you want to rent out your property, it will need to achieve a strong energy rating, especially as regulations tighten,” she advises. “Well-insulated, double-glazed homes with modern heating systems will be far better placed to hold value and meet future requirements.”

She also encourages buyers to look into VAT rebates on new-builds: under certain conditions, purchasers of qualifying new properties intended for rental may reclaim the 20% VAT. “It can significantly reduce upfront costs and make a new-build acquisition particularly attractive,” she adds.

6 bedroom chalet for sale in La Côte-d`Arbroz, Haute-Savoie, Rhône-Alpes, France. Guide price €1,750,000

Financing your property in the Alps

In Switzerland, borrowing remains uniquely attractive for Alpine real-estate investors thanks to the Swiss National Bank’s policy rate being held at or around zero since mid-2024, according to John Busby, Head of Sales at Traverse. “This ultra-low cost of funds means that securing capital in Switzerland can be structurally more efficient than in many euro-zone jurisdictions, making Swiss Alpine property a compelling target from a financing perspective,” he adds. “The ability to lock in near-zero nominal rates is a strategic advantage — especially for those seeking to hold property over the medium to long term and retain flexibility to deploy “dry powder” into adjacent opportunities.” 

In France and Italy the picture is more nuanced. In France, retail banks are now pricing fixed mortgages from 3.5% to 4.5%, reflecting the gradual shift in the euro-zone funding regime and the French government bond yields. Private bank rates are similar, with more options in terms of fixed rates and interest only. In Italy, while most loans are still on a capital and interest basis, private banks continue to offer interest-only options for high-net-worth borrowers, which supports flexibility for Alpine holdings. “Given that euro borrowing costs are near cycle lows, margin spreads are tightening and GBP has weakened, it is an opportune moment to borrow to preserve funds pending economic improvements,” he says.