Cortina d’Ampezzo & the 2026 Winter Olympics
Known as the Queen of the Dolomites, Cortina d’Ampezzo is back in the spotlight as investment gears up ahead of the 2026 Winter Olympics
3 minutes to read
The Winter Olympics consistently transforms host destinations, as seen in Turin where annual visitors surged from 1 million to 6 million post-2006, while infrastructure investments that would typically take decades are compressed into just four years of Olympic preparation.
As Cortina d’Ampezzo prepares to co-host Milano Cortina 2026, discerning investors are recognising a rare convergence: UNESCO-protected scarcity meeting Olympic-level global exposure in Italy’s most prestigious alpine destination.
The Opportunity
Current market data reveals that Cortina commands €19,500-€21,500 per sq m for prime properties – still 30-40% below comparable offerings in St Moritz or Courchevel. This pricing gap exists despite Cortina’s authenticity and cultural prestige as “The
Queen of the Dolomites”.
The numbers tell a compelling story. While St Moritz has seen 7% annual appreciation this year, Cortina has tracked at 10%, driven by early Olympic anticipation and critically low inventory levels.
The majority of clients remains Italian, but requests from foreign buyers are increasing significantly, especially from the UK and US.
Infrastructure Revolution Under Way
The €1.7 billion Milano Cortina infrastructure investment is reshaping accessibility. Upgraded train services and bus shuttles will enhance connectivity, while a separate rail initiative linking Milan and Cortina is scheduled for completion in 2030. The Cortina- Dobbiaco railway restoration and expanded helicopter services are targeting the ultra-premium market.
More crucially for property values, strict UNESCO Dolomites protection means supply remains permanently constrained. Only 47 luxury properties have come to market in the past 18 months. This scarcity, amplified by Olympic attention, creates textbook conditions for significant appreciation.
The Cortina Advantage
Beyond pure investment metrics, Cortina offers something increasingly rare: authentic alpine culture without tourist saturation. The resort, an historic gathering place for Venetian nobility and European royalty, has retained its charm. Gastronomically, Cortina is on the rise with excellent establishments such as Al Camin and Tivoli, which recently gained a Michelin star. The hospitality sector is experiencing unprecedented transformation with numerous hotels either undergoing or having recently completed renovations, attracting major international groups including Mandarin Oriental, Egnazia and Accor. Year-round appeal strengthens the investment case. Summer hiking and cycling tourism has grown 25% annually, while winter extends far beyond skiing to include the prestigious Cortina Fashion Week and international film festivals.
Strategic Timing
Our analysis of previous Olympic venues reveals a clear pattern: properties purchased 18–24 months before the Games capture optimal value appreciation while avoiding peak pricing. Current Cortina inventory includes new-build developments from €19,000 to €22,000 per sq m. Non-resident acquisition costs for a €2 million property range between 7% and 15% (depending on whether the seller is an individual or a company) but relocating to Italy offers significant tax advantages: capital gains exemptions on primary residences and properties held over five years, plus a flat €200,000 annual tax on all foreign income for eligible residents transferring tax residence.
Market Outlook
Post-Olympic sustainability analysis based on locations including Whistler and Turin suggests that Cortina’s unique combination of natural protection, cultural authenticity and limited supply will sustain value growth well beyond 2026.
For investors seeking alpine exposure with Olympic upside, Cortina represents a closing window. As Marino Piccolotto, Knight Frank’s partner in Cortina, notes: “The 2026 Olympics will cement Cortina’s status as Italy’s answer to St Moritz – but the smart money is moving now.”
For those looking to get ahead of the game, it’s worth noting that Méribel and Courchevel will be hosting the Winter Olympics in 2030.