Resorts on the rise: the mountain locations fast gaining ground
A growing group of ski resorts that have long flown under the radar are starting to knock on the door of their prime neighbours. We look at the resorts on the up.
Ski property buyers are casting their net wider.
The last few years have seen the mountains get a rebrand – no longer a winter-only retreat but a year-round holiday base.
Add the money being poured into infrastructure and snowmaking, and the search is widening.
The big-name resorts still have Michelin stars and six-star spas, but for some, space, value, anonymity and ease of access matter more.
Roddy Aris, Partner, Alpine Desk at Knight Frank, has long been asked where he would buy. His answer: Les Saisies and neighbouring Hauteluce, around 30 minutes beyond Megève.
“It’s jaw-droppingly beautiful and relatively undiscovered: think cow bells, stunning scenery and great skiing too,” he says. With access to the wider Espace Diamant network, it offers a strong ski proposition at prices well below nearby prime resorts.
Our second contender, Nicola Christinger, an Associate in Knight Frank’s Alpine team, points to Les Deux Alpes. “Compared with neighbouring Alpe d'Huez, property is less expensive here, while the resort is still easily accessible from Grenoble, Lyon and Geneva airports,” she says.
Increasingly viewed as climate-resilient, Les Deux Alpes combines high-altitude skiing with growing year-round tourism. The resort has also benefited from significant investment, including the new Jandri 3S lift, which cuts travel time to the 3,200m glacier by more than half.
Swiss resorts gain international attention
Crans-Montana is showing what sustained investment can deliver.
Since Vail Resorts acquired an 84% stake in 2024, it has committed CHF30m ($36.9m) to snowmaking, gastronomy and infrastructure. This season has brought new energy-efficient snow guns, while five new hotels are expected over the coming years.
“It’s crazy to see,” says Monica Lopes, Head of Naef Prestige | Knight Frank’s office in Crans-Montana, who agreed 12 large transactions in the first half of this year alone.
Image: Crans-Montana, Valais, Swiss Alps
“Most of our clients are buying second homes and, due to Lex Weber, they find older properties at a lower price point and renovate, often increasing values from around CHF16,000 ($19,700) per sq m to more than CHF22,000–CHF30,000 ($27,100–$36,900) per sq m. People want to invest in Crans-Montana,” says Lopes.
Asia-Pacific’s mountain markets step forward
Myoko, Wānaka and Cardrona are attracting attention for different reasons.
In Japan, Myoko is the standout contender. Skiing boomed here during the 1980s bubble economy, leaving an ageing stock of properties and abandoned homes. A weak yen and low interest rates have since made Japan markedly cheaper than the US or New Zealand, driving stronger demand.
Myoko has the snow but not yet Niseko’s polish. Makoto Okuyama-Hall, a consultant with Knight Frank, calls it “a huge opportunity” to invest in Japan’s underdeveloped resorts and “add value to those historic assets”. Now Singapore-based Patience Capital Group is putting ¥70bn ($440m) into the first phase of a major all-season resort, with two hotels and commercial facilities planned by 2028 and six hotels ultimately envisaged.
Queenstown’s reputation is already made, but next-door neighbours Wānaka and Cardrona are gaining ground.
“The largest growth has arguably been in Wānaka, a ski area in its own right,” says Chris Farhi, Head of Insights at Bayleys. Gateway to Mount Aspiring National Park, Wānaka has evolved into a four-season town, with two lakes, hiking and biking and easy access to the ski fields. At Cardrona, the planned Soho Basin expansion has added 150 ha of new terrain.
Image: Roys Peak, Wānaka, New Zealand
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.
Properties for sale in top resorts
Les Deux-Alpes, Isère, Rhône-Alpes
Apartment, 110 sqm
Asking Price
€1.110.900
Asking Price
$3,950,000
Crans-Montana, Valais
Chalet, 318 sqm
Asking Price
CHF 3’800’000
169 Stevenson Road, Wānaka, Central Otago / Lakes District
House, 53.41 acres
Asking Price
$5,700,000
Lenzerheide, Graubünden
Apartment, 70.98 sqm
Asking Price
CHF 950’000
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