Cortina d'Ampezzo

Investment summary

At a verified average of approximately €13,000/m² — with prime new and renovated product transacting at €18,000–€24,000/m² — Cortina d'Ampezzo is Italy's most expensive residential mountain market, commanding a structural scarcity premium that has produced a 25% price gain since the 2019 pre-pandemic baseline. The baseline investment case rests on capital preservation in a supply-constrained, internationally recognised luxury resort: annual gross STR yields are modest at roughly 3–4% (annual occupancy ~53% across all listing types), but the asset class has proven resilient and appreciating over long holding periods. The upside scenario is supported by dual-season demand (December–March ski; July–August alpine summer), the legacy connectivity and visibility of the 2026 Winter Olympics, and a continued narrowing of the 20–30% discount to comparable Swiss resorts such as St Moritz and Gstaad; well-positioned prime units targeting the international luxury rental market and managed with active revenue management have demonstrated meaningfully higher ADRs and occupancy than the market average.