Gstaad and Courchevel are the two most expensive ski resort property markets in Europe. They compete for the same buyer: internationally mobile, ultra-high-net-worth families who want a mountain home in the Alps. But they are fundamentally different places, and the differences matter.
The Headline Numbers
| Factor | Gstaad | Courchevel 1850 |
|---|---|---|
| Country | Switzerland | France |
| Top prices (CHF/m²) | CHF 40,000-60,000+ | CHF 45,000-70,000+ |
| Mid-range (CHF/m²) | CHF 20,000-35,000 | CHF 25,000-45,000 |
| Ski area | 200km (Gstaad Mountain Rides) | 600km (Les 3 Vallées) |
| Altitude (village) | 1,050m | 1,850m |
| Altitude (top lift) | 3,000m (Glacier 3000) | 3,230m (Val Thorens) |
| Year-round living | Yes | Limited |
| Foreign buyer restrictions | Yes (Lex Koller) | No |
| Transfer tax | 1.8% (Bern) | ~7-8% (notaire fees + droits de mutation) |
Buying: Switzerland vs France
Lex Koller vs Open Market
This is the most significant structural difference.
Gstaad: Foreign buyers (non-EU, non-Swiss) face Lex Koller restrictions. You need a cantonal permit, the property must be under 200m² net living area, and annual quotas limit the number of permits issued. EU/EFTA nationals buying a primary residence face fewer restrictions.
Courchevel: France has no equivalent restriction. Any nationality can buy any property without a permit or quota. There is no size limit. This makes Courchevel significantly more accessible to international buyers.
Transaction Costs
| Cost | Gstaad | Courchevel |
|---|---|---|
| Transfer tax | 1.8% | ~5.8% (droits de mutation) |
| Notary fees | ~0.5-1.5% | ~1-2% |
| Agent fees | 3-5% (typically seller pays) | 5-8% (varies) |
| Total acquisition cost | ~3-5% | ~8-12% |
French transaction costs are roughly double Swiss ones. On a €10 million chalet, this is a difference of €300,000-700,000 at acquisition.
Ownership Structures
Gstaad: Direct ownership is standard. Company ownership of residential property is restricted by Lex Koller.
Courchevel: SCI (Société Civile Immobilière) ownership is common and legal. This simplifies inheritance (French forced heirship is complex) and can facilitate multi-generational ownership.
Skiing
Gstaad Mountain Rides (200km)
- Varied terrain across multiple sectors
- Max altitude: 3,000m (Glacier 3000)
- Village altitude: 1,050m (snow reliability depends on altitude)
- Character: Relaxed, family-oriented, scenic cruising
- Best for: Intermediate skiers, families, those who value village life alongside skiing
Les 3 Vallées (600km)
- The largest linked ski area in the world
- Max altitude: 3,230m (Val Thorens)
- Village altitude: 1,850m (Courchevel 1850, excellent snow reliability)
- Character: Vast, challenging, every level from beginner to expert
- Best for: Committed skiers, families who ski hard, those who want variety
There is no contest on skiing alone. Les 3 Vallées is three times the size of Gstaad's ski area and sits 800 metres higher. If skiing is the primary motivation, Courchevel wins.
But skiing is not the only motivation. Few buyers at this level choose a property based on piste kilometres alone.
Year-Round Life
This is where Gstaad pulls ahead decisively.
Gstaad
- A functioning village with shops, restaurants, schools, and services year-round
- International schools (Le Rosey, JFK Saanen)
- Active summer season: hiking, tennis, polo, Menuhin Festival
- Year-round community of ~10,000 in the Saanenland
- 90 minutes to Bern, 2 hours to Geneva
- MOB railway connections
Courchevel
- Primarily a winter resort
- Summer activity limited (some hiking, golf, mountain biking)
- Most restaurants and shops close outside winter season
- Nearest major town: Moûtiers (30 min), Chambéry (1.5 hrs)
- Limited school options locally
- The village empties in April and does not restart until December
If you want to use the property for more than skiing, Gstaad offers 12 months of life. Courchevel offers 4-5.
Tax
Annual Property Taxes
Gstaad: Property taxes in Canton Bern include wealth tax (property value is included in taxable wealth), income tax on imputed rental value (Eigenmietwert, being abolished from tax year 2029), and municipal charges.
Courchevel: French property tax includes taxe foncière (landowner's tax, paid annually, €5,000-30,000+ for high-value chalets) and taxe d'habitation (being phased out for primary residences but still applies to second homes). France also charges IFI (impôt sur la fortune immobilière), a wealth tax specifically on property (not financial assets), with rates of 0.5-1.5% on net property assets above €1.3 million.
Capital Gains
Gstaad: Property gains tax (Grundstückgewinnsteuer) is progressive and based on the gain, with significant reductions for long holding periods (up to ~70% reduction after 35-40 years).
Courchevel: French capital gains tax on property is 19% plus social charges of 17.2%, totalling 36.2%. Reductions apply from year 6, with full exemption after 22 years for income tax and 30 years for social charges. French capital gains tax on property is punitive for non-residents in the early years.
For Non-Residents
Gstaad: Non-resident property owners pay Swiss tax only on Swiss-source income (rental income and imputed rental value). Wealth tax applies to the Swiss property's share.
Courchevel: Non-residents face full French property taxes plus IFI on French property. France taxes rental income from French property at a minimum rate of 20% (or 30% for non-EU residents), plus social charges for EU residents.
The French tax burden on non-resident property owners is significantly heavier than the Swiss equivalent.
Property Appreciation
Over the past five years:
- Swiss alpine luxury: Up approximately 23% (Knight Frank data)
- French alpine luxury: Up approximately 6% (Knight Frank data)
This is a striking divergence. Gstaad has outperformed Courchevel in capital appreciation by a wide margin. The reasons include CHF strength, supply constraints (Second Homes Act + Lex Koller), and the broader safe-haven appeal of Swiss assets.
See the Gstaad vs Megève comparison for more on Swiss vs French alpine investment.
Lifestyle and Character
| Factor | Gstaad | Courchevel |
|---|---|---|
| Character | Village, understated, old money | Resort, visible wealth, social scene |
| Architecture | Timber chalets, building code enforced | Mixed, some timber, some modern |
| Social scene | Quiet luxury, Gstaad Palace, polo | Après-ski, nightclubs, visible consumption |
| Privacy | High (off-market culture, discretion) | Moderate (more public, more paparazzi) |
| Family orientation | Strong | Moderate |
| Summer use | Excellent | Limited |
| Car-free village | Partially (village centre is walkable) | No (mountain road access) |
Gstaad's brand is understated wealth. Courchevel's brand is luxury on display. These attract different people.
Frequently Asked Questions
Which is the better investment? Over the past decade, Gstaad has delivered stronger capital appreciation, lower transaction costs, and more favourable ongoing tax treatment. Courchevel offers more liquidity (no buyer restrictions) and a larger potential buyer pool.
Can I buy in both? Yes. Some UHNW families own in both locations, using Courchevel for the skiing and Gstaad for the year-round life.
Is Courchevel's ski area really that much better? For committed skiers, yes. Les 3 Vallées is three times the size, 800m higher, and has more challenging terrain. For occasional skiers or families with young children, Gstaad's ski area is more than sufficient.
Which is easier to reach? Gstaad: fly to Geneva (2.5 hrs by car) or Bern (1.5 hrs). Courchevel: fly to Geneva (2 hrs), Lyon (2 hrs), or Chambéry (1.5 hrs). Courchevel also has an altiport for small aircraft.
For a confidential conversation about your search or sale, contact The Gstaad Collection.