Let the Games Begin: Queen of the Dolomites Real Estate Market
Semester Abroad: Universita Bocconi
Marilyn, one of the Fall 2025 Global Correspondents, shares her experience here abroad during the Fall 2025 semester. Follow along with the group of correspondents on our blog and look out for their images on the @pennabroad Instagram feed.
At Università Bocconi, I’ve been fortunate enough to join student clubs combining my interests in real estate, art, and investing. I have thoroughly enjoyed being involved on campus, which have allowed me to meet new friends through aperitivos while conducting research projects, through which I get to delve into new topics with classmates. One such club is the Bocconi Students for Trophy Assets association, where we research topics from the latest luxury real estate deals to fine arts in auction houses. I’ve been able to hone my research skills while learning more about the European market.
For our weekly news publishing this week, I am researching how the 2026 Milano Cortina 2026 Winter Olympics is driving real estate market growth in Cortina d’Ampezzo. I thought I would expand a bit on my research and share a bit with you all here!
Cortina d’Ampezzo (“the Queen of the Dolomites”), a town located within the UNESCO-protected Italian Alps, is one of Europe’s most desirable winter destinations. The town hosted the 1956 Winter Olympics and the 2021 Alpine Ski World Championships. Now, as it prepares to co-host the Milano Cortina 2026 Winter Olympics, one of the most immediate impacts is on the real estate market.
As expected for a town known for its sporting heritage, proposals for new ski resorts and high-altitude accommodations are pouring in. Property values already average €12,000 per square meter, which is on par with central Paris. Prime assets exceed €20,000 per square meter1. However, there is still room to grow: Cortina real estate trades at a 30–40% discount to St. Moritz or Courchevel, which are comparable ski regions in Switzerland and France, respectively2.
But not for long: Cortina recorded approximately 10% annual appreciation this year, outpacing St. Moritz’s 7%3. In terms of investor profile, most buyers are Italian, with growing interest from US and UK clients. Investors historically benefit most when they enter 18–24 months before the Games, due to prices rising sharply leading up to the Games opening ceremony. New-build units range from €19,000 to €22,000 per square meter4. Short-term rental rates are climbing to around €3,000 per night during the Games5.
Though demand is heightened, supply lags. Strict building regulations and UNESCO protections severely limit new development, preserving the town’s cultural history but constraining new inventory. In fact, only 47 luxury properties have come to market in the past 18 months6. In a market where demand can grow but supply cannot, scarcity becomes the core driver of price appreciation. Commitment to protecting its fragile alpine environment remains core to Cortina.
Across decades, the Olympics have repeatedly transformed host cities. As just a few examples, London’s 2012 Games revitalized its East End region. Seoul accelerated major river restoration in 1988, and Vancouver residents still benefit from the 2010 airport transit line. An Italian case study is Turin’s 2006 Olympics, which increased annual tourism from one to six million. Cortina is entering this same cycle, as over €1.7 billion is being deployed to upgrade rail lines, shuttle networks, and regional transit, including a Cortina–Dobbiaco railway restoration and expanded helicopter links for high-end travelers. A Milan–Cortina rail connection, planned for 2030, will improve year-round accessibility, with positive effects long beyond the games.
Major international groups such as Mandarin Oriental, Egnazia, and Accor are pouring into Cortina as well, adding international and modern flavors to the town’s historic charm. Furthermore, restaurants like Al Camin and the Michelin-starred Tivoli are part of a growing culinary scene. Beyond the winter, summer tourism, driven by hiking and cycling, has also increased 25% annually due to greater tourist visibility brought by the Games7.
Overall, the highly anticipated 2026 Milano Cortina 2026 Winter Olympics is bringing fresh infrastructure, real estate, and more visibility to Cortina. By blending its environmental, cultural, and historic appeal with modern, international interest, the town’s real estate market is expected to experience lasting positive benefits from the Games long after 2026.
Sources:
[1] Editorial. 2025. “Cortina d’Ampezzo Real Estate Soars as 2026 Olympics Approach, Reaching Paris-Level Prices – InTrieste.” InTrieste. May 27, 2025. https://intrieste.com/2025/05/27/cortina-dampezzo-real-estate-soars-as-2026-olympics-approach-reaching-paris-level-prices/.
[2] “Cortina d’Ampezzo & the 2026 Winter Olympics.” 2025. Knightfrank.com. 2025. https://www.knightfrank.com/alpinereport/2025-10-20-cortina-dampezzo-the-2026-winter-olympics.
[3] “Cortina d’Ampezzo & the 2026 Winter Olympics.” 2025. Knightfrank.com. 2025. https://www.knightfrank.com/alpinereport/2025-10-20-cortina-dampezzo-the-2026-winter-olympics.
[4] “Cortina d’Ampezzo & the 2026 Winter Olympics.” 2025. Knightfrank.com. 2025. https://www.knightfrank.com/alpinereport/2025-10-20-cortina-dampezzo-the-2026-winter-olympics.
[5] Editorial. 2025. “Cortina d’Ampezzo Real Estate Soars as 2026 Olympics Approach, Reaching Paris-Level Prices – InTrieste.” InTrieste. May 27, 2025. https://intrieste.com/2025/05/27/cortina-dampezzo-real-estate-soars-as-2026-olympics-approach-reaching-paris-level-prices/.
[6] “Cortina d’Ampezzo & the 2026 Winter Olympics.” 2025. Knightfrank.com. 2025. https://www.knightfrank.com/alpinereport/2025-10-20-cortina-dampezzo-the-2026-winter-olympics.