Opportunities in Snow Real Estate: Three Key Destinations in Spain
Last Updated on 31 December 2025 by Equipo Urbanitae
As winter arrives and temperatures drop, snow begins to cover Spain’s highest peaks, signaling the opening of the country’s most popular ski resorts. Avid skiers start planning their mountain getaways, but alongside the surge in tourism, interest in the real estate markets of snow destinations such as Baqueira Beret, in the Aran Valley, and Sierra Nevada, in Granada, is also on the rise.
Key destinations and price evolution
In the post-pandemic period, Spain’s leading ski destinations experienced a real estate boom that turned skiing into a lifestyle trend, attracting buyers from across the country.
According to Idealista data, in November 2022 the average price per square meter in Baqueira stood at around €5,159. This figure was almost double Madrid’s average price at the time, which reached €3,916 per square meter, despite the capital ranking among the five most expensive cities in Spain.
Over time, prices have gradually normalized and aligned with broader real estate trends, although not evenly across all destinations. While some markets now show more moderate pricing, others have consolidated their status as highly exclusive locations.
Baqueira Beret stands out as the most expensive ski destination in Spain, with an average price of €7,485 per square meter, based on the latest available data from November, after registering a 25.5% year-on-year increase. With more than seventy years of history, Baqueira has established itself as Spain’s benchmark for high-end skiing. Despite already commanding the highest prices, developers continue to promote new luxury residential projects, responding to a buyer profile that expects premium features such as ski rooms with direct slope access, wellness areas and private home cinemas.
At some distance behind is Formigal, with an average price of €3,992 per square meter, according to the most recent data. It remains the most dynamic and in-demand market in the Aragonese Pyrenees, driven not only by its ski offering but also by its vibrant après-ski scene, which has become increasingly popular among younger buyers.
Further south, Sierra Nevada is divided into three distinct areas: the lower zone, with the highest prices at €3,423 per square meter; the mid-zone at €2,861 per square meter; and the upper zone at €2,595 per square meter. The resort’s appeal lies in its unique combination of skiing, proximity to the city of Granada and easy access to the Mediterranean coast.
Back in northern Spain, two destinations stand out as exceptions: Candanchú and Cerler. In Candanchú, prices remain 3.5% below the peak levels reached in 2009, currently standing at €1,861 per square meter according to the latest Fotocasa data. It is the most affordable ski destination and shows strong potential following the recent approval of a cable car project linking Candanchú with Astún, improving connectivity between the two resorts.
In Cerler, prices are 2.5% lower than a year ago, at €2,886 per square meter, with annual growth limited to just 1%. The market remains relatively contained compared to other Catalan ski resorts.
Limited supply and its impact on exclusivity and prices
Properties located in natural mountain environments are particularly sought after in Spain’s real estate market for several reasons. Urban development is heavily restricted by local regulations aimed at protecting the surrounding environment, making approvals for new residential developments increasingly difficult.
As a result, the limited supply of new housing keeps inventory low, making these properties highly competitive. Well-located homes, especially those near ski lifts and resort entrances, tend to sell quickly and face sustained upward pressure on prices.
In addition, the appeal of these properties goes beyond skiing. Year-round activities such as hiking, cycling and cultural or sporting events support longer occupancy periods and help stabilize property values once the ski season ends. For example, each summer Baqueira hosts the Val d’Aran Trail Festival, attracting more than 6,400 runners from 80 nationalities and mobilizing over 22,000 people including participants, staff and volunteers.
This process of desaisonalization has strengthened the tourist rental market, turning many purchases into investment opportunities that combine personal use with rental income during peak winter months and solid occupancy throughout spring and summer.
Buyer profile
According to industry experts, buyers in these markets are primarily Spanish, although foreign demand is gradually increasing, particularly from French and Central European buyers. For most purchasers, these homes are second or third residences.
This trend aligns with data from CaixaBank Research, which shows that foreign demand for housing in Spain has grown significantly since the pandemic. In the twelve months up to Q3 2024, foreign buyers purchased 125,857 homes, representing 18.4% of total transactions and a 30.7% increase compared to 2019.
While Spanish buyers still dominate snow real estate markets, international demand is expected to gain relevance over time, further reinforcing the exclusivity of Spain’s leading ski destinations.
Don’t have skis? You can still invest
Finding the right opportunities or raising the capital needed to invest is not always easy. At Urbanitae, we have some experience in alpine real estate. In 2023, we financed Grupo Avintia to complete its Pleta Arriu development, located directly opposite the slopes of Baqueira Beret. More than 2,100 investors contributed €5,000,000 across two tranches to complete the development of six exclusive homes, each with around 400 square metres of built area and direct access to the ski slopes. Although the average price was close to €3.5 million, five of the six homes had already been sold by the time the second loan tranche was formalised.
The project (structured through the Pleta Arriu and Pleta Arriu II tranches) was repaid to investors in February 2025, in line with the expected timeline and returns (IRRs of 8.2% and 8.4%, respectively).
And just a few days ago, we financed a project in Benasque, one of the most highly regarded destinations in the Aragonese Pyrenees, very close to the Cerler ski resort. Once again, it was a loan—this time with a 12-month term and a fixed interest rate of 10%.
Stay tuned: there may be more opportunities to make the most of snow-related investments with Urbanitae.
