Short-term rentals and the 2026 Olympics: what really happened in Valtellina (analysis of actual data)

Introduction

The Milan-Cortina 2026 Winter Olympics have brought Valtellina unprecedented international exposure. For months, there has been talk of a potential tourism boom, with expectations of fully booked accommodation and a sharp rise in visitor numbers.

However, an analysis of actual data from the short-term rental market reveals a more complex picture. In some parts of the valley, demand has indeed risen, whilst in others the impact has mainly resulted in higher rates rather than an increase in visitor numbers.

To understand this phenomenon properly, it is helpful to distinguish between:

• the main town and the valley floor
• Upper Valtellina and race venues
• housing quality category
• average revenue and employment levels
• characteristics of tourist demand

This analysis provides a better understanding of the actual impact of the event on the valley’s holiday property market.

The county town and the valley floor: visitor numbers remain stable but revenue is on the rise

In the county town of Sondrio and the villages in the valley floor, the surge in visitor numbers that many operators had anticipated did not materialise.

Accommodation occupancy rates remained similar to previous years. The main difference, however, was the rise in average rates, which led to higher overall revenue.

Key figures – February 2026 (Sondrio and neighbouring municipalities)

• Average occupancy rate: 43%
• Average rate per booking: €227
• Average monthly revenue per accommodation: €2,733
• Average length of stay: around 3 days

In essence, there was no significant increase in visitor numbers during the Olympic period, but those who did stay in the area spent more.

Chart

Average monthly revenue by property category

Premium properties generated the highest revenue, but not necessarily the highest number of bookings.

Figure 2 – Occupancy by property type

The data shows that excessively high prices can significantly reduce property occupancy rates.

Upper Valtellina: the true Olympic epicentre

The scene changes in the villages of Upper Valtellina, which are directly involved in the competitions.

In resorts such as Bormio, Livigno and Tirano, demand for accommodation has been significantly higher, with high prices accompanied by good occupancy rates.

This result was driven by a number of factors:

• a daily programme of races and events
• a large influx of international visitors
• advance bookings
• significant media coverage
• short stays for competitions

These locations have therefore seen the ideal combination for the short-let market: high rates and genuine demand.

Shorter but high-value stays

One of the most significant figures relates to the length of stay. During the Olympic period, the average length of stay was shorter than that of a typical skiing holiday.

Many visitors stayed for just a few days, solely to watch the races. This also explains why, in some areas, there was no sense of particularly heavy crowds.

Tourist numbers were, in fact, more concentrated on the days and at the venues of the competitions.

Milan: a significant but not extraordinary impact

Although the Olympics are known as Milan-Cortina 2026, the impact on the short-term rental market in Milan has been relatively limited.

Milan is already accustomed to hosting major international events and has a well-established accommodation infrastructure. During the Olympic Games, rates rose, but occupancy levels remained similar to those recorded during other major events.

Because many felt that turnout was lower than expected

Several local operators felt that the number of tourists was lower than expected.

The main reasons are:

• fewer day trippers
• travel concentrated around the competition venues
• shorter stays
• an audience consisting mainly of ticket-holding spectators
• availability of accommodation for staff and the organisation

Olympic tourism has therefore been very different in nature from traditional Alpine tourism.

The most important figure for property owners and investors

An analysis of the Olympic period reveals a very clear trend: the best results were not achieved by the properties with the highest prices, but by those that struck the right balance between rates and occupancy.

Professional property management and the use of dynamic pricing strategies have proven to be key factors in maximising revenue.

Implications for the future of the holiday property market

The Olympic Games offer important insights into the future of the property market in Valtellina:

• The valley is strengthening its position as an international destination
• Tourism in the mid-to-high-end market is growing
• Short-term rentals can generate attractive returns
• tourist destinations remain the best performers
• pricing strategy is becoming increasingly crucial

Conclusions

The 2026 Milan-Cortina Winter Olympics have not led to an indiscriminate increase in tourist numbers across the Valtellina.

Instead, they highlighted a number of important trends:

• visitors with greater spending power
• traffic concentrated in the race venues
• shorter but more profitable stays
• new opportunities for the holiday property market

Understanding these dynamics is essential for property owners and investors who wish to plan effective strategies for the future.

Would you like to know the value of your property in Valtellina?

If you own a property in Valtellina and would like to understand its potential in the current tourism market, you can request a professional valuation based on actual market data.

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