Knight Frank Says Vineyards Still Attract Wealthy Buyers

A new report from Knight Frank says vineyards remain among the most attractive alternative assets for wealthy investors, even as the global wine business faces slower consumption, climate pressure and changing tastes. The London-based real estate consultancy said in its “Wealth Report 2026” that vineyard ownership now appeals not only because of agricultural output and land value, but also because of brand building, hospitality and wine tourism.

The report points to Italy as one of the strongest markets for this kind of investment, with interest centered on South Tyrol, Friuli, Chianti Classico, Montalcino, Bolgheri, Barolo and Barbaresco. Knight Frank said those areas stand out because they combine international recognition, limited supply and a strong link between wine and place. The firm also cited other major regions in France, the United States, New Zealand, Australia, Argentina, Germany, Georgia, Chile, South Africa and the United Kingdom.

Alexander Hall, head of international vineyards at Knight Frank, said in an interview with WineNews that the market has slowed but has become more selective. He said fewer people are buying vineyards than in the past, but those who are active are more cautious and more specialized. He added that Italy remains highly sought after because it offers a wide range of regions beyond Tuscany and Piedmont, giving investors more choice based on personal taste and travel habits as well as financial goals.

Knight Frank said the vineyard market has held up despite broader difficulties in wine. The report noted that consumption volumes are falling while the value of wine is rising, driven by demand for quality products, handmade wines and wines tied closely to their territory. It said buyers are increasingly favoring authenticity and identity over mass production.

Climate change is also reshaping where wine is made and where capital is flowing. The report said historic regions still matter, but new production areas are emerging where weather conditions may be more favorable or easier to adapt to over time. Producers are responding with new farming techniques and grape varieties designed to handle more unpredictable seasons.

For high-net-worth individuals and family offices, Knight Frank said vineyards offer a rare mix of land ownership, agricultural production and brand value. The report described them as assets that can diversify portfolios while also supporting lifestyle goals. In many cases, it said, estates are becoming destinations that generate income through hospitality, direct sales and long-term customer relationships.

The report also linked vineyard investment to changing consumer behavior. It said demand is growing for lighter, fresher and more accessible wines, often associated with moderate drinking and greater attention to health. It said younger consumers, especially Gen Z, tend to value authenticity, sustainability and transparency more than older buyers do. Sustainability, the report added, is no longer a bonus but a basic requirement for producers who want to maintain credibility and strengthen brand value.

Italy continues to play a leading role in this market because of its appellations, its reputation abroad and the close connection between wine culture and local identity. Knight Frank said Italian vineyards are increasingly seen as iconic assets that carry both economic and symbolic value.

The report gave average vineyard values for several regions. In Italy, Barolo was listed at $2.7 million per hectare. Bolgheri and Brunello di Montalcino were both valued at 1.2 million euros per hectare. Chianti Classico was listed at $245,000 per hectare.

In France, Grand Cru vineyards in Burgundy’s Côte de Nuits were given a statistical value of $55 million per hectare, though Knight Frank noted that such land rarely changes hands. More realistic figures included $1.05 million per hectare for vineyards in the same area outside Grand Cru classification, $1.9 million per hectare in Champagne’s Côte des Blancs and $1.65 million per hectare in Margaux in Bordeaux. Sancerre in the Loire Valley was listed at $300,000 per hectare.

In the United States, vineyard prices ranged from $1.17 million per hectare in Rutherford in Napa Valley to $270,000 per hectare in Oregon’s Dundee Hills. In New Zealand’s Marlborough region, one hectare was valued at $120,000. In the United Kingdom’s Essex region it was also about $120,000 per hectare, while Kent and Sussex were slightly lower at around $110,000. In South Africa’s Stellenbosch region vineyards were priced at about $60,000 per hectare. In Australia’s Barossa Valley they were valued at about 55,000 euros per hectare.