Gstaad leads the ranking, where prime chalets and apartments cost around CHF25,000 per square metre on average.
Keystone-SDA
Switzerland dominates the Alpine holiday home market, with all five most expensive resorts located in the country. Gstaad leads the ranking, where prime chalets and apartments cost around CHF25,000 per square metre on average.
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In second place is Engadin/St. Moritz, with prices of CHF24,000, while Verbier, Andermatt and Zermatt complete the top five, with prices starting at CHF21,000 per square metre, according to a study published on Thursday by UBS.
Among foreign resorts, France’s Courchevel is the priciest (about €20,000), ahead of Kitzbühel in Austria (€16,000) and Cortina d’Ampezzo in Italy (€13,000).
The growth of Alpine tourism, the Winter Olympic Games and lower financing costs have given new impetus to the prices of homes in mountain regions. Alpine holiday flats across European resorts rose by almost 4% over the past year, faster than in 2024 but still below the record levels of the boom years from 2021 to 2023. Gains were strongest in Switzerland and Italy (close to 6%); in Austria, prices rose by more than 3%, thus recovering the decreases of previous years. In the biggest French resorts, however, growth slowed to around 1%.
Remote working
Demand remains high, driven in part by younger professionals working remotely and seeking mountain lifestyles. Heatwaves are also boosting the appeal of Alpine properties, even as long-term snow reliability becomes less certain. Rising life expectancy is another factor attracting older buyers.
Against this backdrop, UBS expects prices to continue climbing.
“We expect prices in Switzerland and Italy to continue to rise faster than in Austria and France,” said Skoczek. “Top Swiss destinations benefit from a stable currency, attractive taxes, security and discretion.”
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Chalets and flats in Swiss Alps are becoming a luxury
Italy stands out due to tax breaks for wealthy new residents and a still relatively moderate price level, which offers further growth potential.
Within Switzerland, prices rose sharply in most destinations over the past four quarters, led by Crans-Montana (+15%), followed by Davos/Klosters and Andermatt (both +12.5%). Only Verbier and Elm/Braunwald recorded declines.
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Swiss luxury property prices continue to rise
“The Swiss holiday flat market is expected to remain characterised by persistent excess demand in the coming years,” said Skoczek. “With an overall still moderate supply, the number of potential buyers continues to grow steadily in the medium term.”
Second homes in the Alps are in high demand, especially due to demographic trends, the appeal of mountain retirement living and the flexibility to convert second homes into primary residences, often with tax advantages. Owners can later use their holiday flat as their main residence and benefit from tax advantages, especially if they come from the Lake Geneva region or the canton of Zurich.
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Swiss government to tighten foreign property ownership
Geopolitical uncertainty and Switzerland’s status as a safe-haven investment destination are also drawing international buyers. Regulatory measures, such as tighter rules on foreign ownership (Lex Koller) or second-home taxation, are likely to have only a marginal impact, UBS said, as Alpine holiday homes remain highly sought after as retreats, investments and status symbols.
Translated from Italian with AI/sb
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