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Just how expensive are vacation homes in Swiss Alpine destinations? Current price developments, their causes and forecasts for the future in the UBS Swiss Alpine Property Focus.
Prices for vacation homes in the Swiss Alps continue to rise. In the first quarter of 2026, they were 4.1 percent higher than in the previous year. This means the pace of price increases has accelerated further. A comparison with levels at the end of 2019 is even more striking – home prices in mountain destinations are now nearly 40 percent higher.
Price growth was particularly strong last year in destinations in Graubünden, where vacation homes became more than 5 percent more expensive on average. In the Bern region, the increase was still over 4 percent, while prices in Valais and the other mountain regions rose by around 3.5 percent.
It is noteworthy that with the exception of Verbier and Elm/Braunwald, all of the markets analyzed recorded rising asking prices. And this price trend is unlikely to have peaked just yet.
Prices have risen over the past twelve months in nearly all of the destinations analyzed. Prices rose particularly sharply in Crans-Montana – by more than 15 percent. Davos/Klosters and Andermatt also recorded very significant increases, each at 12.5 percent. However, the measured price trend should be interpreted with caution, as there has recently been a significant increase in listings in the luxury segment that do not specify detailed prices. This can skew the reported price level downward.
Number 1: Gstaad
As last year, the most expensive vacation homes are in Gstaad, where a luxury vacation home currently costs an average of about CHF 25,200 per square meter, which is 3 percent more than last year. The high demand is driven, among other factors, by international buyers, an exclusive setting and the limited availability of high-quality properties.
Number 2: Engadin/St. Moritz
In second place is the Engadin/St. Moritz region, where the average price per square meter is CHF 24,000. In prime locations, prices per square meter are significantly higher still. The region’s strong international appeal, wide range of tourist attractions and investments in high-quality renovations are keeping prices high. Compared to last year, they have risen by around 7 percent.
Number 3: Verbier
Verbier also makes it onto the podium in this ranking – despite a decline in reported asking prices. The average price per square meter remains at around CHF 23,600.
At the other end of the ranking are Leysin-Les Mosses, Goms and Evolène. In Leysin-Les Mosses, the average price per square meter is around CHF 6,800; in Goms, CHF 6,700; and in Evolène, CHF 6,600. This means that vacation homes in the most affordable towns analyzed cost less than a third of the price of properties in the top destinations.
However, prices are rising even in the more affordable regions. In Goms, they rose by 6 percent compared to the previous year, in Leysin-Les Mosses by 3.2 percent, and in Evolène by 2.1 percent. This shows that the high demand for vacation homes is not limited to the well-known luxury destinations. Nevertheless, mountain regions outside the spotlight remain significantly more attractive in terms of price.
How are the markets for vacation homes in the Alps analyzed?
The UBS Swiss Alpine Property Focus compares the vacation home markets in 35 destinations throughout Switzerland. In addition to price levels, seven indicators are key to the assessment, namely market size, accessibility, tourism offerings, occupancy rates, rental prospects, population growth and limited supply. This allows for conclusions to be drawn about the characteristics of each location and the market outlook for the destinations in question.
Prices for vacation homes in the Swiss Alps are supported by several factors. Of particular importance are the limited supply, the persistently high demand and the increased appeal of vacation homes as an alternative to hotel stays and as an investment.
A key factor driving up prices is the limited supply. Currently, only about 3 percent of the total housing stock is listed for sale each quarter, which is about half as much as in 2019 and significantly less than the market could absorb. At the same time, the stock of second homes has grown by an average of only about 0.5 percent over the past five years.
The relaxation of the Second Home Act through the so-called “Lex Candinas” in 2024 could increase supply in the medium term in certain destinations. Since then, expanding the floor area and creating additional second homes have been permitted when renovating existing homes. The first effects are already evident in building permit applications. However, the number of building permits granted is increasing only slowly. In the short term, therefore, supply remains tight.
Limited availability is offset by continued strong demand. For many buyers, vacation homes in the mountains are not only a retreat but also a potential future primary residence, an investment or a status symbol. Rising incomes and wealth in Switzerland are also supporting the market. In recent years, the number of high-income and high-net-worth households has risen significantly faster than the housing stock in mountain regions.
Demographic factors also play a role. In Switzerland, more than one million people between the ages of 55 and 65 live outside the mountain cantons. For some members of this target group, well-connected mountain destinations may become more attractive as places to live or retire.
Development of the number of households with taxable income above 200,000 francs, net wealth above 500,000 francs, as well as the housing stock in tourist destinations, index 2017 = 100
The financing costs for purchasing a vacation home in 2025 have fallen compared to the previous year. At the same time, hotel stays in Alpine tourist destinations have become more expensive. On average, hotel rates were recently just under 2 percent higher than the previous year and already 35 percent above 2019 levels.
As a result, the perceived benefits of owning a vacation home are increasing. Those who regularly vacation in popular mountain destinations can secure availability during peak seasons and are less dependent on rising accommodation prices.
Change in average prices for hotel overnight stays and holiday apartments in tourist destinations, in percent compared with the previous year
Many buyers also view vacation homes as a financial investment. Since the end of 2019, prices in the analyzed destinations have risen sharply. For international buyers, there is an additional factor, which is that Switzerland is considered a safe haven in times of geopolitical uncertainty. Combined with a stable Swiss franc, exclusive destinations and a high-quality environment, vacation homes in the Alps remain attractive to affluent international buyers.
Lex Koller
The Lex Koller law sets clear quotas and makes it more difficult for foreign nationals to purchase vacation homes. In 2026, Swiss policymakers are discussing a tightening of the law, which could also have consequences for the vacation home markets. Learn the most important facts about the Lex Koller law in this article.
Vacation homes in the Swiss Alps are likely to remain in demand in the coming quarters. The UBS Chief Investment Office expects prices to rise in the mid-single-digit percentage range.
However, regulatory measures could dampen demand, including possible tightening of the Lex Koller law and a future second-home tax. In the medium term, prices are expected to keep rising, even if the overall momentum may be somewhat lower than in recent years.
From a market perspective, there are still several factors pointing to stable or rising prices.
At the same time, the hurdles for prospective buyers are high, including high entry prices, tight affordability and potential regulatory changes that could cool prices somewhat.
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