UBS Alpine Property Focus 2026 Holiday homes: Highly priced, highly sought after

Zurich, 4 June 2026 – The five most expensive holiday property markets in the Alpine region are all located in Switzerland. Gstaad tops the list, with upscale holiday homes averaging around CHF 25,000 per square meter. The Engadin/St. Moritz area ranks second, with prices at about CHF 24,000 per square meter. Verbier, Andermatt, and Zermatt complete the top five, with average prices starting at CHF 21,000 per square meter.

The most expensive location in the French Alps is Courchevel, where prices for upscale holiday homes are around CHF 18,500 (EUR 20,000) per square meter. With prices around CHF 15,000 (EUR 16,000) per square meter, Kitzbühel leads the ranking in Austria. Cortina d’Ampezzo, with a price level of about CHF 12,000 (EUR 13,000) per square meter, is the most expensive destination in the Italian Alps.

Growing Alpine tourism, the Olympic Winter Games, and lower financing costs in 2025 have fueled price dynamics in mountain regions. In Europe’s top destinations, Alpine holiday homes became nearly 4% more expensive last year – a faster pace than the previous year, but still below the boom years of 2021 to 2023. The strongest increases were seen in top destinations in Switzerland and Italy, each with nearly 6%. In Austria, prices rose by just over 3%, offsetting declines from previous years. In France’s top destinations, however, growth slowed significantly, reaching only about 1% in 2025.

Alpine holiday homes remain in demand – not least among young professionals who work remotely and value the quality of life in the mountains. More frequent heatwaves further increase the appeal of Alpine retreats, even as long-term snow reliability may continue to decline. Rising life expectancy also makes purchasing attractive for older buyers.

Against this backdrop, prices for Alpine holiday homes are likely to continue rising in the coming quarters. Maciej Skoczek, real estate economist at UBS CIO GWM and lead author of the study, says: “We expect holiday home prices in Switzerland and Italy to continue rising more strongly than in Austria and France over the next few quarters. Swiss top locations stand out with a stable currency, attractive tax policies, and high security and discretion.” Italy scores highly thanks to favorable tax rules for wealthy newcomers and comparatively moderate price levels, offering further catch-up potential.

In most Swiss destinations, holiday home prices have risen significantly over the past four quarters. The strongest increase was seen in Crans-Montana, with over 15%, followed by Davos/Klosters and Andermatt, each with 12.5%. Only Verbier and Elm/Braunwald recorded price declines.

Cost-benefit considerations kept demand for Swiss holiday homes high last year. While lower mortgage rates reduced the ongoing costs of owning a vacation home, hotel stays in Alpine tourist destinations – as an alternative to using one’s own holiday home – have become more expensive.

At the same time, the number of overnight stays in hotels, rented holiday apartments, and collective accommodations in Switzerland’s tourist regions reached a new record last year, with around 28 million nights. The high occupancy rates in hotels, especially during peak season, further increase the attractiveness of holiday apartments. The ability to take a spontaneous vacation in a top destination, even during peak periods, has thus become even more valuable.

Maciej Skoczek notes: “The Swiss holiday apartment market is likely to remain characterized by a persistent excess of demand for the foreseeable future. The overall moderate expansion of supply is set against a steadily growing pool of potential buyers in the medium term.” In recent years, the number of high-income households in Switzerland – both in absolute and relative terms – has risen significantly faster than the supply of holiday apartments. Between 2017 and 2022, the number of individuals with a taxable income of over CHF 200,000 increased by almost 33,000. By comparison, the housing stock in the mountains grew by around 9,000 units over the same period. The increase in purchasing power across Switzerland is therefore supporting further price increases in the holiday apartment markets.

Not only is purchasing power rising, but demand for housing in well-connected mountain destinations is also increasing noticeably. In Switzerland, more than one million people aged between 55 and 65 live outside the mountain cantons – an increase of 25% compared to ten years ago. Second homes in the Alps are currently especially sought after – not least due to this demographic trend, the growing preference for retirement in the mountains, and the flexibility to use the property as desired. Owners can later use their holiday apartment as a primary residence and benefit from tax advantages, especially if they are from the Lake Geneva region or the canton of Zurich.

Geopolitical uncertainties and Switzerland’s role as a “safe haven” for investments are also increasing the interest of international buyers. Potential regulatory measures, such as tightening the “Lex Koller” or introducing second home taxes, are likely to have only a limited impact on demand. Holiday apartments thus continue to assert themselves as highly sought-after assets, whether as a retreat, an investment, or a status symbol. In the coming quarters, prices for Swiss holiday apartments are expected to rise at an annualized rate in the mid-single-digit percentage range.

The range shows the price spectrum between average and very good location and quality. The black line indicates the price level for the upper standard.

Sources: FPRE, Wüest Partner, Nomisma, Edition Callon Moulle, DataScience Service GmbH, UBS

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