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Skiing into the Swiss property market

04 December 2024

Please note: The external views expressed in this article are not the views of Barclays Private Bank, and forecasts are not a reliable indicator of future performance. Barclays does not offer tax advice. Professional advice should always be sought when selling or buying property.

Nestled high in the Swiss Alps, Verbier is more than just a skier’s paradise. With world-class slopes, vibrant après-ski, and homes that blend rustic charm with the elegance of modern living, it’s easy to see the appeal. But Verbier isn’t just a sought-after resort; it also sets the tone for Switzerland’s ski property market.

Of course, Switzerland’s alpine appeal extends well beyond Verbier, with legendary destinations like Zermatt, Gstaad and St. Moritz, each with their own personality and charm. Newer resorts such as Andermatt, alongside reinvigorated favourites like Crans-Montana and Klosters, also present an enticing mix of alpine beauty and more competitive pricing. 

“Brand Switzerland remains very strong,” says Alex Koch de Gooreynd, a Partner at Knight Frank focused on the Swiss Alpine property markets.

Whether it’s Verbier’s energy or the exclusivity of other resorts, buying property in Switzerland is more than just the breathtaking views – it’s about understanding the market. From navigating rules on foreign ownership to weighing up currency and tax considerations, there’s plenty to think about. Yet, demand for Swiss property remains as robust as ever. Below, we’ll take a closer look at what can make these alpine resorts a smart all-year-round investment.

Swiss Alpine charm: How Verbier sets the standard

Verbier showcases the best of a modern Swiss ski resort, just two hours from Geneva airport, now with seamless train and télécabine access direct into the heart of the resort, available day and night1.

“What makes Verbier so special is how easy it is to spend an entire ski season there,” notes Koch de Gooreynd. “The international school accepts children for the winter term, you can work remotely, and if you need to catch a flight, the train connection makes it incredibly easy.

“There are also new offerings popping up in Verbier like wellness facilities and private members' clubs, which provide a more exclusive, quiet environment for business and leisure – away from the hustle and bustle of après-ski.”

Luxury hotel-branded properties are another rising trend in Verbier, offering the privacy of home ownership paired with high-end services like concierge support, spa facilities and fine dining.

Modern infrastructure and amenities also support Verbier’s vibrant year-round lifestyle appeal – particularly for those wanting to stay longer – whether it’s mountain biking, hiking or simply unwinding amidst stunning alpine scenery.

Verbier’s global standing – and its position as Switzerland’s ski leader – is reaffirmed in the latest Savills Ski Report Winter 2024/252, placing it third globally for ultra-prime property pricing (€45,000 per square metre) behind only Aspen and Courchevel 1850, and fourth for prime pricing (€27,200 per square metre), where Val d’Isère completes the top three.

“With its unique blend of stability and exclusivity, Verbier continues to be the premier Swiss destination and a top-tier investment in the luxury real estate market,” says Stuart Butler, Head of Debt Structuring at Barclays Private Bank Switzerland.

While Verbier may lead the way, prime properties in other top Swiss resorts are also attracting plenty of interest. “The lion’s share of prime property activity is always centred on the ‘big three’ resorts – Verbier, Gstaad and St. Moritz,” says Koch de Gooreynd at Knight Frank. “This year has been no different, with strong market activity driven by both residents and holiday home buyers.

"But we are also seeing interest rising in other resorts that are investing heavily in their future. Take Crans-Montana, as one example, where Vail Resorts’ acquisition of the ski domain is attracting more American buyers due to their established brand presence. Andermatt is seeing similar momentum, with substantial funds being poured into its development. Even Klosters is regaining attention as these resorts work to elevate their appeal with new infrastructure, hotels and year-round living options."

Resilient prices amid limited supply

The Swiss Alpine property market has long struggled with a shortage of supply, especially in its most popular resorts. This has kept demand strong and prices high – a trend that accelerated during the pandemic as more buyers sought refuge in the Swiss Alps, looking for second homes or permanent retreats.

With more people now investing in the region, it’s also no surprise that tourism has surged, especially during the summer months. In 2024, visitor numbers to the Alps reached record levels in the warm-weather months, according to the latest Knight Frank Alpine Property Report 20253 – further enhancing the appeal of Swiss resorts for both winter sports lovers and those seeking outdoor adventures year-round.

“The Alpine market has long been shaped by its resilience and the ongoing issue of limited supply – the Alps just can’t keep up with demand for new properties, especially with the growing summer appeal of these resorts,” says Jeremy Rollason, Head of Savills Ski.

“But I’d say we’re finally seeing a shift back to more ‘normal’ market conditions following the pandemic-driven price surge. With prime property prices across the Alps increasing by a more measured 3.8% in 2024, the market seems to be stabilising. The outlook remains optimistic, too, with the continued easing of interest rates reassuring buyers and restoring confidence to the market.”

How UK tax changes may shape Swiss property demand

For decades, Swiss Alpine properties have been a top choice for high-net-worth individuals. However, the recent UK budget changes may have sparked a new wave of interest, particularly from ‘non-doms’ – those living in the UK for tax purposes but with a permanent home elsewhere. Switzerland is one of several destinations being considered by those exploring relocation, thanks to its reputation for stability and an attractive tax environment.

Koch de Gooreynd at Knight Frank notes that some UK buyers who originally purchased properties in Verbier as holiday homes are now thinking about turning them into their main residences. “A number of UK clients who bought in Verbier were effectively buying a holiday home that could become their primary residence post-budget,” he explains. “We’ll wait to see if this trend accelerates, as more individuals think about making Switzerland their permanent base.”

Navigating Swiss ski property ownership

Buying property in Swiss ski resorts may, at first glance, seem daunting for international buyers, but with the right guidance, it is well within reach. Switzerland has strict regulations around foreign ownership, limiting non-residents to purchasing property only in designated areas, such as tourist zones – many of which are found in ski resorts.

Foreign buyers will also need to follow Swiss tax laws, but there are some incentives to consider. For example, those who choose to make Switzerland their permanent residence can enjoy certain benefits4 – as well as expanding their property purchasing options – making it an attractive destination for anyone wanting to settle in the Alps.

In recent years, the rise of remote work has also made Swiss ski resorts even more appealing. The flexibility of working from anywhere has become a permanent lifestyle choice for many, with ski resorts now offering the ideal balance of business and leisure.

“The mobile international executive now enjoys a level of flexibility that was unimaginable just a few years ago," says Rollason at Savills. “It’s this ability to work from anywhere that has made dual-season resorts, especially, more attractive, with ski lifts running in summer for mountain bikers just as much as for skiers.”

Why Swiss resorts are a magnet for investors

Swiss ski properties are in high demand, and it’s no surprise why. Whether you’re looking for a holiday home or a place to settle down, Switzerland offers a winning combination of breathtaking natural beauty, solid investment potential and an exceptional quality of life.

“Switzerland has this rare mix of stability, privacy and luxury that people really value,” says Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank. “For anyone thinking about Swiss properties, particularly in ski resorts, the long-term outlook is bright, with demand continuing to increase.”

So, although the Swiss property market can be complicated, with the right guidance and planning, owning an Alpine retreat is a very achievable goal.

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