Where property in the Swiss Alps is still affordable
Apartments and chalets in Switzerland’s best-known mountain resorts have risen sharply in price. Yet outside the prestige destinations, some municipalities still have significantly lower prices per square metre. Current modelled figures put Airolo, Glarus Süd, Ernen, Leukerbad, Goms, Evolène, Wildhaus-Alt St. Johann and Leysin below the Swiss average.
Author: Nikita von Niederhäuser , UrbanHome real estate expert Updated on: · Reading time: approx. 18 minutes
The Swiss Alpine property market is split in two
Leading international resorts have reached price levels barely comparable with ordinary Swiss owner-occupied housing markets.
According to UBS, premium holiday apartments cost approximately CHF 25’000 per square metre in Gstaad, CHF 24’000 in the Engadin and St. Moritz, CHF 23’500 in Verbier, CHF 22’000 in Andermatt and CHF 21’000 in Zermatt.
| Market segment | Examples | Assessment |
|---|---|---|
| Leading international resorts | Gstaad, St. Moritz, Verbier, Andermatt, Zermatt | More than CHF 20’000 per m² in the premium holiday-home segment. |
| Expensive established destinations | Davos/Klosters, Arosa, Flims/Laax, Lenzerheide, Jungfrau region | According to UBS, approximately CHF 16’000 to 18’000 per m². |
| Relatively more affordable holiday destinations | Goms, Evolène, Leukerbad, Wildhaus, Leysin-Les Mosses, Elm/Braunwald | Significantly lower prices, although property quality and second-home status can command sizeable premiums. |
| Alpine municipalities outside major resort brands | Airolo, Glarus Süd, Ernen and other valley or regional centres | In some cases far below the Swiss municipal average. |
Important: A municipality-wide average price and the price of a premium holiday apartment are not measuring the same thing. A renovated second home right beside the ski lifts can cost twice as much as an older primary residence in the same municipality.
Where average prices are still lower
The following table uses modelled average prices from RealAdvisor. The model combines listings, past sales, professional valuations and geographic data.
The estimate for 80 square metres is a simple multiplication and excludes notary fees, taxes, refurbishment, parking and furniture.
| Municipality | Average per m² | Calculated value for 80 m² | Assessment |
|---|---|---|---|
| Airolo (TI) | CHF 3’969 | approx. CHF 317’520 | Very low benchmark; check older buildings and the Gotthard location carefully. |
| Glarus Süd (GL) | CHF 4’559 | approx. CHF 364’720 | Large municipality with major differences between valley villages and holiday areas. |
| Ernen (VS) | CHF 5’050 | approx. CHF 404’000 | Historic village setting near the Aletsch and Goms region. |
| Leukerbad (VS) | CHF 5’342 | approx. CHF 427’360 | Spa and mountain destination; check the property condition and renewal fund. |
| Goms (VS) | CHF 5’742 | approx. CHF 459’360 | Cross-country skiing and year-round region; micro-locations and accessibility vary. |
| Evolène (VS) | CHF 6’020 | approx. CHF 481’600 | Authentic Valais destination with lower prices than the top resorts. |
| Wildhaus-Alt St. Johann (SG) | CHF 6’380 | approx. CHF 510’400 | Eastern Swiss holiday area close to Zurich, with growing year-round demand. |
| Leysin (VD) | CHF 6’625 | approx. CHF 530’000 | Vaud mountain resort with rail access and an international focus. |
| Obersaxen Mundaun (GR) | CHF 7’727 | approx. CHF 618’160 | Still below the Swiss average, although prime holiday locations may be much more expensive. |
| Switzerland | CHF 7’904 | approx. CHF 632’320 | Benchmark across municipalities and different types of property. |
This table is a starting point for your search, not an appraisal of a particular property. Within the same municipality, views, sunlight, year built, renovation status, accessibility, parking and legally permitted use can lead to differences of several thousand francs per square metre.
Which Alpine regions appeal to budget-conscious buyers?
Airolo and the upper Leventina
Rail and motorway connections at the Gotthard, Alpine scenery and very low average prices. Carefully check building age, energy efficiency, snow load and damp.
Glarus Süd and Elm/Braunwald
This large municipality combines more affordable valley settlements with tourist locations. Proximity to lifts, views and second-home status can nevertheless push prices much higher.
Ernen and Goms
Historic villages, cross-country skiing, hiking and proximity to the Aletsch region. Travel times, seasonal demand and older buildings are key considerations.
Leukerbad
Thermal baths and mountain tourism meet relatively low average prices. In condominiums, the renewal fund, lifts, façades, flat roofs and shared facilities deserve special attention.
Evolène and its side valleys
Traditional Valais villages and more affordable prices. However, the small market may mean limited choice and longer resale times.
Wildhaus-Alt St. Johann
Easily reached from German-speaking Switzerland and suitable for year-round use. Especially attractive properties may already exceed the municipal average by a wide margin.
Leysin-Les Mosses
Mountain setting, railway connections, schools and international visitors. Apartments cost less than in many leading French-speaking Swiss resorts, although prices continue to rise.
Obersaxen Mundaun and Surselva
Slightly below the national average. Prime ski-in/ski-out locations and new builds can be considerably more expensive than older flats in outlying settlements.
Why do some Alpine villages remain more affordable?
Low prices do not automatically mean poor locations. Often the main difference is simply lower international luxury demand, while other qualities can still be very attractive.
Less prestige
Lower international recognition, weaker luxury demand and fewer prestige developments.
Older building stock
A greater share of older apartments and houses in need of renovation lowers average prices.
Greater distance
Smaller ski areas or longer journey times to major centres limit demand.
Lower market liquidity
A smaller pool of buyers can increase resale times and sometimes limit price growth.
Primary residence, second home or tourist-managed property?
The same floor plan can have a different market value depending on its permitted use. Buyers should establish the property's legal use before reserving it.
| Status | Typical use | Important checks |
|---|---|---|
| Primary residence | Permanent main home | Residence requirement and municipal checks. |
| Unrestricted second home | Private use as a holiday or weekend home | Check existing usage rights and register entries. |
| Tourist-managed apartment | Letting through an operator or rental pool | Personal-use weeks, management contract, fees and distribution of rental income. |
| Existing home under previous rules | Property authorised before the restriction took effect | Check building permits, renovation history and current use restrictions. |
Phrases such as “ideal holiday apartment” are not legal proof. The land register, building permits, use restrictions and the municipality's information are decisive.
What the Second Homes Act means for buyers
In municipalities where second homes account for more than 20 percent of housing, new second homes without a tourism-management requirement generally cannot be approved.
At the end of March 2026, the Federal Office for Spatial Development counted 331 such municipalities.
What is the current share of second homes?
Which legal usage status applies to this property?
Is there a public-law restriction on use?
May the apartment be let long term or for short stays?
What rules apply to renovation or extension?
The Second Homes Act is not a complete ban on purchases. Existing second homes can generally be traded, and tourist-managed models are possible under certain conditions. The specific property's status is decisive.
Lex Koller: Restrictions on buyers from abroad
Depending on domicile, nationality and property, people resident abroad may require a permit. Holiday homes are also subject to quotas and other requirements.
Clarify these rules with the cantonal licensing authority or a notary before signing the purchase agreement.
On 15 April 2026, the Federal Council opened a consultation on tightening the Lex Koller rules. The proposed reform was not yet in force on 30 July 2026.
Holiday homes face stricter financing rules
Higher equity often required
Holiday properties are generally financed more conservatively than an owner-occupied primary residence.
Often only 60 to 75 percent
Depending on the lender, maximum loan-to-value ratios can be substantially lower than for a primary residence.
No pension-based home ownership financing
Occupational pension home ownership promotion funds generally cannot be used to buy a holiday home.
Your main home counts too
Affordability calculations include existing costs of the primary home and other financial obligations.
Be cautious with hard-to-sell properties
Older, remote or less liquid properties may be valued more conservatively by banks.
Estimate rental income conservatively
Banks do not always count all projected holiday rental income towards affordability.
PostFinance quotes a maximum loan-to-value ratio of 75 percent for holiday properties. Other lenders may require more equity. Get financing confirmed before making a binding reservation.
Beyond the purchase price: the full cost breakdown
| Cost category | Typical items |
|---|---|
| Purchase-related costs | Notary, land register and property transfer tax depending on canton, plus financing fees. |
| Condominium ownership | Management, heating, lift, snow clearing, caretaker, renewal fund and special levies. |
| Building maintenance | Roof, façade, windows, heating, pipes, damp and energy renovations. |
| Use | Travel, parking, furniture, internet, cleaning and periods of vacancy. |
| Letting | Platform, operator, key service, cleaning, laundry, tourist tax and administration. |
| Taxes | Wealth and income taxes, or imputed rental value until 2028, and possible special property tax from 2029. |
From 1 January 2029, imputed rental value will be abolished on owner-occupied primary and secondary properties. Cantons may also introduce a special property tax on predominantly owner-used second homes.
Location, climate and resale risks
A low purchase price is attractive only if the location, building and long-term usability also suit the buyer's needs.
Year-round appeal
Hiking, cycling, culture, thermal baths, rail links and summer tourism may become more important over time than snow reliability alone.
Natural hazards
Check cantonal hazard maps for avalanches, floods, landslides and rockfalls.
Market liquidity
Small villages see fewer transactions. A bargain purchase may take longer to resell.
Accessibility
Rail links, winter-safe road access, parking and journey times affect personal use, rental potential and resale.
Which region suits which buyer profile?
| Buyer profile | Possible regions | Priority |
|---|---|---|
| Very tight budget | Airolo, Glarus Süd and selected places in Ernen/Goms | Check renovation needs and resale prospects especially carefully. |
| Weekend use from German-speaking Switzerland | Wildhaus-Alt St. Johann, Glarus Süd, Hasliberg | Short journey and year-round activities. |
| Valais mountain and cross-country skiing holidays | Goms, Ernen, Evolène, Leukerbad | Property status, village district and winter access. |
| Rail access from French-speaking Switzerland | Leysin and Les Mosses | Accessibility, international demand and rental potential. |
| Graubünden below top-resort prices | Obersaxen Mundaun, Disentis, Savognin | Micro-location and distance to ski lifts. |
| Future permanent home | Places with trains, shops, healthcare and year-round community life | Everyday infrastructure matters more than holiday appeal alone. |
steps to the right Alpine property
Set a total budget including at least 25 to 30 percent equity and purchase costs.
Decide whether you want a primary residence, unrestricted second home or managed holiday property.
Compare regions by journey time, year-round activities and infrastructure.
Use municipal average prices only as an initial filter.
Clarify second-home status and Lex Koller questions before making a reservation.
Check the land register, plans, building permits and restrictions on use.
For condominiums, examine meeting minutes, regulations and the renewal fund.
Have the building condition and energy renovation needs assessed professionally.
Check natural hazards, winter access, parking and snow clearing.
Calculate rental income conservatively, after all costs.
Simulate the tax situation until 2028 and from 2029 onwards.
Obtain written confirmation of financing.
Visit comparable properties in the same micro-location.
Have the purchase agreement reviewed before notarisation.
Is this inexpensive Alpine property really a good buy?
Price compared with similar properties in the same micro-location
Equity for a holiday property confirmed
Purchase-related costs budgeted separately
Financing confirmation available
Affordability including the primary residence calculated
No reliance on uncertain rental income
Renovation reserve planned
Tax scenario from 2029 reviewed
Primary or second-home status confirmed
Land-register use restrictions checked
Municipality consulted
Lex Koller clarified if relevant
Short-term letting permitted
Condominium regulations read
All building permits and alterations documented
Operator agreement checked
Renewal fund and meeting minutes checked
Heating, roof and façade assessed
Damp and thermal insulation checked
Natural hazard map checked
Winter access and parking clarified
Year-round infrastructure tested
Journey time realistically assessed
Resale scenario calculated
Related UrbanHome guides
Second homes after the tax reform: Which cantons will act?
How the abolition of imputed rental value will affect second homes and which new cantonal taxes may become possible.
Home ownership remains affordable to run, but out of reach to buy
Why running a home can remain relatively affordable even as buying one becomes difficult for many households.
Zero interest rates, rising prices: Is a new property bubble forming?
What low interest rates and rising home prices mean for buyers and which market risks to watch.
Will there be a renovation wave before 2029?
Which refurbishments owners might plan before 2029 and how tax reform could affect investment decisions.
Imputed rental value ends in 2029: Who wins and who loses?
Who could benefit from the abolition of imputed rental value and which owners may face higher costs.
How to recognise a good real estate agent
How to spot reputable property agents and which services matter most when buying.
What is a tiny house?
How tiny houses can be used and which legal and construction rules apply in Switzerland.
All guides to buying property
Explore more UrbanHome guides on buying houses and apartments, financing and property law.
Sources and data status
This article reflects information available as at 30 July 2026. Prices are modelled or segment-level values and do not replace an appraisal of a particular property.
- UBS Swiss Alpine Property Focus 2026
- UBS press release: Alpine holiday homes 2026
- RealAdvisor: Property prices in Switzerland, July 2026
- Federal Office for Spatial Development: Municipalities with over 20 percent second homes
- Federal Office for Spatial Development: Second Homes Act and exceptions
- Federal Office of Justice: Lex Koller revision
- PostFinance: Financing holiday properties
- Raiffeisen: Home ownership promotion
- Federal Department of Finance: Abolition of imputed rental value from 2029 and possible property tax
- ch.ch: Buying a second or holiday home
Frequently asked questions about affordable property in the Swiss Alps
The most important answers explained concisely.
Affordability is relative. In this article, comparatively affordable municipalities are mainly those whose modelled average prices are below the Swiss figure of CHF 7’904 per square metre, or whose holiday home market is among the lower-priced Alpine segments.
Comparatively affordable municipalities include Airolo, Glarus Süd, Ernen, Leukerbad, Goms, Evolène, Wildhaus-Alt St. Johann and Leysin.
Simply multiplying municipal averages gives around CHF 318’000 in Airolo, CHF 365’000 in Glarus Süd, CHF 404’000 in Ernen, CHF 427’000 in Leukerbad and CHF 459’000 in Goms.
Municipal averages cover different types of property and locations. Premium holiday apartments in tourist destinations may cost significantly more than the overall municipal average.
Airolo offers Alpine living and good transport connections, but lacks the international demand and prestige of the best-known resorts.
Compared with the most expensive destinations in Valais, these regions remain significantly more affordable. Prime properties can still cost far more than municipal averages.
No. In municipalities with a second-home share exceeding 20 percent, new unmanaged second homes generally cannot be approved.
Depending on nationality, domicile and property, a Lex Koller permit may be needed. Seek a binding answer from the cantonal authority or a notary before buying.
Banks often require more equity than for a primary residence. Depending on the lender and property, at least 25 to 30 percent – and sometimes 30 to 50 percent – may be required.
Occupational pension funds under the home ownership promotion scheme generally cannot be used for a holiday or second home.
From 1 January 2029, imputed rental value will cease to apply to owner-used second properties. Cantons may simultaneously introduce a special property tax on predominantly self-used second homes.
It depends on use restrictions, municipal law, condominium rules, permits and the purchaser's legal status.
Important factors include natural hazard maps, flooding, avalanches, landslides, rockfall, winter access, long-term snow reliability and summer appeal.
Key documents include the land-register extract, use restrictions, building permits, condominium regulations, meeting minutes, the renewal fund, renovation plan, building insurance, energy condition, natural hazards, taxes, letting rules and financing confirmation.
Affordable Alpine properties still exist – but price alone is not enough
More affordable properties can still be found in the Swiss Alps, mostly outside internationally renowned top destinations.
Airolo, Glarus Süd, Ernen, Leukerbad, Goms, Evolène, Wildhaus-Alt St. Johann and Leysin in particular have current modelled average values below the Swiss average.
What matters just as much are primary or second-home status, financing, renovation needs, shared costs, taxes, natural hazards, year-round appeal and resale. Buyers who assess these factors systematically may find much better value in smaller Alpine villages than in Gstaad, St. Moritz, Verbier, Andermatt or Zermatt.
Find houses and apartments for sale in the Swiss Alps
Compare current listings by municipality, property type, number of rooms and budget, then check the exact micro-location and permitted use.