Where property in the Swiss Alps is still affordable
Homes in Switzerland’s best-known mountain resorts have become very expensive, but municipalities outside the prestige destinations still offer significantly lower average prices per square metre. Current modelled values place Airolo, Glarus Süd, Ernen, Leukerbad, Goms, Evolène, Wildhaus-Alt St. Johann and Leysin below the Swiss average. Buyers should nevertheless assess second-home status, financing, refurbishment, running costs and resale prospects rather than relying on the purchase price alone.
At a glance
In 2026, the most affordable opportunities are more likely to be found in smaller Alpine towns with less international marketing than in famous prestige resorts. RealAdvisor reports modelled municipal averages of CHF 3,969 per square metre in Airolo and CHF 4,559 in Glarus Süd for July 2026, compared with a Swiss benchmark of CHF 7,904. UBS nevertheless shows that prices for holiday apartments in the analysed Alpine destinations were 4.1% higher in the first quarter of 2026 than a year earlier and approximately 40% higher than at the end of 2019. “Affordable” therefore means comparatively inexpensive—not automatically cheap or financially accessible to every household.[1][3]
The Swiss Alpine property market in 2026
The market is divided. International top resorts have reached price levels that are barely comparable with ordinary Swiss owner-occupied housing markets. UBS quotes approximately CHF 25,000 per square metre for high-quality holiday apartments 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.[1]
At the lower end of the 35 destinations analysed are Evolène, Goms, Leysin-Les Mosses, Ovronnaz, Elm/Braunwald, Anzère, Leukerbad, Wildhaus and Savognin. Val-d’Illiez, Disentis, Nendaz/Veysonnaz, Hasliberg and Obersaxen Mundaun also remain considerably less expensive than the leading resorts. Prices are nevertheless still rising in almost all markets examined.
| Market group | Examples | Assessment |
|---|---|---|
| International top markets | Gstaad, St. Moritz, Verbier, Andermatt, Zermatt | More than CHF 20,000 per m² in the upper holiday-home segment. |
| Expensive established destinations | Davos/Klosters, Arosa, Flims/Laax, Lenzerheide, Jungfrau Region | Approximately CHF 16,000–18,000 per m² according to UBS. |
| Comparatively lower-priced holiday markets | Goms, Evolène, Leukerbad, Wildhaus, Leysin-Les Mosses, Elm/Braunwald | Considerably lower, although quality and second-home status can produce large 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. |
Current comparison: where average values are lower
The table uses modelled average prices from RealAdvisor. Its model combines listings, historical transactions, professional valuations and geodata. The estimate for 80 square metres is a simple multiplication and excludes notarial 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; examine older building stock carefully. |
| Glarus Süd (GL) | CHF 4,559 | approx. CHF 364,720 | Large municipality with substantial differences between valley villages and resort locations. |
| Ernen (VS) | CHF 5,050 | approx. CHF 404,000 | Historic village structure near the Aletsch and Goms regions. |
| Leukerbad (VS) | CHF 5,342 | approx. CHF 427,360 | Thermal and mountain destination; inspect condition and the renovation fund. |
| Goms (VS) | CHF 5,742 | approx. CHF 459,360 | Cross-country and year-round region; micro-locations and access differ. |
| Evolène (VS) | CHF 6,020 | approx. CHF 481,600 | Authentic Valais destination below the leading resort price level. |
| Wildhaus-Alt St. Johann (SG) | CHF 6,380 | approx. CHF 510,400 | Eastern Swiss holiday region 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 profile. |
| Obersaxen Mundaun (GR) | CHF 7,727 | approx. CHF 618,160 | Still below the Swiss average, although prime holiday locations can cost much more. |
| Switzerland | CHF 7,904 | approx. CHF 632,320 | Benchmark across municipalities and different property types. |
The table is a search aid, not a valuation. Within the same municipality, views, sunlight, construction year, refurbishment, access, parking and legally permitted use can create differences of several thousand francs per square metre.
Which Alpine regions are interesting for price-conscious buyers?
Airolo and the upper Leventina
Airolo offers rail and motorway access at the Gotthard, Alpine scenery and a very low average price. Buyers should pay particular attention to building age, energy condition, snow load, damp and distance from leisure facilities.
Glarus Süd and Elm/Braunwald
The large municipality combines more affordable valley settlements with tourist locations. The average hides major differences: proximity to lifts, views and second-home status can raise prices considerably.
Ernen and Goms
Historic villages, cross-country skiing, hiking and proximity to the Aletsch region make the upper Valais attractive. Travel time, seasonal demand and older buildings are important checks.
Leukerbad
Leukerbad combines thermal facilities and mountain tourism with comparatively low averages. In condominiums, the renovation fund, lifts, façades, flat roofs, pools and other shared facilities are particularly relevant to costs.
Evolène and side valleys
Evolène offers traditional Valais village structures and is at the lower-priced end of the UBS comparison. A small market may mean less choice and a longer resale period.
Wildhaus-Alt St. Johann
Toggenburg is easily reached from German-speaking Switzerland and offers year-round use. This proximity supports demand, so prime properties may already be far above the municipal average.
Leysin-Les Mosses
Leysin combines a mountain location, rail access, schools and international guests. Flats are less expensive than in many leading western Swiss resorts, although prices have continued to rise.
Obersaxen Mundaun and the Surselva
The region remains just below the national benchmark. Prime ski-in/ski-out locations and new builds may nevertheless be much more expensive than older flats in less central hamlets.
Why do some Alpine locations remain cheaper?
- less international recognition and lower luxury demand,
- smaller ski areas or greater distance from major centres,
- more older flats and houses requiring refurbishment,
- weaker tourist letting demand outside the main season,
- fewer prestige and new-build developments,
- more limited restaurants, shopping or medical services,
- greater dependence on cars or longer travel times,
- a smaller buyer pool and lower market liquidity.
These features are not purely disadvantages. Buyers seeking tranquillity, authenticity, hiking, cross-country skiing or a future principal residence may find better value outside the major resort brands.
Principal residence, second home or professionally managed tourist unit?
The same floor plan can have a different market value depending on its legal use. Buyers must establish the permitted use before paying a reservation fee.
| Status | Typical use | Key check |
|---|---|---|
| Principal residence | Permanent main home | Residence obligation and municipal enforcement. |
| Unrestricted second home | Owner use as holiday or weekend home | Existing right of use and registrations. |
| Professionally managed tourist unit | Letting through an operator or rental pool | Owner-use weeks, operator agreement, charges and revenue distribution. |
| Pre-existing unit | Property authorised before restrictions entered into force | Building permit, alteration history and current restrictions. |
What the Second Homes Act means for buyers
Municipalities in which second homes exceed 20% of the housing stock may generally no longer authorise new unmanaged second homes. At the end of March 2026, the Federal Office for Spatial Development listed 331 such municipalities, mainly in the Alps.[4]
The Act is not a complete purchase ban. Existing second homes may generally be traded, and professionally managed tourist models are possible under certain conditions. The legal status of the specific property is decisive, however. Alterations, combinations, extensions and changes of use may raise additional issues.
Ask the municipality before purchase
- What is the current second-home share?
- Is the unit authorised as a principal residence, second home or professionally managed tourist apartment?
- Is there a public-law use restriction?
- May it be let permanently or for short stays?
- Which rules apply to alterations, extensions or replacement buildings?
Lex Koller: restrictions for purchasers abroad
Depending on residence, nationality and property, persons abroad may require authorisation. Holiday homes are subject to quotas and further conditions. The cantonal authority or a notary should clarify the rules before the purchase agreement is signed.
On 15 April 2026, the Federal Council opened consultation on tightening the Lex Koller, including further restrictions on holiday-home purchases by persons abroad. As at 30 July 2026, this revision was not yet in force.[5]
Holiday homes are financed more conservatively
A low purchase price does not automatically make financing easy. Banks assess holiday properties cautiously because resale depends strongly on tourism, micro-location and market demand.
- more equity than for a principal residence,
- depending on the lender, often a maximum loan-to-value of 60–75%,
- no use of occupational-pension home-ownership promotion,
- affordability calculation including the existing principal home,
- conservative valuation of older or difficult-to-sell properties,
- rental income may not be fully recognised.
PostFinance states a maximum loan-to-value of 75% for holiday properties. Other lenders may demand considerably more equity. Obtain written financing confirmation before entering a binding reservation.[6]
More than the purchase price: full ownership costs
| Cost block | Typical components |
|---|---|
| Purchase costs | Notary, land register, cantonal transfer tax and financing costs. |
| Condominium | Management, heating, lift, snow clearance, caretaker, renovation fund and special levies. |
| Building maintenance | Roof, façade, windows, heating, pipes, damp and energy refurbishment. |
| Use | Travel, parking, furniture, internet, cleaning and vacant periods. |
| Letting | Platform, operator, key service, cleaning, linen, visitor tax and management. |
| Taxes | Wealth, income or imputed rental value until 2028 and possible property tax from 2029. |
From 1 January 2029, imputed rental value will be abolished for owner-occupied principal and second homes. Cantons may simultaneously introduce a special property tax on predominantly owner-used second homes. Buyers should calculate at least two tax scenarios.[7]
Location, climate and resale risks
Year-round quality, not only snow depth
Hiking, cycling, culture, thermal facilities, rail access and summer temperatures may be as important as the ski area. Lower locations may have less reliable snow but become more attractive for year-round use and later-life residence.
Natural hazards
Check cantonal hazard maps for avalanches, floods, landslides and rockfall. Insurability and construction requirements may affect value.
Market liquidity
Small locations record fewer transactions. A cheap purchase may be slow to resell, particularly for large flats requiring refurbishment or properties with restrictive use conditions.
Access
Rail connections, winter-safe roads, parking and journey time from major residential centres influence owner use, letting and resale more strongly than many buyers initially expect.
Which region suits which buyer profile?
| Buyer profile | Possible regions | Priority |
|---|---|---|
| Very limited budget | Airolo, Glarus Süd, selected locations in Ernen/Goms | Examine refurbishment and resale particularly carefully. |
| Weekend use from German-speaking Switzerland | Wildhaus-Alt St. Johann, Glarus Süd, Hasliberg | Short travel time and year-round offer. |
| Valais mountain and cross-country holidays | Goms, Ernen, Evolène, Leukerbad | Legal status, village section and winter access. |
| Rail access from French-speaking Switzerland | Leysin and Les Mosses | Accessibility, international demand and letting potential. |
| Graubünden below top-resort prices | Obersaxen Mundaun, Disentis, Savognin | Micro-location and distance to lifts. |
| Future principal residence | Places with rail, shopping, medical services and year-round life | Everyday infrastructure matters more than pure holiday appeal. |
Step by step to the right Alpine property
- Set a total budget including at least 25–30% equity and purchase costs.
- Decide whether you need a principal residence, unrestricted second home or let holiday property.
- Compare regions by journey time, year-round offer and infrastructure.
- Use municipal averages only as an initial filter.
- Clarify second-home status and Lex Koller issues before reservation.
- Check the land register, plans, permits and use restrictions.
- For condominiums, analyse minutes, regulations and renovation fund.
- Obtain a professional assessment of condition and energy refurbishment.
- Check hazards, winter access, parking and snow clearance.
- Calculate letting income conservatively after all costs.
- Simulate taxation until 2028 and from 2029.
- Obtain written financing confirmation.
- View comparable properties in the same micro-location.
- Have the purchase agreement checked before notarisation.
Checklist: Is the lower-priced Alpine property genuinely a good purchase?
Price and financing
Law and use
Building and location
Frequently asked questions about affordable property in the Swiss Alps
Sources and date of information
The article reflects information available up to 30 July 2026. Prices are modelled or segment values and do not replace a valuation of a specific property.
- UBS Swiss Alpine Property Focus 2026, 3 June 2026
- UBS media release: Alpine holiday homes 2026
- RealAdvisor: Swiss property prices, July 2026
- RealAdvisor: Airolo; Glarus Süd; Ernen; Leukerbad; Goms; Evolène; Wildhaus-Alt St. Johann; Leysin; Obersaxen Mundaun
- Federal Office for Spatial Development: 331 municipalities above 20% second homes, 31 March 2026
- Federal Office for Spatial Development: Second Homes Act and exceptions
- Federal Office of Justice: Lex Koller revision, 2026 status
- PostFinance: maximum loan-to-value for holiday properties
- Raiffeisen: pension-fund home-ownership promotion excludes second and holiday homes
- Federal Department of Finance: abolition of imputed rental value from 2029 and possible property tax
- ch.ch: buying a second or holiday home
Summary
More affordable property still exists in the Swiss Alps, but it is generally outside the internationally famous top destinations. Airolo, Glarus Süd, Ernen, Leukerbad, Goms, Evolène, Wildhaus-Alt St. Johann and Leysin currently show modelled values below the Swiss average. A low price per square metre alone does not make a good purchase. The legal first- or second-home status, higher equity requirement, building refurbishment, communal costs, taxes, natural hazards, year-round quality and resale prospects are decisive. Buyers who examine these points systematically may find much better value in smaller Alpine locations than in Gstaad, St. Moritz, Verbier, Andermatt or Zermatt.