Prices for vacation apartments in the Alpine region rise again
Published: Tuesday, May 28th 2024, 10:50
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Prices for vacation apartments in the Swiss Alps rose again in the first quarter of 2024 compared to the same period last year. However, according to a study by the major bank UBS, the peak has probably been reached for the time being.
However, the price increase for vacation apartments in mountain regions has initially continued: In the first quarter of 2024, real estate prices for upmarket second homes climbed by just under 4 percent compared to the same quarter of the previous year, according to the "UBS Alpine Property Focus 2024".
"On average, a vacation apartment in Swiss mountain regions costs CHF 13,000 per square meter," said Maciej Skoczek, real estate economist at UBS, at a media conference on Tuesday to present the study. This means that prices have now risen by around 30 percent compared to before the pandemic.
However, price momentum has slowed somewhat since 2022. In 2023, property values in the tourist regions still rose by 6.2%. In 2022, it was even 7.9 percent. UBS compares the average prices in the first quarter of each year with the corresponding quarter of the previous year. The "Alpine vacation boom" since the pandemic is therefore still driving prices, albeit no longer as strongly, it concludes.
Verbier at the top
Meanwhile, Verbier has replaced St. Moritz at the top of the most expensive destinations. A second home in the upmarket segment in Verbier now costs an average of CHF 21,500 per square meter. It is followed by St. Moritz with a price per square meter of 21,200 francs. Zermatt is in third place with 19,900 francs per square meter.
UBS recorded the highest price increase in Arosa at 18%. Overall, however, prices in Graubünden also rose the most on average compared to the first quarter of 2023 at just under 6%. The trend was weakest in the Bernese Oberland, where prices stagnated compared to the same period last year.
Skoczek explained that this trend is now also likely to emerge in other regions. This is because there is currently much to suggest that the current price boom will not continue: "The weak economic phase will dampen demand for second homes," said the UBS economist. In addition, prospective buyers are likely to question the asking prices more critically. The experts expect prices on the second-home market to stagnate this year.
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