Luxury homes in Switzerland: record prices in 2026

Context

In brief

• Swiss luxury properties +3% in 2025.
• Alpine regions +6% due to foreign demand.
• St. Moritz tops the price chart.
• Ticino stagnant but stable.

Key facts

• What: Increase in luxury property prices
• When: Throughout 2025
• Where: Switzerland (focus on alpine regions and prestigious destinations)
• Who: UBS (study "Luxury Property Focus 2026")
• Amount: +3% annual average, +6% alpine regions

The Swiss luxury real estate market confirmed its vitality in 2025, registering a further increase in prices. According to the new UBS study "Luxury Property Focus 2026," published by the credit institution, high-standard properties saw an average annual increase of 3%. However, alpine regions stood out in contrast, with increases averaging up to 6%. This performance was driven by strong demand from wealthy foreign buyers, attracted to the most prestigious mountain resorts in the Confederation. The ranking of the most expensive locations sees St. Moritz (GR) at the top, confirming its status as the queen of luxury with an average price of 52,000 francs per square meter. Close behind are Gstaad (BE) and Verbier (VS), with average prices around 45,000 francs. Outside the alpine arc, Cologny (GE), on the shores of Lake Geneva, holds the record with 43,000 francs per square meter, while Küsnacht (ZH), on Lake Zurich, reaches 37,000 francs. In absolute terms, for a high-end apartment of 150 square meters in a privileged position, the average investment ranges between 4 and 5 million francs. For single-family villas with plots of over 1,000 square meters, the figure frequently exceeds 10 million francs. Globally, St. Moritz maintains its title as the world's most expensive luxury destination, surpassing historic venues like Monaco and Aspen (USA), where average prices per square meter reach or exceed the 60,000 dollar mark (around 47,000 francs). This top positioning underscores Switzerland's attractiveness as a safe haven for high-profile real estate investments, although the high costs can represent a barrier for many. The price dynamics, although positive at the national level, do not reflect uniformly across the entire Swiss territory, as demonstrated by the peculiar situation in the Canton of Ticino.

The luxury real estate market in Switzerland, according to the UBS Luxury Property Focus 2026 study, recorded a 3% annual increase in average prices throughout 2025. The Alpine regions stood out with a 6% rise, driven by strong demand from foreign buyers for prestigious locations. St. Moritz leads the ranking with 52,000 CHF/sqm, followed by Gstaad and Verbier (45,000 CHF/sqm), Cologny (43,000 CHF/sqm), and Küsnacht (37,000 CHF/sqm). A 150 sqm apartment in a prime area costs between 4 and 5 million francs, while villas with over 1,000 sqm of land exceed 10 million. St. Moritz confirms its status as the most expensive luxury destination in the world. Switzerland ranks at the top globally for luxury real estate prices. The UBS analysis highlights the resilience and attractiveness of the Swiss market for international investors, despite the high costs. The general national growth trend contrasts with regional specifics, such as the case of the Canton of Ticino.

St. Moritz, the pinnacle of luxury real estate

St. Moritz once again asserts itself as the premier luxury destination in the Swiss and global real estate landscape. With an average price of 52,000 francs per square meter, the Engadin resort tops the list of the most sought-after and expensive destinations. This data, emerged from the UBS Luxury Property Focus 2026 study, confirms a consolidated trend that sees St. Moritz attracting significant investments from affluent international clientele. The combination of breathtaking landscapes, exclusive services, and an unparalleled aura of prestige contributes to sustaining these real estate values, making it a benchmark for the luxury market. Demand in these Alpine areas, as indicated in the study, grew by 6% annually, driven by foreign buyers eager to own a property in such exclusive contexts. The UBS analysis does not limit itself to a snapshot of prices but also offers an insight into the composition of demand and the dynamics that support the high-standard market. The ability to attract foreign capital, combined with the stability of the Swiss market, makes these locations particularly interesting for those seeking safe and high-yield investments in the luxury real estate sector. The leadership of St. Moritz, therefore, is not a coincidence but the result of a targeted strategy and impeccable market positioning in the most exclusive segment.

Operational details

Focus Ticino: Stagnation and Challenges

The regional picture for the Canton of Ticino presents unique characteristics that diverge from the national and Alpine trends. According to UBS's analysis, over the past year, the prices of high-end properties in Ticino have experienced substantial stagnation. This data emerges clearly from the study "UBS Luxury Property Focus 2026," which highlights a local market that, although stable, does not exhibit the vibrancy of the Alpine regions or the more renowned urban areas. The specialists at the bank led by Sergio Ermotti emphasize that the high-end Ticino market is currently characterized by particularly long sales periods. This means that luxury properties tend to remain on the market for extended periods before finding a buyer, a signal of less dynamic demand or an offer that needs adjustments. However, the local market manages to avoid a genuine collapse thanks to two key factors, as underlined in the study. Firstly, the constant influx of new wealthy investors from Italy. The geographical proximity and historical and cultural ties make Ticino a preferred destination for many Italian buyers looking for investment opportunities or second homes. Secondly, the solid performance of the Lugano financial center, which guarantees stability to the luxury real estate sector. The presence of banks, financial institutions, and a robust economic ecosystem helps maintain a certain level of interest and confidence in the market, mitigating negative trends. Despite price stagnation and prolonged sales periods, these strengths prevent a significant downturn, keeping Ticino as an interesting market, albeit with its own dynamics. The current situation requires careful evaluation from sellers and buyers, considering the specifics of the local market.

Stability Factors for the Ticino Market

Despite the general stagnation of prices and the extension of sales periods in the luxury real estate segment of the Canton of Ticino, the local market demonstrates remarkable resilience. This is primarily attributable to two fundamental pillars, as highlighted by the "UBS Luxury Property Focus 2026" analysis. The first factor is represented by the incessant influx of new wealthy investors from Italy. The geographical proximity, combined with a favorable economic and regulatory context for those operating in Switzerland, continues to stimulate the interest of Italian buyers. Many see Ticino as a safe and quality investment opportunity, whether for acquiring primary or secondary residences or for purely speculative purposes. The stability of the Swiss franc and the reputation of reliability of the Swiss banking and real estate system play a crucial role in this attraction. The second factor of stability is the solid performance of the Lugano financial center. The presence of a vibrant banking and financial sector not only guarantees a flow of capital and investment opportunities but also instills confidence in the real estate market. Lugano, as an economically relevant hub, ensures a base of stability that positively reflects on the luxury real estate sector. The combination of these elements – the interest of Italian investors and the strength of the Luganese financial center – allows the Ticino market to avoid more pronounced negative dynamics, although it does not record the same growth rates observed in other Swiss regions. The situation thus presents itself as a delicate balance between challenges (long sales periods, price stagnation) and intrinsic strengths (flow of Italian capital, financial stability of Lugano).

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Key points

Implications for Cross-Border Workers and Next Steps

Although the UBS 'Luxury Property Focus 2026' study primarily focuses on the luxury real estate market, its implications can extend to the general real estate market, potentially affecting cross-border workers residing in Italy and working in the Canton of Ticino. The analysis of prices in Switzerland, with significant increases in the Alpine regions and a general growth of 3% at the national level, highlights a Swiss real estate market that is generally expanding, especially in the high-end segment. This could translate into an overall increase in housing costs in Switzerland, which could indirectly have repercussions on the cost of living for those working across the border. For cross-border workers, especially those considering a move to Switzerland or looking to purchase properties in the Canton of Ticino, it is crucial to understand these dynamics. The stagnation of prices in Ticino, although less dynamic compared to other regions, could offer more accessible opportunities compared to the more exclusive Alpine destinations or the more sought-after border areas. However, the prolonged sales times reported by the UBS analysis imply that purchasing a property in Ticino may require greater patience and a more targeted search strategy. It is important to consider that the average prices cited in the study (e.g., 52,000 CHF/sqm in St. Moritz) refer to luxury properties and do not necessarily reflect the standard residential real estate market. For cross-border workers who intend to purchase or rent a property in Switzerland, it is crucial to inform themselves about the specific local regulations and associated costs, such as withholding taxes, property maintenance costs, and any municipal taxes. In-depth knowledge of the market and procedures is essential for making informed decisions.

How to Evaluate a Real Estate Investment in Switzerland

For those working as cross-border workers between Italy and Switzerland and considering a real estate investment in the Canton of Ticino or neighboring areas, it is essential to proceed with a careful and informed analysis. The UBS Luxury Property Focus 2026 study provides a general overview of trends, but every purchase or investment decision must be based on specific and up-to-date data. Given the delays in sales times reported for the high-end Ticino market, it is advisable to start the search well in advance and seek the help of local real estate professionals who are familiar with the dynamics of the Ticino market and the specificities of the various locations. It is also important to carefully evaluate your financial capabilities, taking into account not only the purchase price but also the additional costs: registration taxes, notary fees, possible renovation costs, and annual property taxes. For those working in Switzerland, it is also essential to inform themselves about the tax implications related to owning properties, both in Switzerland and in Italy, especially if they are cross-border workers. The convention against double taxation between the two countries and the specific tax regulations of each state play a decisive role. Furthermore, the stability of the Swiss franc against the euro is a factor to be closely monitored, especially if the investment is financed in euros or if it is planned to rent out the property generating income in francs. A comparative analysis of the different Ticino municipalities, taking into account infrastructure, services, and quality of life, can help identify areas with the greatest growth potential or those most suited to your needs. To get an accurate picture of costs and implications, you can use online tools that allow you to simulate purchase costs, taxes, and potential returns.

For a complete evaluation of your potential real estate purchase in Switzerland, considering also the exchange rate differences between the Swiss franc and the euro, we invite you to use our salary calculator to get an estimate of your net income in Switzerland.

Source: comozero.it