The Holiday Accommodation Prices has Risen Sharply in Switzerland
June 03, 2022
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In 2021, prices for resort housing in Switzerland increased by almost 10%, which was the largest growth in the last 12 years.
UBS Bank has published the Alpine Property Focus report dedicated to the Swiss resort housing market situation in 2021. It says that prices for Swiss holiday homes have increased by almost 10% in 2021 (the largest growth in the last 12 years).
The most expensive regions. The most expensive tourist destination in the Alpine region is Engadin St. Moritz. Luxury holiday accommodation here costs about €19,000 per sq.m, which is almost 11% more than in the previous year. In Gstaad goes next, where the average prices are €16,600 per sq.m. Resort housing in Zermatt and Davos Klosters also costs more than €14,600 per sq.m.
Where prices grow faster. Not a single region of the Alps recorded a drop in holiday home prices in 2021: the first time since UBS began collecting data 15 years ago. The highest price growth – more than 15% - was recorded in Arosa, Engelberg, Flims Laax, and the Jungfrau region. On the contrary, prices in Adelboden-Lenk increased by less than 1%, making it the weakest region.
Increasing demand. Travel restrictions and the need to work from home caused by the pandemic have led to a massive influx of holiday property buyers. The desire to own a house in the mountains spurred the revival of economic indicators in 2021, as household incomes and assets grew in parallel.
Since work and home no longer have to be close to each other, many families have decided to move their main place of residence to the Alps. As a result, the population of the Alpine cantons grew by 1% in 2021 - twice as fast as before the coronavirus pandemic. For the first time in more than 15 years, population growth in the Alpine cantons was higher than in all other regions of the country.
Lack of supply. In accordance with the Law on Holiday Housing, the construction of new resort housing in tourist regions, as a rule, has been prohibited since 2012. Accordingly, only about 0.25% of the existing housing stock was approved for construction last year in recreational areas – the lowest level in many years.
Another factor limiting the supply is that in recent quarters, many owners of holiday apartments have postponed the proposed sale or even abandoned it because they wanted to use the property for their own living much more often. Consequently, the supply of affordable real estate has decreased even more. In the regions of Grisons, Bern, and Central Switzerland, less than 1.5% of the housing stock is currently available. Although the level of accessibility in Val and Vo is much higher, on average 6%.
The prospects. In the long term, the actual ban on the construction of holiday housing can become a guarantee of value in the resort real estate market. However, this should not overshadow the fact that the legislation does not provide any protection against adjustments of inflated prices and does not prevent fluctuations in supply, the report says.
Indeed, the supply of holiday accommodation is likely to increase again during this year. Some vacation apartment owners will take advantage of the current boom to gain capital gains and avoid the costs of upcoming renovations. Foreign owners benefit further from the strong Swiss franc. There are also signs that locals are increasingly selling old houses as holiday homes since an average profit of about 15% can be expected from selling the first house like a resort property.
UBS economist Maciej Skoczek expects price growth to slow down this year, noting: "On average, the prices of second homes in all Swiss holiday regions are likely to rise in the average single-digit percentage range in 2022." In the medium term, we can expect an increase in the supply of secondary housing, which will lead to an adjustment of the current inflated prices, the expert believes.
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