A residence in the Alps? The dream could become reality again

At the foot of the slopes in winter or the trails in summer, a chalet or apartment in peace and quiet (and cool, because the higher it is, the more expensive it is ) that allows you to telework and take advantage of the proximity of the infrastructure that the mountains offer: during the Covid pandemic, the idea took off. Five years later, "the euphoria is fading," notes UBS in its study on real estate prices in Swiss, French, Italian and Austrian Alpine resorts.

"Since 2020, prices for second homes in the Alps have increased by an average of around 30% in the regions analyzed," the bank notes. But it was 2020 in particular that saw a price explosion, making it very difficult for many Swiss to buy. Since then, prices per square meter have continued to rise, but at a much slower pace. And according to analysts, the easing is expected to continue. In 2024, prices in Austria have even begun to decline, potentially making the dream home achievable again.

Switzerland remains the most expensive. This year, the five most expensive resorts are all in our country. St. Moritz (GR), with 22,300 francs per square meter, has dethroned Verbier (VS) compared to last year's ranking . Zermatt (VS), climbs from fifth to third place. Gstaad (BE) and Andermatt (UR) complete the top 5. Only one foreign resort slips into the top 10 : the French resort of Courchevel, in 6th place.

"In the short term, price dynamics in the Alpine region are expected to continue to weaken over the coming quarters," according to Maciej Skoczek, a real estate economist at UBS. Construction could start to rise again (see box). Demand, however, is stagnating. But it's a bit like a snake biting its own tail: if it's stagnating, it's also because it's too expensive for many. If the Swiss start buying again thanks to falling prices, then they could start to rise again.