Switzerland is one of the most expensive destinations. Luxury properties in Paris, New York or Dubai can hardly keep up with their Swiss counterparts.
St. Moritz was able to maintain its top position as the most expensive location for luxury real estate in Switzerland.
Gstaad is followed by Verbier
According to a new study by Swiss bank UBS, prices per square meter start at around 43,000 Swiss francs.
Gstaad and Verbier are the next two mountain destinations with prices starting at 39,000 and 36,000 Swiss francs per square meter, respectively.
Only Aspen and Monaco higher
Swiss prices are internationally impressive. Three out of four of the world’s most expensive luxury destinations are located in mountain regions.
Aspen, a luxury town in the US state of Colorado, comes in at 66,000 dollars per square meter, knocking Monaco off the top spot this year with 53,000 dollars per square meter.
However, according to UBS, the Swiss destinations of St. Moritz and Gstaad follow right behind with the equivalent of 52,000 and 47,000 dollars per square meter, respectively.
Due to the recent devaluation of the dollar, Verbier is now also one of the luxury locations with the highest prices per square meter at 44,000 dollars per square meter.
The small town in the Valais almost reaches the price level of Hong Kong, which sits at 45,000 dollars.
Miami and Dubai among distant favorites
The price level in the global metropolises of Singapore, London and New York as well as Geneva, on the other hand, only starts at just under 30,000 dollars per square meter, in Paris at around 24,000 dollars.
Despite a considerable price increase in recent years, prices per square meter in Miami and Dubai are significantly lower in a global comparison, UBS further explained.
Slowing price momentum
According to the real estate company Knight Frank, prices on the global luxury markets rose by an average of 3.6 percent last year, which represents a slight upshift compared to the previous year.
They thus rose slightly faster than in Switzerland. Also note that the price momentum in the Swiss luxury segment slowed in 2024 for the second year in a row.
The price increase for luxury homes, for example, halved to an average of 1.2 percent year-on-year.
Stock market development decisive
However, the global price increase was mainly driven by markets in Asia and the Middle East. By contrast, most of the established European and US markets recorded growth rates in the low single-digit or even negative percentage range.
A key price driver for luxury real estate is likely to have been the strong performance on the stock markets in 2024.
In view of falling capital markets, the major bank UBS expects 2025 to be a year of consolidation within the luxury segment.
However, this is unlikely to have much impact on Switzerland. With the strong Swiss franc behind it, the upward trend is likely to continue.
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