Prestige Property Markets In Switzerland Still Most Expensive In The World

Swiss prestige property markets such as St. Moritz, Gstaad, and Lake Geneva have seen price momentum slow for the second consecutive year, according to the Luxury Property Focus 2025 report compiled by UBS Global Wealth Management economists Matthias Holzhey and Katharina Hofer.

Prices for high-end homes rose by an average of just 1.2% in 2024 — the price curve is flattening, though still hovering more than 40% above pre-pandemic levels.

43,000 Francs per Square Meter in St. Moritz

St. Moritz leads the ranking once again, with luxury properties starting at 43,000 francs per square metre — and even exceeding 100,000 francs in exceptional cases.

Gstaad and Verbier follow, with entry-level prices at 39,000 and 36,000 francs, respectively. Among urban and lakeside locations, Cologny on Lake Geneva remains the priciest, with homes listed at up to 36,000 francs per square metre.

Lake Zurich: Küsnacht on Top

On Lake Zurich, Küsnacht tops the charts at 32,000 francs per square metre.

The UBS economists emphasize that the market slowdown is not driven by weak demand, but rather by previous price excesses and a shrinking pool of potential buyers. «Price levels have overshot in recent years,» the bank notes, adding that the luxury segment underperformed the broader owner-occupied market, where prices rose 3.2% last year.

Year of consolidation

Condominiums continued to outperform villas in the luxury bracket, rising by 3% versus stagnation in single-family homes. But affordability rules are starting to bite: especially in the mid-single-digit million franc range, stricter mortgage guidelines have narrowed the buyer base.

UBS expects 2025 to be another year of consolidation, with similarly muted price growth.

Swiss Franc and geopolitics

High prices and a strong franc are making Swiss luxury real estate less attractive for international buyers — a key source of demand in markets like Geneva and the Alpine resorts.

Still, UBS notes that Switzerland’s political stability continues to attract wealthy buyers, particularly in times of geopolitical tension. Some mountain destinations even benefit from global unease, reinforcing Switzerland’s image as a safe haven.

It doesn’t get more expensive than Aspen

Internationally, Swiss destinations hold their ground. According to the UBS report, St. Moritz and Gstaad rank among the world’s top five most expensive luxury housing markets, behind Aspen and Monaco but ahead of Hong Kong.
Geneva, meanwhile, is in the same price league as London and New York, with square metre prices starting at just under $30,000.

Dubai and Miami climbing

In global hotspots such as Dubai and Miami, luxury real estate prices continue to rise — albeit from a lower base.
Switzerland’s luxury markets, meanwhile, are taking a breather — but remain among the most prestigious, and priciest, addresses on the planet.