Andermatt topped Knight Frank’s 2025 Alpine property price index, beating out Davos, Cortina, Saint Moritz and more in a cost ranking of ski homes in Swiss, French and Italian resorts around the Alps.
Overall, the index now stands 23% higher than five years ago, with the pandemic as a turning point.
Between 2017 and 2019, Alpine markets declined slightly, with annual falls of 1.5% and 0.5%. Ski home prices eked out a 1.7% growth in 2020, followed by a surge in 2021–2022, when prices jumped 4.7% and 5.8%.
See also: It’s not just Swiss francs; Asia’s rich are buying Swiss properties too
But why Andermatt in particular? The resort sits outside the restrictions of Lex Koller and Lex Weber; the Swiss federal laws restrict foreign ownership of homes and cap holiday homes at 20% of each municipality, respectively.
The village is attracting a lot of international interest, particularly from US buyers, according to Knight Frank. “Chinese and US buyers prioritise size and investment potential, while UK buyers value airport accessibility. Swiss and French buyers place less emphasis on resort location and views compared with other nationalities.”
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According to Knight Frank’s Alpine Property Report, now in its 17th year, permanent residents in Switzerland’s Four Valleys (the largest fully interconnected ski area) rose 7% between 2021 and 2025.
Foreign nationals now account for 17% more of the permanent population over the same period.
Interest in Alpine property is particularly high in China (88%), United Arab Emirates or UAE (82%), the UK (75%) and the US (53%), according to more than 570 high-net-worth individuals who responded to Knight Frank’s Alpine Sentiment Survey.
Belgian and Italian buyers prefer properties under EUR2 million, while Swiss and UAE purchasers target higher brackets — with UAE interest peaking at EUR5 million to EUR10 million.
Read the main City & Country cover story:
It’s not just Swiss francs; Asia’s rich are buying Swiss properties too
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