In 2025, the Swiss property market remains supported by strong fundamentals: historically low interest rates, structurally limited supply, and Switzerland’s role as a safe haven for international wealth. In the luxury segment, we observe a controlled phase of market normalization. Prime rents have recorded a modest average decline of –1.5%, while some major cities, such as Zurich, have seen more significant adjustments (–7%). French-speaking Switzerland shows greater resilience, underpinned by the quality of its locations and the depth of demand.
Geneva: a pillar of Swiss luxury real estate
Geneva continues to establish itself as one of Europe’s most robust markets for prestige properties.
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Average prices around CHF 20,960/m²
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329 luxury transactions between 2024 and 2025
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CHF 2.568 billion invested in a single year
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Market stability for properties over CHF 4 million
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Structural scarcity, reinforced by institutional retention, protects the market from sharp corrections and supports the capital value of exceptional properties
Canton of Vaud: balancing lifestyle and capital value
The canton of Vaud stands out as a complementary prestige market to Geneva, particularly sought after for:
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Its shores along Lake Geneva
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High-end family residential properties
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A balance between lifestyle, taxation, and accessibility
The most desirable Vaud municipalities maintain strong demand from both local buyers and international clients seeking stability. Here too, rare and well-positioned properties retain excellent liquidity, while buyers are increasingly selective.
Mountain real estate: an emotional and patrimonial safe haven
Switzerland’s prestigious Alpine resorts hold a unique place in the real estate landscape.
Verbier, Crans-Montana, and Gstaad
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Among the world’s most expensive resorts in price per square metre
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Continue to attract ultra-high-net-worth international clients
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Limited access for secondary residences
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Moderate rental yields (2–3% gross)
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Capital appreciation estimated at +25–30% since 2019
In a context of highly constrained supply, these markets benefit from strong structural demand. Ski-in/ski-out chalets, properties with open views, and central locations remain particularly sought after.
2026: continuity and visibility
Looking ahead to 2026, we expect a scenario of stabilization in the residential luxury segment—no dramatic rebound, but no signs of a downturn. The market will continue to differentiate sharply between ultra-prime and more conventional luxury properties. Geneva, the canton of Vaud, and Switzerland’s Alpine resorts are expected to continue serving as safe-haven assets, supported by scarcity, monetary stability, and legal security.
A reassuring yet demanding market
French-speaking Switzerland does not promise rapid growth, but it offers consistency and capital protection. In this context, guidance and detailed knowledge of regional micro-markets are essential. This is precisely the approach of SPG One – Christie’s International Real Estate, which has been supporting buyers and sellers in Geneva, the canton of Vaud, and the Swiss Alps for many years.
Luxury real estate in French-speaking Switzerland remains among the most reassuring in Europe. Stable, structured, and deeply patrimonial, it continues to attract those who prioritise security, quality, and long-term visibility. In a changing world, this consistency remains a major asset.
By Maxime Dubus – Director, SPG One
