The Swiss premium market is differentiating – by location, by altitude, by legal framework. St. Moritz at CHF 52,000/m² (global #1), the Left Shore overtaking the Gold Coast, Ticino reversing the trend. Meanwhile, regulation is reshaping the rules of play.
St. Moritz CHF 52,000/m² – world's most expensive residential location (UBS Luxury Property Focus 2026). The Left Shore (Pfnüselküste) overtakes the Gold Coast: Kilchberg (~CHF 35,000/m², asking price E&V) ahead of Küsnacht (~CHF 30,000/m², portals). Ticino is the only seller-risk region (–1.9% SFH YoY). At the same time, a regulatory double blow – Imputed Rental Value abolished, Lex Koller in consultation – defines the strategic agenda for H2 2026.
The first half of 2026 confirms the core thesis of the Annual Report: the Swiss off-market sector remains structurally robust. The decisive development, however, is differentiation – not homogeneity. Mountains decouple from lakeside locations, the Left Shore overtakes the Gold Coast, Ticino moves counter to the national trend. And regulation is beginning to redirect demand flows.
The national luxury market grows moderately (+3% 2025, UBS), but mountain resorts +6% – and ~+40% over 5 years. The decoupling of urban and alpine addresses is structural, not cyclical. Source: UBS Luxury Property Focus 2026.
Kilchberg (left bank of Lake Zurich) is quoted at ~CHF 35,000/m² at asking price level – Küsnacht (right bank, Gold Coast) ~CHF 30,000/m². A quiet shift not yet reflected in the Annual Report. Sources: E&V, portal data H1 2026 (asking prices).
–1.9% SFH, –2.6% apartments YoY. The canton is the only region with measurable price correction – relevant for existing owners but also for contrarian buyers. Sources: IAZI, cantonal data March 2026.
Imputed Rental Value abolition (effective ~2029) and Lex Koller consultation set new parameters for second homes and international buyers. Those with legal clarity today act with an information edge. Sources: admin.ch/efd, admin.ch/bj.
Family Offices globally hold ~18% real estate allocation (highest of all asset classes) – 99% prioritise residential, 69% expect rising international capital flows into Switzerland. Source: EY Swiss Real Estate 2026.
The BOMPI is a proprietary index of Beherzig Realty AG. It measures the median price premium that HNWI buyers pay for discretely traded premium properties in Switzerland versus publicly marketed comparables. Data basis: n≈180+ accompanied transactions since 2024. Current value: +18.5% (Q2 2026, premium segment). The index does not claim representativeness for the overall market.
"Buying off-market means paying a premium – and still buying at better value, because you understand the real market price without bidding pressure."
For context: publicly available sources (Sotheby's/Ginesta) estimate approximately one quarter of all Swiss transactions are handled discreetly. Beherzig's own figure (45%) refers to the premium segment we accompany – the higher share reflects our specialisation in HNWI mandates, not a structural market difference. External reference: Sotheby's International Realty, via Ginesta.
UBS values refer to luxury segment transaction data (end 2025); portal and E&V values are asking prices H1 2026. Asking prices typically exceed transaction prices by 5–15%.
| Rank | Location | Region | CHF/m² | Type | Source |
|---|---|---|---|---|---|
| 1 | St. Moritz | Engadin / GR | 52,000 | Transaction | UBS Luxury 2026 |
| 2 | Gstaad / Saanen | Saanenland / BE | 45,000 | Transaction | UBS Luxury 2026 |
| 3 | Verbier | Valais / VS | 45,000 | Transaction | UBS Luxury 2026 |
| 4 | Cologny | Lake Geneva Region / GE | 43,000 | Transaction | UBS Luxury 2026 |
| 5 | Küsnacht | Gold Coast / ZH | 37,000 | Transaction | UBS Luxury 2026 |
| 6 | Kilchberg | Left Shore / ZH | ~35,000 | Asking | E&V, H1 2026 |
| 7 | Walchwil | Lake Zug / ZG | 20,468 | Asking | Portals, H1 2026 |
| 8 | Zermatt | Mattertal / VS | ~19,832 | Asking | Portals, H1 2026 |
| 9 | Lugano / Collina d'Oro | Ticino (counter-trend) | 10,465 | Median | Portals, H1 2026 |
| 10 | Crans-Montana | Valais / VS | 8,822 / 17,106 | Avg / Prestige | Portals, H1 2026 |
Six regions, six characters. Decoupling – the leitmotif of this mid-year report – is most visible here.
The Left Shore (Pfnüselküste – municipalities Kilchberg, Rüschlikon, Thalwil) overtakes the traditional Gold Coast (right bank, Küsnacht, Zollikon, Erlenbach) at asking price level. Kilchberg is quoted at around CHF 35,000/m² (E&V), Küsnacht at around CHF 30,000/m² (portals). These asking prices lie below the UBS luxury segment value (Küsnacht CHF 37,000/m²), which captures ultra-high-value transactions. The trend is nonetheless clear: the left bank is gaining relative attractiveness – less traffic, better greening, comparable tax rates.
Outlook: The Left Shore is likely to maintain its relative strength as long as commuter links to Zurich remain comparable. Off-market share in the segment: above average (Beherzig proprietary data).
St. Moritz leads the global luxury ranking – ahead of Monaco and Aspen. Within the municipality, a micro-location differentiation is visible: the Suvretta hillside (CHF 40,000+/m²) and Via Arona differ from the village centre. UBS flags Graubünden in its overheating barometer – a signal for informed buyers to scrutinise micro-location quality particularly carefully.
Outlook: St. Moritz remains the price leader. The overheating signal for GR means heightened due diligence, not necessarily correction potential in the ultra-luxury segment.
Gstaad (Saanen municipality) holds CHF 45,000/m² in the luxury segment – on par with Verbier, just behind St. Moritz. The Saanenland stands out with a comparatively relaxed Lex Koller status (no quota like the Valais) and an above-average international buyer base with residency advantages.
Outlook: Stable demand from UHNWI core clientele. Supply shortage for properties above CHF 20m remains structural.
Cologny (Geneva) is Switzerland's equivalent of Mayfair – dense diplomat and finance manager concentration, no overheating signal in the UBS monitor. The Lake Geneva basin benefits from lump-sum taxation (Geneva canton accepts it, unlike Zurich) and EU border proximity for international buyers.
Outlook: Structurally stable. Lump-sum taxation makes Geneva more attractive for new residents than Zurich – a locational advantage not directly affected by the Lex Koller consultation.
The Valais offers three characters: Verbier as ultra-luxury destination (CHF 45,000/m², quota property under Lex Koller), Zermatt as iconic mountain brand (~CHF 19,832/m² asking, car-free zone as USP), Crans-Montana as value play with prestige potential (up to CHF 17,106/m² prestige segment). Lex Koller quotas in the Valais remain a limiting factor for holiday home buyers.
Outlook: Verbier remains price-supported through scarcity. Crans-Montana is the most attractive entry point into the alpine market below CHF 5m.
Ticino is the only seller-risk region in the Swiss premium market. The price correction is statistically significant and measurable for the second consecutive quarter. Lugano/Collina d'Oro holds better than the cantonal average (median CHF 10,465/m², portals), but the trend is negative. Sources: IAZI, cantonal statistics TI, March 2026.
The correction opens a window for contrarian buyers – particularly for properties suited to lump-sum taxation in the canton. Lump-sum taxation remains active in Ticino (unlike ZH, SH, AR, BL, BS).
Outlook: The counter-trend is expected to persist until Q3 2026. Long-term, the climate argument speaks for the region. Short- to medium-term, heightened selectivity is warranted.
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Request your analysis nowThree buyer profiles dominate the Swiss off-market premium segment in H1 2026. They differ in motivation, time horizon and regulatory exposure. Persona Quiz: Which profile matches you?
Family Offices hold ~18% of their portfolio in real estate globally – the highest of all asset classes (EY 2026). 69% expect rising international capital flows into Switzerland. Primary motivation: capital preservation, inflation protection, discretion. Regulatory exposure: low (Lex Koller does not directly apply as long as Swiss residency is maintained).
Request market briefing →98% of respondents in the EY study find Switzerland attractive as a real estate location. Lump-sum taxation (cantons VS, TI, GR particularly attractive) and quality of life are decisive pull factors. Regulatory exposure: high – Lex Koller consultation is directly relevant for third-country nationals without Swiss residency.
Request Lex Koller check →The JUSO inheritance tax initiative was clearly rejected with 78.3% (30.11.2025). NextGen buyers currently have greater planning certainty. Schwyz and Obwalden remain zero-inheritance-tax cantons – a location argument increasingly factoring into purchase decisions. Off-market access is often the only route to below-market properties for this buyer group.
Set up search profile →Regulation has become an independent price driver and demand director in 2026. Those familiar with the four current developments act with an information advantage.
| Topic | Status | Date | Impact |
|---|---|---|---|
| Imputed Rental Value abolished | Approved (57.7% Yes) | 28.09.2025 | Mortgage interest deduction eliminated; cantonal property tax on second homes possible from ~2029 |
| Lex Koller tightening | Consultation running | Since 15.04.2026 | Third-country nationals: potential permit req. for primary residence; holiday homes more restrictive |
| JUSO inheritance tax | Rejected (78.3% No) | 30.11.2025 | Planning certainty for succession; SZ/OW remains zero-tax canton |
| Lump-sum taxation | Active (cantonal variance) | Basis 2026: CHF 434,700 | VS/TI/GR attractive; abolished in ZH/SH/AR/BL/BS |
The referendum of 28 September 2025 (57.7% Yes) abolishes imputed rental value. Effective approximately 2029. Mortgage interest deductions are largely eliminated in return. Resort cantons gain the option of a cantonal property tax on second homes – particularly relevant for owners in VS, GR and TI. More on Swiss property law →
Since 15 April 2026, a consultation on tightening Lex Koller has been underway. Third-country nationals would require permits even for primary residences; holiday home acquisition would be more restrictive; SICAV/fund units with properties would require permits. As of editorial deadline July 2026, the consultation remains open. Lex Koller Check Tool →
The initiative was clearly rejected with 78.3% No votes. Schwyz and Obwalden remain cantons without inheritance and gift tax – a relevant locational advantage for wealth succession. Planning certainty for the half-year perspective is established. Inheritance Tax Simulator →
4,557 taxpayers generate CHF 821m in taxes (most recent comprehensive data, basis 2018). The federal minimum assessment basis is CHF 434,700 in 2026. Particularly attractive: cantons VS, TI, GR. Abolished in ZH, SH, AR, BL, BS. Tax Calculator →
The Swiss off-market market remains robust – but the term "market" oversimplifies. What we observe is a mosaic: St. Moritz as global price leader, Ticino counter-trending, Left Shore advancing, regulation as a new axis of differentiation.
Next full calibration: Annual Report 2027 (Q1 2027) with complete BOMPI update and annual data.
Beherzig Realty AG has facilitated discreetly in the Swiss premium segment since 2010. Our transaction database is the foundation of the BOMPI and this report.
St. Moritz leads with CHF 52,000/m² as the world's most expensive luxury residential location – ahead of Monaco and Aspen (Source: UBS Luxury Property Focus 2026, as of end 2025).
The referendum of 28 September 2025 (57.7% Yes) abolished imputed rental value – effective approximately 2029. In return, mortgage interest deductions are largely eliminated. Resort cantons gain the option of a cantonal property tax on second homes – relevant for owners in Verbier, Crans-Montana or St. Moritz.
Since 15 April 2026, a consultation on tightening Lex Koller has been underway. Third-country nationals would require permits even for primary residences; holiday home acquisition would be more restrictive. As of our editorial deadline of July 2026, the consultation period remains open – we will report definitively in the Annual Report 2027.
At asking price level, yes: Kilchberg (left bank of Lake Zurich, Left Shore) is quoted at around CHF 35,000/m², Küsnacht (Gold Coast) at around CHF 30,000/m² (asking prices per E&V and portals, H1 2026). This decoupling within the Lake Zurich segment is one of the most striking shifts of the half-year.
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BOMPI: Beherzig Realty AG proprietary data based on n≈180+ internally accompanied transactions since 2024. Measures the median price premium versus comparable publicly marketed properties in the same micro-location, normalised for floor area and fit-out standard. The BOMPI refers exclusively to the Beherzig transaction portfolio (premium segment) and does not claim representativeness for the overall market.
Luxury micro-location CHF/m² values: All CHF/m² values for premium micro-locations (St. Moritz, Gstaad, Verbier, Cologny, Küsnacht) from UBS Luxury Property Focus 2026, referring to transaction data as of end 2025. Kilchberg, Walchwil, Zermatt, Lugano, Crans-Montana: asking prices from portal analyses H1 2026 and E&V data; explicitly labelled as "asking" or "median asking". Asking prices typically exceed achieved transaction prices by 5–15%.
Macro data: Julius Baer Q2 2026 Macro Report ("As of April 2026"), citing SNB, SECO, Wüest Partner, FSO. BFS IMPI: Swiss Federal Statistical Office Property Price Index Q1 2026 (+4.7% YoY). Wüest forecast 2026: Wüest Partner Immo-Monitoring.
Regulation: admin.ch (referendum results, Lex Koller consultation), EFD, EJPD; media reports SRF/NZZ/swissinfo.
Data as of: Q2 2026 (editorial deadline July 2026). Next update: Annual Report 2027 (Q1 2027) with full BOMPI annual update and 2026 transaction data.