Andermatt property prices 2026: what the Lex Koller exemption costs per m²

The average asking price for an apartment in Andermatt reached €24,184.7/m² in Q3 2026 according to CASAFARI Area Insights (asking prices from indexed listings, not transaction prices), an 8.9% increase on Q3 2025. For international buyers, the premium reflects a rare legal status: inside the Andermatt Swiss Alps resort perimeter, non-residents can buy and sell without a Lex Koller permit until 31 December 2040. Over the past year, Andermatt asking prices moved ahead of the broader Swiss residential market, which rose 3.5% year on year in Q2 2026 on the Federal Statistical Office (BFS) transaction index.

Andermatt in numbers: the price per m² and the latest quarter

For years, a buyer arriving from London, Munich or Dubai was given the same polite answer by Swiss private bankers: unless you take up residence, the most sought-after alpine valleys are effectively closed, or rationed by strict cantonal quotas. Standing in the square of Andermatt Reuss, the answer is different. Here, a notary can register a sale to a foreign non-resident without a permit, and the listing sheet in the window shows what that privilege costs in Q3 2026: an average asking price of €24,184.7/m².

That figure, drawn from Area Insights, the source of the Andermatt asking-price series (location ID 3685924, queried on 23 October 2026), stands 8.9% above the €22,209.8/m² recorded in Q3 2025, and 14.3% above Q2 2025 (€21,154.8/m²), which is the first quarter with fresh listing coverage in the series. CASAFARI Area Insights calculates the average asking price per square metre from active, deduplicated listings across portals and agencies, excluding statistical outliers on a quarterly series updated weekly. These figures are asking prices from indexed listings, not registered transaction prices.

A prospective buyer will encounter two other benchmarks during due diligence. First, the master developer Andermatt Swiss Alps reported an average price above CHF 19,000/m² (up 11% year on year) across the 60 apartments it sold in 2023 for a total of CHF 154.4 million, as reported by finews.ch on Andermatt Swiss Alps 2023 results in April 2024. Second, at the national level, the BFS residential property price index, Q2 2026 (IMPI, where Q4 2019 = 100) reached 127.7 points in Q2 2026.

How have Andermatt apartment prices moved since 2025?

Tracking a boutique resort market requires attention to sample size. Between Q2 2025 and Q3 2026, the quarterly asking-price series for Andermatt apartments moved from €21,154.8/m² (Q2 2025) to €22,209.8/m² (Q3 2025), then €24,109.7/m² (Q4 2025), before spiking to €31,097.4/m² in Q1 2026 and easing to €25,926.0/m² in Q2 2026 and €24,184.7/m² in Q3 2026.

The Q1 2026 peak at €31,097.4/m² deserves an honest explanation. In a village where only a few dozen apartments are publicly listed in any given quarter, a cluster of penthouse and hotel-serviced residence releases shifts the quarterly mean sharply upward. The move back to €25,926.0/m² in Q2 2026 and €24,184.7/m² in Q3 2026 reflects the listing mix returning to standard resort stock rather than a fall in underlying values.

We start the chart in Q2 2025 for a simple methodological reason: from Q1 2023 to Q1 2025, the series carries an unchanged value of €21,020.8/m² because no new listings were indexed during those nine quarters, so no trend can be read from them.

For detached houses and chalets, CASAFARI does not publish a trend for Andermatt at present. In the raw data, the house asking-price series drops from €19,731.9/m² in Q3 2025 to €3,375.0/m² in Q3 2026, a statistical artefact caused by a very thin sample of older, non-chalet village buildings entering the mix. Rather than rely on a district average for houses, buyers and advisers should run a Comparables valuation for a specific chalet or flat to benchmark individual properties.

Is Andermatt outpacing the Swiss market?

Set against the national benchmark, Andermatt's apartment market has grown faster over the past year, even allowing for the difference in how the two figures are compiled. In Q3 2026, Andermatt apartment asking prices stood 8.9% higher than a year earlier (CASAFARI Area Insights). Across Switzerland as a whole, the BFS residential property price index, Q2 2026 (published on 30 July 2026) rose 3.5% year on year and 0.7% quarter on quarter, with condominiums nationwide advancing 1.6% quarter on quarter.

Two caveats apply to this comparison. First, CASAFARI measures asking prices from active listings in Q3 2026, whereas the BFS IMPI measures completed transactions in Q2 2026; the comparison shows a clear direction rather than an exact spread. Second, the BFS is scheduled to publish the Q3 2026 IMPI on 27 October 2026, at which point the national figure should be refreshed. Readers looking at how alpine resorts sit within the broader continent can review our property market trends across Switzerland and Europe.

Can a foreigner buy in Andermatt without a Lex Koller permit?

Under Switzerland's federal law on the acquisition of real estate by persons abroad—universally known as Lex Koller—non-residents without a Swiss residence permit require a cantonal authorisation to buy a holiday home, subject to strict federal quotas and floor-space caps. In most classic resorts, those quotas are either exhausted or closed to foreign buyers altogether.

Andermatt is the exception. To support the economic redevelopment of the Urseren valley after the Swiss Army scaled back its garrison, the Federal Council granted the Andermatt tourism project a formal exemption from Lex Koller in 2006, and extended it in 2021 until 31 December 2040, as documented by the Canton of Uri on the Lex Koller exemption for Andermatt. Within the defined resort perimeter—which covers Andermatt Reuss, The Chedi residences and the designated development plots—foreign buyers can purchase and resell apartments and houses without a permit. The competent authority overseeing the perimeter is the Volkswirtschaftsdirektion of the Canton of Uri. Outside that line, in the historic village centre, ordinary Lex Koller permit rules apply in full.

Buyers taking a ten- or fifteen-year view should also watch Bern. On 22 September 2026, the National Council adopted Motion 24.3961 (submitted by Thomas Aeschi) by 123 votes to 54 with 17 abstentions, instructing the government to reverse post-1985 relaxations of the law, as reported by Blick on the National Council vote to tighten Lex Koller. The motion must still pass the Council of States, where the FDP and Mitte hold a majority, and Federal Councillor Beat Jans is preparing a separate government bill expected by early 2027. Whether any future revision touches the existing Andermatt exemption before 2040 is not yet known; prudent buyers ask their notary to record the current legal regime in the deed and weigh what resale liquidity to non-residents will look like as 2040 approaches.

A second federal law shapes supply in the valley: the Second Homes Act (Lex Weber), overseen by the ARE on the Second Homes Act, which prohibits new unserviced second homes in municipalities where second homes exceed 20% of housing stock. Excluding the Andermatt Swiss Alps resort, 61% of dwellings in Andermatt are already second homes according to the municipality (January 2025, reported by the Urner Zeitung on the 61% second-home share; ARE's first inventory in 2017 recorded 53.5%). Consequently, no new unrestricted second homes can be built in the old village, though dwellings that existed before 2012 remain freely usable as second homes and may be enlarged by up to 30%. The resort itself operates under a project-specific special-use plan approved prior to 2012, making it exempt.

Who is buying, and what does the village look like behind the resort?

Behind the new stone-and-timber facades of Andermatt Reuss sits a small mountain municipality whose permanent population is growing steadily but faces acute housing scarcity. According to the Municipality of Andermatt population statistics, the registered population stood at 1,761 residents on 1 January 2026, up from 1,600 in 2020, 1,583 in 2021, 1,595 in 2022, 1,665 in 2023 and 1,702 in 2024. Of those 1,761 residents, 658 (37%) are foreign nationals, many of them employed in the hotels, restaurants and lift operations that keep the valley running.

For local staff, finding a flat is difficult: the municipality's 2024 settlement plan recorded a vacancy rate of just 0.15%, a squeeze highlighted by SRF on housing shortage in alpine villages. In a municipal survey reported in January 2025, roughly 70% of respondents wanted the share of second homes reduced or held steady, though specific municipal quotas or levies have yet to be decided.

On the buying side, demand in the resort splits between domestic buyers from Zurich, Zug and Lucerne—located roughly 1.5 to 2 hours away—and international buyers from Germany, the United Kingdom, the Netherlands, Italy and the Gulf who value the Lex Koller exemption. North American awareness rose sharply after US operator Vail Resorts acquired a 55% stake in the lift company Andermatt-Sedrun Sport AG in 2022 for CHF 149 million (investing CHF 110 million directly into the mountain and paying CHF 39 million to Andermatt Swiss Alps, which retains about 40%, per SRF), bringing the ski area onto the Epic Pass alongside an 18-hole golf course and concert hall. Family offices and advisers looking at how investors compare resorts with CASAFARI data weigh this year-round infrastructure against the fact that primary supply inside the resort is controlled by a single master developer.

What does buying cost in Uri, and how is a resort flat run?

One quiet advantage of buying in the Canton of Uri is the low level of transaction friction. Unlike several cantons in western Switzerland or Graubünden, Uri levies no cantonal property transfer tax (Handänderungssteuer). As shown in the Homegate overview of cantonal transfer taxes (2024–2026), a buyer in Uri pays only the land-registry fee (Grundbuchgebühr), typically reported at around 0.1% to 0.2% of the purchase price, alongside notarial fees. Buyers should always confirm the exact fee schedule for their specific deed with the Uri land registry before signing.

Financing and running a property require equally clear expectations:

• Mortgages for non-residents: Swiss banks are conservative when lending to non-resident second-home buyers whose income is denominated outside Switzerland, typically requiring a higher equity contribution than they would from a domestic borrower.
• Rental management: Most apartments in Andermatt Reuss are designed to sit within structured hotel-style or tourist-managed rental pools. Owner-use weeks, furnishing packages and revenue splits vary by building; because CASAFARI does not publish a rental series for Andermatt, no indicative gross yield is stated in this guide.
• Ongoing taxation and charges: Owners should budget for building service charges and renewal funds (Erneuerungsfonds), cantonal and municipal wealth tax levied on non-residents holding Swiss real estate, and Swiss income tax on the property's imputed rental value (Eigenmietwert) or actual net rental income.

How to reproduce these figures with CASAFARI

Analysts, buyer's agents and wealth managers can inspect and update the Andermatt series directly on the CASAFARI platform. Using Location Lookup, resolving "Andermatt" returns location ID 3685924 (Switzerland › Uri › Andermatt); selecting Sale · Apartments on the quarterly view displays the asking-price time series per square metre.

For proptech and data teams building automated market monitors, the same series is available programmatically via the Area Insights API documentation. Each API request consumes tokens from your subscription plan, and the endpoint can be called directly or connected to an AI assistant through Casafari MCP for querying Area Insights from an AI assistant.

Where a client is evaluating an individual penthouse in Andermatt Reuss or a historic house in the village—where the district-wide house series is too thin to guide pricing—the Comparables and valuation API documentation allows you to pull active and historic listings at building and street level. To explore the live Andermatt data or generate API access tokens, sign in to the CASAFARI platform or visit our Area Insights page.