The Swiss Alps, a new El Dorado for real estate developers – rts.ch

The Swiss Alps, a new El Dorado for real estate developers – rts.ch
The Swiss Alps, a new El Dorado for real estate developers – rts.ch

The Swiss Alps are attracting more and more Swiss and foreign investors, ready to inject hundreds of millions of francs to develop vast tourist complexes. Pharaonic projects which modify the landscape of peaceful regions, and which arouse fascination and controversy.

In the heart of the Conche valley, in the canton of Valais, a real estate developer has great ambitions. “The buildings will be here. There, there will be a canal. And there, an artificial lake is planned,” explains Jean-Claude Bregy, of the Resort Obergoms project, at 7:30 p.m.

The project involves the construction of a tourist complex including 130 rental accommodations, restaurants and a wellness center. The investment reached 100 million francs. “Such investments can only be profitable if we invest a lot. If we do not have the supply and the warm beds, we cannot finance such a project. Hence its greatness,” adds Jean-Claude Bregy.

But in this region accustomed to soft tourism, the project is not always unanimous. “It’s a bit like Andermatt, I don’t like it at all. The new village of Andermatt is a bit strange and then, it’s not Swiss at all,” says a passer-by.

Andermatt, symbols of transformation

Located on the other side of the Conche Valley, Andermatt has become a symbol of transformation. Over the past 20 years, Egyptian billionaire Samih Sawiris has invested more than a billion and a half francs there, transforming the village into a luxurious destination. The Andermatt tourist complex includes 650 high-end apartments, five-star hotels and luxury boutiques. And it’s not over yet.

“Oh, there is still a lot to come. A hotel, an alley, a connection with the village,” says Samih Sawiris, who is also the chairman of the board of directors of Andermatt Swiss Alps.

The rebirth of the San Bernardino station

Further east, in Graubünden, the small resort of San Bernardino is experiencing a revival thanks to a major project. Under the leadership of Ticino developer Stefano Artioli, a vast tourist complex is being built.

Over the past two years, the ski slopes have reopened after a decade of shutdown, and old buildings have been transformed into hotels and apartments. “At the beginning, we estimated the project at 300 million francs, but we will be closer to half a billion,” says Stefano Artioli, chairman of the board of directors of San Bernardino Swiss Alps.

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The developer dreams big for San Bernardino, which he hopes to transform into a “little Zermatt” in southern Switzerland. “Switzerland is a safe country, with a stable real estate system. Here, many things work very well. And regarding our tourism, the people who come to live in Switzerland already have a quality profile,” he says.

Impact on local populations

If these tourist complexes stimulate the local economy and reveal the potential of the Alpine regions, they also have consequences for the populations.

The arrival of these colossal investments drives up real estate prices, sometimes making access to housing difficult for residents. In Graubünden, Valais and central Switzerland, the average annual growth rates of property prices are respectively 4.3%, 2.7% and 5.9% over the last 10 years, according to figures from the real estate consultant Wuest Partenaire.

This trend is even more marked in specific municipalities like Mesocco, which is home to San Bernardino, where the price per square meter for a second home apartment increased from 6,960 francs in 2020 to 9,080 francs in 2024, or Andermatt, where it increased from 8,130 francs in 2014 to 22,050 francs in 2024.

report: Flore Dussey and Julien Guillaume

Adaptation web: Tristan Hertig

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