Buying an apartment or chalet in Zermatt to rent out

A market with frozen supply: why Zermatt is a case apart

Investing in Zermatt means buying into a market where supply can barely grow any more: since 2013, the Lex Weber has frozen the construction of new conventional second homes in the municipality. Every existing apartment benefiting from the old rights is therefore a rare asset, in Switzerland's most expensive resort for short-term rental, driven by worldwide demand (United States, United Kingdom, Japan, Middle East) and a triple seasonality — winter skiing from November to May, summer glacier skiing, hiking and mountaineering. It is this combination that appeals to investors: rental income at the very top of the Swiss market and a structural scarcity that underpins capital value.

On the price side, Swiss property portals put the 2025 average price of apartments in Zermatt at around 18,000 to 20,000 CHF/m², with a median close to 17,800 CHF/m² and marked growth over the past twelve months. Expect significantly more for a property with a head-on view of the Matterhorn or a location in the heart of the village: a well-placed 80 m² 2-bedroom apartment routinely trades above 1.4 million francs.

Lex Weber at purchase: the check that comes before everything else

Before discussing price, view or renovation work, only one question matters: what is the property's status in the land register? A dwelling "created under the old law" (built or authorised before the 2013 freeze) is free of use restrictions: you can occupy it, leave it empty, rent it out year-round or short-term. This is the most sought-after status — and it commands a price. A dwelling authorised after the freeze may instead carry a tourist-accommodation designation: it must then be offered for rent on the market ("warm beds"), sometimes under precise conditions, and this obligation follows the property upon resale.

For a rental investor, a tourist designation is not necessarily a flaw — you were planning to rent anyway — but it reduces flexibility (personal use is regulated) and the pool of buyers at resale; the price must reflect this. For foreign buyers there is also the Lex Koller: the acquisition of holiday homes by persons domiciled abroad is subject to authorisation, and Zermatt is one of the municipalities where such authorisations are in practice not granted to non-residents — a case-by-case check is required depending on your nationality, permit and domicile. Land register extract, building permit file, condominium regulations: these documents are checked before the offer, not at the notary's office.

Realistic yields: what a property in Zermatt really earns

With professionally managed short-term rental, observed annual revenues in Zermatt range from 20,000 to 40,000 CHF at the entry level, 35,000 to 80,000 CHF for the mid-range segment and 60,000 to 120,000 CHF at the top end. Our typical case: a 3-bedroom apartment in the centre, renovated, with a south-facing balcony and Matterhorn view, generates between 50,000 and 90,000 CHF per year, with rates of 350 to 600 CHF per night in winter, 250 to 400 CHF in summer, and 160 to 190 booked nights thanks to the triple seasonality.

Let's be precise about yield: set against purchase prices of around 18,000 CHF/m², these revenues produce a gross rental yield that is generally moderate — substantially higher than a year-round lease (short-term rental earns three to five times more), but not an emerging-market return. The Zermatt investment thesis is a wealth-preservation one: income that comfortably covers the running costs, personal use of the property on the dates of your choice, and capital invested in a rare asset, in Swiss francs, in a market where supply is legally frozen. Deduct from your projections the tourist tax (collected from guests), condominium charges, maintenance and the management commission — our model: 25% of the net amount, with no fixed fees and no lock-in.

Where to buy: the neighbourhoods that rent best

Centre / Bahnhofstrasse: the choice for rental liquidity. A few minutes from the station and the Gornergrat and Sunnegga departure points, a 1- to 2-bedroom apartment here rents year-round with maximum occupancy. It is also the easiest sector to resell.

Winkelmatten: the residential hamlet above the village, with piste access via Furi. This is the territory of high-end family chalets: the market's highest nightly rates for properties with Matterhorn views, and a clientele of long, repeat stays.

Oberdorf / old village: mazots and historic buildings. A renovated property with character (old timber, stone) stands out strongly on the platforms — an "authenticity" positioning that supports premium rates for the same floor area.

In every case, the two criteria that drive rental income remain the Matterhorn view (a premium of 30 to 60% for locations that showcase it) and the walking distance to the station and the lifts — in a car-free village, every minute walked with suitcases counts in the booking decision.

From the viewing to the first booking: how we support you

Buy to let is decided before the signature: that is when the Lex Weber status, the condominium regulations, the address's real rental potential and the consistency between asking price and achievable income are verified. Our purchase assistance service comes in precisely there: analysis of the property from a rental perspective (night-by-night, season-by-season revenue simulation), regulatory checks, and furnishing recommendations to maximise the average rate. After the acquisition, our concierge service takes over — listings, dynamic pricing, guest welcome in the pedestrian village, tourist tax — so that the first booking lands in the very first season.

Buying in Zermatt as a non-resident: Lex Koller and ownership structure

Beyond the Lex Weber, which regulates the share of second homes, a buyer domiciled abroad must contend with the Lex Koller, which makes the purchase of a holiday home by a person without domicile in Switzerland subject to authorisation. The Valais tourist municipalities have limited annual quotas for these authorisations, and both the floor area and the use of the property are regulated. Before even viewing, you therefore need to know whether the property you have in mind is eligible for sale to a foreign buyer — a check we carry out upfront with the local agencies and notaries, to avoid a signed purchase agreement on a property that turns out to be inaccessible.

The form of ownership deserves the same attention: purchase in your own name, condominium ownership, shares of charges and the co-ownership's administrative regulations determine what you will be able to do with short-term rental. Some condominiums regulate or prohibit short-term subletting; others allow it without reservation. We read these regulations with you before the purchase and calibrate a realistic project — eligibility, co-ownership constraints and real rental potential — so that your Zermatt property is rentable from the moment you get the keys.

Further reading