Rare Swiss Alps property project available to foreign buyers sees rising demand from investors in Hong Kong, Asia
- About 15 per cent of the residential development and hotel serviced flats have been sold to buyers from Hong Kong and Asia
- Investors can also rent out their property to generate year-round cash flow, developer says
The company behind the only development in the Swiss Alps that is available for foreign ownership said it expected demand from Hong Kong and other markets in Asia to grow following the coronavirus pandemic.
“We’ve actually seen a substantial increase in demand from foreign buyers, particularly those coming from Asia, owing to the Covid-19 crisis,” said Russell Collins, head of sales at Swiss property company Andermatt Swiss Alps. “Evidently, prospective second-home owners and investors are seeing the benefit of having a Plan-B during turbulent socio-economic times.
“Demand from buyers in Hong Kong and across Asia has grown over recent years, with buyers from the region accounting for around 15 per cent of owners [of the residential development and hotel serviced flats]. This is set to grow further this year as we anticipate that at least 50 per cent of our new development, Frame, will be sold to buyers from this region.”
Frame is a contemporary development of duplex studios and one-bedroom flats, one of two projects that will launch this month at Andermatt Swiss, the only large-scale development in Switzerland that is available for foreign ownership, after the company secured an exemption from a federal law that essentially makes it difficult for foreigners to buy property in the country.
Andermatt Swiss, located in the Ursern Valley, two hours’ drive from Zurich as well as Milan, will eventually comprise six new four or five-star hotels, about 500 flats in 42 buildings and 28 chalets.
Loft studios measuring about 30 square metres or 323 sq ft are available at a starting price of US$332,000, while chalets are available for at least US$5.35 million. In comparison, a smaller 170 sq ft flat at the T-Plus development in Tuen Mun in Hong Kong recently sold for HK$2.52 million (US$325,000).