How the Montreux Property Market Is Evolving

The structural shift: Lex Weber

The single most significant structural change in the Montreux market in recent decades was the introduction of Lex Weber in 2016. By prohibiting new secondary residences in restricted municipalities, the law permanently fixed the supply of second homes in Montreux. This supply freeze has been the dominant structural trend in the market since then.

Before Lex Weber, the market included a new-build component — developers could build and sell holiday apartments and chalets. Since 2016, the market has been entirely a resale market for secondary residences. This has reduced transaction volumes but supported prices.

Internationalisation of demand

The buyer profile in Montreux has become increasingly international over the past two decades. While Swiss nationals remain active buyers, the proportion of international buyers — particularly from Western Europe, the Middle East and Asia — has grown steadily. This internationalisation has been supported by improved connectivity (Geneva Airport, high-speed rail), the growth of international schools in the region, and Switzerland's enduring reputation as a safe and stable residential destination.

The internationalisation of demand has been a positive factor for prices — international buyers are generally less sensitive to Swiss interest rate movements and more focused on long-term value preservation than domestic buyers.

The luxury segment's growing share

The luxury segment — broadly properties above CHF 3 million — has grown as a proportion of the Montreux market over the past decade. This reflects both the general appreciation of prime property values and the increasing proportion of international buyers who are focused on the prime and ultra-prime segments.

The growth of the luxury segment has been accompanied by an increase in the quality of properties coming to market. Owners have invested in renovation and modernisation, and the standard of finishes in the prime segment has risen significantly.

Digital and off-market evolution

The way properties are bought and sold in Montreux has evolved. While online portals remain important for mid-market properties, the prime and luxury segments have become increasingly off-market. Sellers of high-value properties value discretion, and buyers in this segment expect to be introduced to opportunities through trusted intermediaries rather than public listings.

This off-market trend has increased the importance of specialist agents with deep local networks and established relationships with property owners.

Key points

• Lex Weber (2016) permanently fixed secondary residence supply — the defining structural shift
• Market is now entirely resale for secondary residences — no new-build second homes
• Buyer profile increasingly international: Western Europe, Middle East, Asia
• Luxury segment growing as a proportion of total market
• Prime and luxury segments increasingly off-market