Overseas demand pushed up st. Moritz prices

Demand from overseas buyers has pushed up St. Moritz property prices by 3 per cent in 2014, according to Engel & Volkers.

“Although the market was relatively quiet in the first half of 2014 and we were facing the second homes initiative, prices in the second half of the year have risen to a very high level," says Eddy Derksen, Managing Partner of Engel & Völkers in St. Moritz.

The second homes initiative, agreed in March 2012, limits the number of second homes to 20 percent of the total property stocks; a percentage which has already been reached without exception in the communities of the Upper Engadine.

"At present there is a lot of movement within the market, as there are rather more portfolio properties listed than usual. In the short term this represents a good investment opportunity for buyers."