Second homes and Lex Weber: what buyers in Swiss mountain regions need to know
Since 2016, new second homes may not be built in more than 340 Swiss municipalities. What the law allows, what it bans — and what buying an existing holiday flat means.
Affected municipalities · Second Homes Act
Municipalities where the second-home share exceeded 20% in 2012
On 11 March 2012, Swiss voters accepted the initiative "Stop the endless construction of second homes" by a narrow 50.6%. Since then, new second homes in municipalities with a second-home share above 20% are banned. The Second Homes Act (ZWG, SR 702) entered force on 1 January 2016.
Which municipalities are affected?
The Federal Office for Spatial Development (ARE) publishes an annual negative list of municipalities where the second-home share exceeded 20% at the reference date (2012 census). Around 340 municipalities currently appear on it — concentrated in the cantons of Graubünden, Valais, the Bernese Oberland and Ticino. Some mountain communities have shares above 50–70%:
Second-home share in well-known mountain resorts (approx.)
| Municipality / Canton | Second-home share | On negative list |
|---|---|---|
| Verbier (Bagnes, VS) | ~75% | yes |
| St. Moritz (GR) | ~70% | yes |
| Zermatt (VS) | ~60% | yes |
| Davos (GR) | ~55% | yes |
| Grindelwald (BE) | ~50% | yes |
| Zurich (ZH) | ~2% | no |
What the law bans — and what it allows
The ZWG is more precise than its reputation suggests. It prohibits new construction of second homes in negative-list municipalities. It expressly allows:
- Buying and selling existing second homes ("old-law units"): fully permitted, with no restrictions.
- Commercially managed units: new builds are allowed if the unit is let for at least 182 days per year as tourist accommodation and professionally managed.
- Primary residences and main homes: new construction is entirely unrestricted — the law only covers second homes.
- Renovation and expansion: an existing old-law second home may be renovated, converted and modestly extended.
Impact on the property market
Because no new builds are possible, the supply of holiday flats in mountain regions has structurally tightened. Prices for existing units have risen significantly in most alpine destinations since 2016, and market liquidity has fallen — it takes longer to find a buyer, and properties command a premium accordingly.
For buyers, this means: old-law holiday flats in sought-after mountain destinations are scarce goods. Their value faces less downward pressure from new-build competition than urban markets. Entry prices have risen — buying in Davos or Verbier today costs significantly more than before 2016.
Buying in a second-home municipality: checklist
- Check the ARE negative list: is your target municipality on it? (are.admin.ch, search "Zweitwohnungen")
- Clarify the unit's status: is the property registered as an old-law unit, or as a primary-residence unit with restrictions?
- Land register encumbrances: some municipalities recorded primary-residence obligations before 2016 — verify whether any such encumbrances exist.
- Commercially managed? If so: what obligations apply, and which management contract are you taking on?
- Taxes at the holiday location: imputed rental value and wealth tax fall due in the canton where the property stands — not at your primary residence.
Taxes on holiday properties
Owners of a second home pay tax on it in the canton where the property sits, not at their main residence. Two points apply: the imputed rental value (a notional rent for personal use) is added to taxable income. The tax value of the property is counted as wealth. The rate is set by total income — a holiday property can push the marginal rate on the rest of your income.
Frequently asked
- Can I buy a holiday flat in Zermatt and use it myself?
- Yes. Buying an existing (old-law) second home is entirely unrestricted — the ZWG bans only new construction, not the purchase of existing units. You can use it yourself, rent it out or resell it.
- What exactly is a "commercially managed unit"?
- A unit let for tourist use for at least 182 days per year, professionally managed (e.g. through hotel management), and whose owner may not establish a main residence there. New builds of such units are permitted even in negative-list municipalities.
- How do I tell whether a property is "old-law"?
- The land register entry and the municipal zoning plan record the status. Check with the local land registry office or a notary — and get written confirmation of the category before signing any purchase agreement.